Understanding More About the Probabilistic Inventory Model
Try saying ‘probabilistic’ three times fast. It’s a bit of a mouthful. However, it’s more than just a tongue-twister, it’s a great tool for predicting inventory needs. The root of probabilistic is probability and that’s exactly what the probabilistic model is based on — probability. So I bet you’re wondering how probability will hel ... Read More
June 11, 2019 demand forecasting, forecasting, inventory control, inventory management, stock controlMaking Smarter Merchandising Decisions with Better Inventory Management
Selecting the appropriate types and quantities of merchandise for your business can be a real challenge, especially as your business begins to grow. Managing your inventory well can help take the guesswork out of purchasing decisions, and lead to more profitability and less wastage. In this article, we explore how business owners and inventory mana ... Read More
April 20, 2019 demand forecasting, inventory management, inventory management software, stock demandHow to Prepare Your Business for the Peak Season
The peak season can be an exciting and rewarding time for business owners, with the promise of a drastic increase in sales. However, it can also be a stressful time that requires a lot of planning ahead, and possibly even some new hires to help manage the influx of customers. In this article, we outline […] ... Read More
January 29, 2019 demand forecasting, inventory management, inventory management software, seasonal demandHow Businesses Can Improve Forecasting Before the Peak Season
Accurate forecasting is a key factor contributing to the success of any business. By making accurate predictions about future sales trends, businesses can ensure stock levels align accurately with supply and demand fluctuations to ensure optimum efficiency. However, forecasting accurately can be a difficult task, especially in the build-up to peak ... Read More
December 28, 2018 demand forecasting, seasonal demandGreater Inventory Control Begins with Demand Forecasting
Effective inventory control Maintaining inventory control is a mammoth task and healthy inventory levels are a necessary part of matching inventory stock with anticipated demand. Effective inventory control can be achieved by consolidating inventory processes into a single integrated system. A great inventory management system will be transparent a ... Read More
October 27, 2018 demand forecasting, forecasting, inventory controlWhy is Demand Forecasting the Way to Go?
As discussed in this article, demand forecasting is a seemingly straightforward concept to grasp yet can be difficult to achieve with 100% accuracy. However, making it a focus of company operations is certainly worth the effort. In this article, let us consider some benefits of demand forecasting. The customer experience It stands to reason that [& ... Read More
October 24, 2018 demand forecasting, inventory managementWrapping Your Head Around Unconstrained and Constrained Forecasting
Forecasting plays a significant role in the sales and operational planning (S&OP) of a company; it can underpin the strategy for how a company runs their business. It serves as an important process to project, balance and look after supply and demand. Ultimately, S&OP can help a company reach their goals and help them get […] ... Read More
October 20, 2018 business planning, demand forecasting, inventory managementYour Comprehensive Demand Forecasting Guide
Consumers around the globe are changing their shopping habits and retailers must constantly respond to shifts in consumer demand. Supply chains are more multi-faceted than ever – materials to make one product may come from multiple countries; imports and exports are sent around the world in just about every kind of vessel you can imagine; [&h ... Read More
October 20, 2018 demand forecasting, inventory control, inventory managementAccurate Inventory Forecasting, No Crystal Ball Needed
Anticipating future demand is a tough job, wrought with ways you might go wrong. Proper demand forecasting and inventory control can save a company from buying too much or too little of something, which of course avoids expensive overstock scenarios or stockouts. What is demand forecasting? Demand forecasting predicts what customers will buy, how m ... Read More
October 18, 2018 demand forecasting, inventory control, inventory forecastingUnconstrained vs. Constrained Forecasting: Balancing Commercial Dreams with Reality
A company’s inventory is a significant asset on their books, however, if frequent shortages or excess happens, it can become a significant liability, costing the business’ bottom line. It is imperative to manage inventory appropriately so that supply and demand are always balanced. However, all the inventory management techniques and softwa ... Read More
October 16, 2018 business forecasting, demand forecasting, forecasting, inventory management, inventory planning, supply and demandImprove Your Inventory Control with Demand Forecasting
Demand forecasting and planning sounds like a complex task requiring input from a team of accountants and economists but, in reality, it’s an easy way to improve your inventory control. In simple terms, demand forecasting uses supply chain information to plan the levels of stock needed to meet expected demand which gives greater inventory con ... Read More
October 15, 2018 demand forecasting, inventory control, inventory managementWhat You Need to Know About Demand Forecasting
Demand forecasting is the process of estimating the number of products that customers will be willing to purchase in the future. It involves leveraging data and analytics about your product and the market to closely predict customer demand over a particular time frame. It’s a crucial aspect for many companies and inherent in more reliable [&h ... Read More
October 12, 2018 demand forecasting, inventory control, inventory planningHow Smarter Businesses Plan to Forecast Demand
When many businesses forecast demand, even the most studious companies will not get it 100 percent accurate, instead of perfection, the focus should be on minimising errors. Planning is one of the core functions of supply chain management that can help minimise errors and thus increase the accuracy of forecasting demand. Understanding and predictin ... Read More
October 10, 2018 demand forecasting, inventory control, inventory forecasting, inventory levelsDemand Forecast: Constrained or Unconstrained?
An unconstrained demand forecast might seem over optimistic, but for a business to take full advantage of market growth opportunities it is essential to dream big. Particularly for companies using online inventory management systems, it’s easy to create both constrained and unconstrained demand forecasts that each represent valuable snapshots of ... Read More
October 9, 2018 demand forecasting, inventory forecastingWhy You Need to Get Demand Forecasting Right
An accurate demand forecast is essential for good inventory management so it is vital that business owners get it right. In this article, we explain why demand forecasting is so important, and provide a few tips and tricks on how to get it right. Back to the basics Demand forecasting is the process of using […] ... Read More
October 8, 2018 demand forecasting, inventory forecasting, inventory levels, inventory managementThe Value of Demand Forecasting
Demand forecasting is tricky to get exactly right but there are ways to increase your forecast accuracy. A more accurate forecast can benefit manufacturers, distributors and retailers alike. It can support the supply chain and help suppliers along the product journey deliver results to their customers more effectively. Essentially, demand forecasti ... Read More
October 4, 2018 demand forecasting, inventory planningInventory control and inventory management – two different things?
Inventory control and inventory management are often used interchangeably. Though they have similar scopes, there are some important distinctions to make. Inventory control is a method of regulating the inventory you have on hand in your warehouse. On the other hand, inventory management is the activity of forecasting and replenishing inventory, fo ... Read More
October 30, 2017 demand forecasting, inventory control, inventory management, seasonal demandWhy Is Safety Stock Important?
Safety stock is a term commonly used to describe a certain amount of inventory kept by a business in reserve, to protect against unforeseen events such as spikes in demand or supply shortages. Most businesses employ some kind of minimum level of stock in this way. The principal goal of safety stock is to ensure that there is sufficient product a ... Read More
November 4, 2015 customer retention, demand forecasting, inventory holding costs, safety stock, supply chain managementInventory Management Software: A necessity for business growth
A business that aims to scale successfully for growth needs to be able to meet the versatile demands of handling their inventory effectively. As a business expands the level of complexity and challenges for its most critical operations increase, too. Relying on outdated and ineffective systems to manage burgeoning inventory demands will not only ... Read More
September 9, 2015 consumer demand, demand forecasting, distribution, intuitive data, inventory tracking