Adopting the right inventory management software is an ideal way to improve your inventory management. Other steps you can also take include choosing the right option from FIFO or LIFO stock management and following industry trends. FIFO and LIFO are two different methods of tracking stock. Business owners should pick one of the methods to ensure stock replenishment is efficient. LIFO: stands for last in, first out. FIFO: means first in, first out. In the retail world, there are always trends to be spotted. These help you with inventory kitting and finding a point of sale. The best business owners are constantly learning. So, don’t overlook the power of analyzing data and trend-spotting.