Discover what an inventory list is and why it's crucial for your business. Track SKU, name, description, cost, and stock levels efficiently with Britecheck. (2024)

Inventory Management

July 12, 2024

What then is an inventory list? It is simply a representation of all the products, goods or materials your business has in stock.

Each item in the inventory list must contain the following details:

• SKU (Stock Keeping Unit) Number: A unique identifier for each product
• Name: The name of the item
• Description: A brief description of the item
• Unit Cost: The cost of each item
• Quantity in Stock: How many units are currently available
• Reorder Point: The stock level at which you need to reorder more of that item

A typical number of attributes tracked for each inventory item in an Inventory List is 10-15, but it can be much more in more complex scenarios.

Spreadsheet is the most typical format for an Inventory List. Here is an example of the Inventory List for a dental office:

Inventory List Template

If you choose to run your inventory list in a spreadsheet, you can find plenty of free templates for it online. We recommend starting with looking at Google Sheets Inventory and the Microsoft Create template collection.

Although a simple inventory list can be maintained on paper or in an electronic format, the best way to create and manage inventory lists is through using Inventory Management Software that automates much of the process in real-time and also contains ready templates.

Britecheck Inventory Management Software offers a variety of inventory list templates and gives you the flexibility to modify or create your own inventory list format.

Britecheck Visual Inventory allows you to add a visual scheme to any of your inventory lists. On such a scheme, you can map where exactly each item is located in a storage facility, including rows, shelves, and buckets. Britecheck Visual helps build up your inventory transparency and saves a lot of time finding various items.

Types of Inventory Lists

There are several types of inventory lists, each serving different purposes depending on the stage of production or type of product and using slightly different formats:

• Raw Materials Inventory:
  Includes all the basic materials a business needs to manufacture its products. Imagine a furniture manufacturer – their raw materials list would include wood, nails, and varnish.

• Work-in-Progress (WIP) Inventory:
  Tracks items that are in the process of being made but aren’t finished yet. It helps businesses understand how much value is tied up in incomplete products.

• Finished Goods Inventory:
  Products ready for sale. Retailers and wholesalers rely heavily on this list to ensure they meet customer demand promptly.

Britecheck inventory management software allows you to create any number of inventory lists for keeping track of inventory at different production stages or locations.

The Britecheck platform supports setting unique user access permissions for each inventory list. This helps to avoid accidental or unauthorized changes to inventory data and levels up your inventory control.

Industry-Specific Inventory Lists

Different industries may have unique needs when it comes to inventory management, which means their lists can vary significantly. Here are some examples:

Retail

Retailers usually have extensive finished goods inventories. Their lists must track individual product variations like size, color, and style. Think of a clothing store – they need detailed records of each garment type in various sizes and colors.
Learn more

Manufacturing

Manufacturers need to track raw materials, WIP, and finished goods. Their inventory lists are often more complex because they have to account for production stages and raw material consumption over time.
Learn more

Medical

Medical practices and hospitals manage inventories that include medications, medical supplies, and equipment. These items often have strict regulatory requirements and expiration dates that must be tracked meticulously.
Learn more

By maintaining an accurate inventory list, businesses can track what they have, identify slow movers, and manage their inventory costs effectively.

Automation is the main trend and the game changer in inventory management. Learn more about the benefits of automating inventory lists.