Inventory Backorders And Their Impact On Inventory Control
Effective inventory control is a balancing act between reducing the costs of holding too much inventory stock with the need to maintain enough stock to meet customer demand. Stockouts in many cases lead to lost sales and customer dissatisfaction but what if there is a customer order that cannot be immediately filled but for which […] ... Read More
August 20, 2019 back order, cloud-based software, inventory control, inventory management, inventory management softwareDealing with Aged Inventory
Those in the business of selling goods will have at least a vague understanding of the nature of excess or obsolete inventory, and the effects these forms of inventory can have on the business holding them. A related inventory type is known as ‘aged inventory’. In this article, we define aged inventory and outline the […] ... Read More
August 14, 2019 inventory control, inventory stockHow to Overcome 5 Challenges of Restaurant Inventory Control
Controlling and monitoring inventory stock is an ongoing challenge for may restaurant owners. Properly managing your restaurant inventory is, however, crucial to the financial and operational functions of the restaurant from the perspective of waste reduction and controlling your food costs. May restauranteurs find inventory stocktaking to be a tim ... Read More
August 12, 2019 inventory control, inventory management, inventory management software, stock take, stocktakeHow Using Cloud-Based Software Applications Improve Inventory Control
Whether you are in retail, eCommerce, distribution, manufacturing or any other business or service that requires any type of inventory stock, effective inventory control can help to increase your company’s productivity. Efficient cloud-based inventory control applications streamline the inventory control process, saving on paperwork, promoting be ... Read More
August 8, 2019 cloud-based services, cloud-based software, inventory controlHow to Maintain Quality Data and Improve Your Inventory Control
One of a business’s most valuable assets is the inventory stock used to generate profits and revenue, however in today’s business environment quality data is now becoming as equally valuable. Quality data is the foundation of operations, inventory control and in driving vital financial decisions. Maintaining accurate, complete and consistent da ... Read More
July 31, 2019 clean data, data accuracy, inventory controlUnderstanding How Aged Inventory Impacts Your Warehouse
Being able to understand the journey of your inventory stock and what it entails is a key part of inventory management. It’s also good to see if your inventory gets stuck on a part of its journey, Most often it pauses on the warehouse shelves. When you have a build-up of aged inventory in your […] ... Read More
July 26, 2019 inventory control, inventory management, inventory stock3 Effective Ways to Minimise Negative Impacts of a Product Recall to Your Business
In certain industries, recall rates are high enough to be factored in as part of the business process. Recalls are particularly pertinent to automotive, food and medical industries costing companies billions of dollars. However, even the most diligent business operators are exposed to product recalls regardless of industry and whether you are a man ... Read More
July 25, 2019 batch tracking, inventory control, inventory management, inventory management system, inventory trackingA Peak Into the Deterministic Model of Inventory Control
The intention of inventory management is to be able to correlate the ordering quantities and frequency of products with demand so that there are always just enough products on hand, never too many and never too few. In the real world, it can be extremely difficult to predict these ordering parameters when there are uncertainties […] ... Read More
July 16, 2019 inventory control, inventory management, inventory turnover, stock controlThe Difficulties of Inventory Management and the Approach you Take
The difficulties of inventory management can be minimised simply by utilising purpose-built software, tried and true methods and adjusting one’s approach to it. In this article, we consider the difficulties of inventory management with particular attention to the reactive and proactive approaches to stock control. Reactive inventory control This ... Read More
July 13, 2019 inventory control, inventory management, inventory management software, stock control, stock managementInventory Reconciliation Helps Improve Inventory Control
For any retail or eCommerce business owner, inventory stock will fluctuate constantly and there is a very real chance that your latest inventory records don’t accurately match your physical inventory stock. It is important to keep track of all your inventory and it is necessary to undertake periodic inventory reconciliations to ensure that the nu ... Read More
July 11, 2019 inventory control, inventory management, stock control, stocktakeWhy Poor Quality Data is Hurting Your Business
Data is one of the most powerful components of a business. Information gathering and information sharing can help shape the direction of a business, and it can support both staff and customers. Data is undoubtedly a very formative part of any business and a phenomenally important asset. With data, your business can make better decisions […] ... Read More
July 8, 2019 accurate data, clean data, inventory control, inventory management, inventory reportingHow to Carry Out an Inventory Stocktake in Unleashed
Prepping for a stocktake It can get challenging to keep track of your inventory when doing a stocktake so it’s a good idea to plan a stocktake before you start it. Before you begin, pick an appropriate date and time for your stocktake that minimises disruption to your business. Don’t forget that you’ll also need […] ... Read More
July 5, 2019 inventory control, inventory management, inventory stock, stock control, stock take, stocktakeHow Business Owners Can Minimise the Impact of Product Recalls
At some stage in time, it’s very likely that most business owners will experience having to manage a product recall. While having to implement a product recall certainly is not ideal, there are some key steps businesses can take to make the process as pain-free as possible. It is essential to have processes and systems […] ... Read More
July 3, 2019 batch tracking, inventory control, inventory management, manufacturing, product recall, serial number trackingThe Data Cleansing Process: Cleaning Up Bad Data
Many organisations invest considerable time and money to implement data collection systems but then fail to continuously monitor and manage the data they collect. Having considerable volumes of data can be counterproductive and does not mean that it is of relevance or value to your business. Reliable data provides better customer insight to ensure ... Read More
July 2, 2019 clean data, inventory control, inventory management, inventory reporting, stock takeTelltale Signs You Are Using Bad Data
In this digital age where technology and software solutions gather and track billions of pieces of information, data is king. Data provides detailed information on which business can base decisions and it enables them to provide their customers with personalised tailored experiences. However, as organisations increase investment in the technology f ... Read More
July 1, 2019 accurate data, clean data, data accuracy, inventory control, inventory management, inventory reportingThe Important Relationship between Sales and Inventory Management
With the surge of eCommerce, retailers are facing extreme pressure to maintain profit margins. In fact, poor inventory management has been a leading factor in how many businesses collapse. Proper investment in inventory control is a necessity to avoid losses and to sustain profitability. This is where the relationship between sales and inventory co ... Read More
June 28, 2019 inventory control, inventory management, sales order processionInventory Reporting: Creating a Great Business Report
Great business reports need to be clear and well-structured. Before writing your report, you need to be clear on your brief, who the report is being written for and why. What action are you asking the reader to take? Is it decision-making based on the information presented, requesting an agreement to recommendations made or some […] ... Read More
June 27, 2019 inventory control, inventory management, inventory reporting, real-time inventoryWarehouse Optimisation: Improving Workflow Efficiency in Your Warehouse
Warehouse optimisation improves workflow efficiency and supports optimal inventory control, productivity and performance. By optimising the design and flow of your warehouse you can also significantly increase storage and improve order fulfilment rates. Improving workflow efficiency will help you achieve better order fulfilment. Reducing the time i ... Read More
June 26, 2019 business efficiency, inventory control, inventory efficiency, inventory management, warehouse managementInventory Control Can Help Improve Your Sales Quoting
Not all sales transactions start with a listed price for goods and services, instead, a sales quote may be used. Sales quoting allows a business to establish a price based on individual consumer requests for the provision of goods and services. Sales quoting explained A sales quote is used in sales transactions for services, or […] ... Read More
June 25, 2019 inventory control, inventory management software, sales ordersThe Correlation Between Accurate Inventory Control and Sales Growth
Inventory control is much more than just having enough quantities of inventory stock on hand. It is also about ensuring that the right stock item is delivered to the right customer, at the right time. Therefore, it makes sense that a direct relationship exists between inventory control and sales. Accurate inventory control helps a business [&hellip ... Read More
June 24, 2019 business growth, inventory control, sales ordersThe Importance of Stocktaking for Measuring Inventory Turnover
As a business owner selling goods, knowing how much you are selling is key to understanding how well your business is doing. While many new business owners make the mistake of assuming they are doing okay simply by observing that customers are still buying, doing so can be fatal for your business. A successful business […] ... Read More
June 22, 2019 inventory control, inventory turnover, stock control, stocktake