There are two commonly used inventory management techniques among businesses. They include:
Periodic inventory management: In this technique, the inventory data is updated after definite intervals. While small businesses usually follow this periodic inventory management type citing budget constraints, disadvantages like no real time data and poor accuracy makes it less reliable.
Perpetual inventory management: In this technique, the inventory data is available for business owners in real time without any delay. Cloud-based inventory management software updates stock levels instantaneously, leading to savings in both manpower and time consumption. Zoho Inventory is the best inventory management software, if you prefer the perpetual technique.