Essential techniques inventory management is an

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increases this can be avoided by maintaining proper inventory. Essential techniques: Inventory management is an important part of doing business. Every company has their unique system for maintaining inventory. To avoid the errors caused by the humans, another option is to use software. Shopify is the software which is already built up for inventory management. The techniques that are used to improve inventory management are i) Set par levels: Tracking of inventory management become easy by using par levels for every product. Par level is minimum amount of stock of each product and changes for every product based on sales. If the levels are below the predetermined levels then supposed to order that product. For setting a par levels for a product need to do some research and decision making before. It will be helpful not only for better holding inventory but also to make decisions quickly. Par levels for a particular product is to be observed for every year if any changes need to change then have to go through it. ii) First-in, First-out (FIFO): FIFO is the essential part of managing inventory. It is more useful for the products which are likely to delay or go bad quickly. For non- perishable products also, FIFO is better idea because if these products let at the back,
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