There are several methods for stock control to help manage your inventory, including:
FIFO: First-in-first-out warehouse management that organizes inventory by date, where the first product into the warehouse is also the first to leave.
Economic Order Quantity: EOQ is a formula to determine the optimal amount of inventory a company should have to meet demand and minimize costs.
JIT: Just-in-time inventory management is for manufacturers who want raw materials to arrive right when production is scheduled to begin.
Batch Control: A type of stock control that separates production and stock management into manageable chunks to meet short-term goals.
Vendor Managed Inventory: Stock management that’s based on collaboration between distribution partners and suppliers.
Your industry and workflow will likely determine the best inventory management system for your business.