Difficult Inventory Management Terms!

When managing inventory, there are really many terms that make you wonder
"What does this mean?".
inbound, outbound, obsolete inventory, SKU, …

The words can be difficult, and it’s often hard to grasp where they are used.

So I prepared this!
Simple Inventory Terms Guide for STOCK 5 MINS AGO ✍️

1. Product Registration Stage – SKU, Product Code, Barcode, …

The start of inventory management is product registration!
There’s actually a surprisingly large amount of information that needs to be entered.

• SKU (Stock Keeping Unit)
  This is a unique number used to distinguish products. Even the same t-shirt has different SKUs if the color and size are different.
  👉 Example: White M size = SKU001 / Black L size = SKU002

• Product Code
  This is a management code used internally within the company. It may look similar to SKU, but it can be freely set by each store or company.

• Barcode
  The striped code that we are all familiar with! Scanning the barcode allows the product to be recognized immediately, making registration and querying much faster.
  👉 You can easily register by scanning the barcode in the Outbound Five Minutes app too!

2. Purchase and Inbound

If you feel that inventory is lacking? You need to place a purchase order right away.

• Purchase Order
  This refers to ordering goods from a supplier. The document created at this time is called the purchase order.
  👉 In Outbound Five Minutes, you can print the purchase order as a PDF and immediately leave a signature for the inspector.

• Inbound
  When the ordered goods actually arrive, reflecting that in the inventory is called inbound.
  👉 From purchase order to complete inbound, you can continue managing the flow in Outbound Five Minutes.

3. Sales and Outbound

If the inventory has arrived, it’s now time for it to go to the customers.

• Sale
  This is the act of selling goods to customers, and a sales document is prepared for the record.
  👉 Example: Creating a sales document when a wholesaler hands over products to a retailer.

• Outbound
  When the ordered goods actually arrive at the customer, reflecting that in the inventory is called outbound.
  👉 You can continue managing the flow from sales to complete outbound in Outbound Five Minutes.

4. Delivery Deadline and Delivery Date

These are terms often heard in B2B transactions.

• Delivery Deadline
  This is the deadline by when the goods need to be received.

• Delivery Date
  This refers to the deadline for handing over the goods to the client. Adhering to the delivery date is directly linked to trust.

5. Obsolete Inventory

The last concept you must know!

• Obsolete Inventory (Inactive Stock)
  This refers to inventory that is defective or expired and can no longer be used.
  👉 In STOCK 5 MINS AGO, it is possible to manage inventory as obsolete stock.

✨ Conclusion

Inventory management terms can seem much easier when viewed according to the flow, right?
STOCK 5 MINS AGO is designed to allow even these difficult terms to be used intuitively in connection with actual functions.

Start managing your inventory with STOCK 5 MINS AGO from today!