VGNC Business Solution Private Limited

Inventory, physical supplies sold, used or distributed, are one of the most valuable assets for your business. And to keep your business operations running smoothly, you need to track this critical component. Irrespective of the inventory tracking system you use, the accuracy of your inventory is crucial for the success of your business. In this article, our experts at VGNC will discuss some tips that will help you maintain accurate inventory. Choose The Right Quality Program There are a wide number of inventory quality programs such as ISO, Six Sigma, quality management, etc. You need to choose the quality program for your business efficiently. After you have selected the quality program, you need to ensure that everyone in the company understands and supports the program. Select The Right Inventory Monitoring Method If you want to achieve accuracy in your inventory, you need to focus on selection and implementation of inventory tracking system. A systematic a

Internal auditingteams must check whether or not your company is incorporating its strategic objectivesin audit plans and other operational concerns. Your company will face existential risk due to strategic risks . Strategic risks may cause 80% damage to your company’s market share. Often, internal audit teams spend the majority of their time on operational and financial audits ignoring the strategic risks. Although all these areas are crucial, audit teams need to incorporate your company’s strategic objectives into their audit plan. This will help you to gain an insight of whether or not your company is on the right track or not.  At VGNC, we believe that internal audit is incomplete without incorporation of strategic objectives. Today, we will discuss a few methods using which you can incorporate your company’s strategic objective in your audit plan. Bottom-UpApproach One of the popular approaches used in investing, this method can help you to ensure th

If you are running a retail business, exercising inventory control and efficientlymanaging inventory is of utmost importance to maintain the stability of your business. By knowing and looking after right inventory metrics, you can avoid both surplus and deficit in your warehouse which is cost effective. In this post, we are going to discuss top inventory metrics that you need to track as a retailer. Let’s get started: 1.      Margin Return on Investment Gross margin return on investment or GMROI helps retailers to know what they are getting back in return in return for what they have spent. You measure the profit return you are getting the funds that you have put in your inventory. The formula of GMROI : gross returns/ average cost of inventory. While there are many other inventory ratios and functions, GMROI is one of the most crucial metric that retail owners track to optimize their inventory process. By calculating GMROI, retailers can find the proporti