Fun Facts

The first inventory count is believed to have been done over 5,000 years ago, using clay tablets!

Did you know? The largest single inventory item ever recorded was a 15th-century warship loaded with over 1,000 cannons.

Modern inventory systems use RFID and IoT technology to track products in real time, reducing losses by up to 70%.

The concept of Just-in-Time (JIT) inventory originated in Japan, and it was first implemented by Toyota as part of their production system.

Excess inventory in the U.S. retail sector is estimated to tie up $1.2 trillion in cash - that's more than 10% of the U.S. GDP!

The U.S. military is the largest inventory holder in the world, with over $1.3 trillion in assets.

The first barcode was scanned in 1974 on a pack of Wrigley's chewing gum.

The term 'inventory' comes from the Latin word 'inventarium', meaning a list of what is found.

The concept of inventory management dates back to the ancient Egyptians, who used clay tablets to keep track of their supplies.

The first computerized inventory system was developed in 1960 by IBM for the U.S. Air Force.

The average retailer loses 1.44% of their inventory to theft, fraud, and administrative errors.

Inventory management software can reduce inventory holding costs by up to 20%.

The global inventory management software market is expected to reach $5.4 billion by 2025.

The most commonly stolen items in retail stores are electronics, clothing, and health and beauty products.

The concept of ABC analysis in inventory management was first introduced by Joe Orlicky in 1975.

The largest inventory management software provider is SAP, with over 25% of the market share.

The concept of safety stock in inventory management was first introduced by Ford Motor Company in the 1920s.