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  2. www.netsuite.com › inventoryWhat Is Inventory? Definition, Types, & Examples | NetSuite

    13 Types of Inventory. There are four different top-level inventory types: raw materials, work-in-progress (WIP), merchandise and supplies, and finished goods. These four main categories help businesses classify and track items that are in stock or that they might need in the future.

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  3. www.thomasnet.com › insights › types-of-inventory10 Types of Inventory Management - Thomasnet

    • Genevieve Mills
    • Barcode Tracking. Barcode inventory management systems are used to allocate a number to each product sold by a business. Multiple data points can be associated with the barcode number, such as the supplier and the product dimensions and weight.
    • Radio Frequency Identification (RFID) RFID stands for radio frequency identification. RFID inventory management wirelessly keeps track of products with unique serial numbers assigned to each.
    • Just-in-Time Inventory Management. Just-in-time (JIT) inventory management saves significant money and reduces waste by keeping only the inventory needed to produce and sell products.
    • ABC Analysis. ABC analysis is also called “always better control” inventory management. This type of inventory management divides various items into three categories based on pricing and is separated into groups A, B, or C, ranked by demand, cost, and risk data.

  4. www.selecthub.com › inventory-management › types-ofWhat is an Inventory Management System? | 2024 Ultimate Guide

    May 15, 2024 · The different inventory types play a critical role in your business operations. From raw materials to finished goods, these types of inventory serve unique purposes in meeting customer demand and driving profitability.

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  6. www.business.org › types-of-inventory-managementTypes of Inventory Management | Business.org

    May 21, 2020 · There are a couple different Inventory management techniques used to track stock levels and inventory movement. This helps you calculate your business’s profits, cost of goods sold, and other financial metrics. Plus, it helps you keep tabs on how much inventory you have on hand.

  7. www.inboundlogistics.com › articles › inventory| Inventory Management: Definition, Types, and Examples

    Dec 11, 2023 · Inventory management oversees stock levels, manages orders, and forecasts demand to optimize business operations. What are the 4 types of inventory? The four types are raw materials, work-in-progress, finished goods, and maintenance, repair, and operations (MRO) inventories. What are the 3 major inventory management techniques?

  8. www.investopedia.com › terms › iInventory Management Defined, Plus Methods and Techniques

    Feb 27, 2024 · The four types of inventory management are just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ) , and days sales of inventory (DSI).

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