Speaker 1: Hi, I'm James from Fishbowl, and today we ask the question, what is inventory control? It seems pretty straightforward. You got your business, whether it's a warehouse, warehouse that uses manufacturing, vice versa. So obviously you have some inventory that you need to control. Well that's exactly what inventory control means, is that you have these things and they need to be controlled. But it still often confuses people. So what are you actually doing? Well, you need to be able to track. With tracking, we need to be able to track our items, whether that's inventory, materials, finished goods. You need to be able to track and monitor all of it. Your levels. Now ABC is not just like, hey, this is rudimentary stuff. You need to actually know what your ABCs of inventory are. We have a great whiteboard Wednesday on that if you need to understand that a little bit better. So you need to understand what your levels are for your business and your inventory. And you need to be able to use reports so that you have actual control, actual knowledge of what is coming, going, being used, not being used, et cetera. Now with that, you need to act. That's part of control. You need to know and then act. So with control, the biggest part is you need to know where to cut. A lot of times that means that there's some kind of inventory or resource that's just taking up a lot of your revenue that maybe isn't selling very well or needs to transition out. You need to reduce. Maybe that means you cut back and use less or order less of a product. You need to cut back on your reorders. And you need to save and cut back on the space that you're allotting to the inventory and item. Now think of how much space that you have in your warehouse, however big or small. If you're able to cut back on that and really get to the nitty gritty of what you use, well, that's inventory control. You're getting efficient. But here's the big difference. Inventory control is not inventory management. Control is knowing all these things and acting on it. But management is the process of how you go about doing that. Now if you want something that is able to both use inventory control and inventory management for your business, you should check out Fishbowl. It's the whole kit and caboodle in one package. Who says kit and caboodle anymore? I don't know. But that's the Swipeboard Wednesday. I'm James. Thanks.