Following good practices is recommended when managing the SKUs. Here is an overview of some of the best practices to follow.
Stock Keeping Unit, known also as SKU, is a term used in Inventory Management. It is a distinct type of item for sale. It can be a product, a service, or a mix of both. It has to be unique, which means that two different SKUs have always a relevant attribute distinguishing one from the other.
The attribute can be any pertinent variable, such as color, size, weight, material, etc. The SKUs can be either tangible or intangible:
* Tangible: A tangible SKU is a physical product that can be perceived by touch. When referring to tangible items you can go to your physical warehouse and take account of them. This is the case of, for example, cars, books, milk, or gases.
* Intangible: An intangible SKU is a product that can only be perceived indirectly and there’s no option to count the inventory amount. This is the case with, for example, e-books, insurance, or downloadable software. Moreover, it’s important to remember that you can take account of the number of sales, but not the stock level.
Timecode:
0:00 Introduction
1:35 1. Classify your inventories according to its importance
2:34 2. Introduce a consistent alphanumerical code system
4:43 3. Streamline your inventories
5:56 4. Adopt a proper warehouse management system
8:00 5. Use an MRP system
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