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A FIFO is a warehouse or inventory management system in which the first or oldest stock is first used and the stock or inventory most recently produced or received is only used or dispatched until all the oldest stock in the warehouse or store is used or dispatched. This system ensures a company that its oldest stock is used first and eventually minimizes the costs of obsolete inventory. FIFO inventory system is even considered as the ideal stock rotation system, and most commonly used in a variety of industries. FIFO pallet racking system is sometimes combined with other warehouse and inventory management systems to improve the operational efficiency of companies dealing with expiry-dated fresh or frozen foods, drinks, medications and other products such as sterile medical supplies, high-volume items or batteries. This system even helps companies to ensure that customers always receive fresh goods.
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