Here’s How to Maximise Cashflow with Better Procurement Processes
The cashflow your business generates largely depends on how you source and manage inventory stock. A positive cashflow means the business has more incoming than outgoing cash, which gives you greater buying power and puts you in a position to realise greater opportunities for growth. Business owners know that a healthy cashflow is essential to [&he ... Read More
March 30, 2020 inventory control, supplier relationshipWhat are the 3 Decision Rules for Inventory Control?
Effective inventory control is a process. It involves many areas of an organisation and is a delicate balance between the three categories of inventory costs. As one of a business’ greatest assets, inventory is also the cause one of the hardest decisions manufacturers, retailers and eCommerce businesses have to make. Therefore, it is importan ... Read More
March 25, 2020 inventory controlIdentifying and Solving Cashflow Problems
Cashflow is the amount of cash and cash equivalents that move through your business within a given timeframe. Cashflow provides a good indication of the health of your business and is essential for measuring its liquidity. Many cashflow problems are temporary but even a profitable business can fail because of cashflow issues, particularly during ti ... Read More
March 24, 2020 inventory control, inventory managementHow Can eCommerce Businesses Save Money with Better Inventory Control?
In our digital age, businesses are turning to eCommerce and multichannel selling strategies to help them reach larger, more diverse audiences from across the globe. eCommerce is an excellent way to expand your target base, give your brand international exposure and presence, and grow your business financially. It opens up hundreds of new markets, w ... Read More
March 11, 2020 eCommerce, inventory controlThe 3 Guiding Factors For Decision Rules To Greater Inventory Control
Implementing an effective inventory control and planning solution or system is only the first step in optimising your inventory management. Another vital component of this process is the set of rules you establish to speed up inventory control and make it more effective. These decision rules for inventory control are designed to eliminate the uncer ... Read More
March 5, 2020 abc categorisation, inventory controlLearn to Save Your eCommerce Business Money With Inventory Control
There’s never been a better time to operate an eCommerce business. Shoppers are prolifically turning to online shopping for whatever they need. Whether it’s clothing, food, sports gear or even toiletries, people constantly seek it out on the internet. They compare prices, try to get the best deal and maximise their convenience. There’s a lot ... Read More
February 28, 2020 inventory control, inventory management softwareGet a Handle On Your Inventory Costs — Here’s How
Inventory is one of the biggest assets and biggest costs for a business. It allows you to store a wide range of products to meet customer demand, but without proper inventory control, your stock can be a financial drain if it’s mismanaged. You can use inventory control tactics to decrease your overall inventory costs and […] ... Read More
February 18, 2020 inventory control, inventory costHow Can Small Businesses Leverage Big Data?
While it may seem like big corporations and small businesses are on two different playing fields, that’s not the case when it comes to big data. Despite the fact that small businesses have less self-generated data than those big corporations, they can still get access to big data. Big data is comprised of a large […] ... Read More
February 3, 2020 BI, business intelligence, inventory control7 Types of Inventory Risk and Their Impact On Your Business
The main purpose of carrying inventory is to provide your customers with the goods and services they expect, when and how they expect them. Businesses make significant financial investment into inventory to facilitate the running of their business, for the purpose in which that business exists. Holding inventory, however, comes with numerous risks ... Read More
January 27, 2020 cloud inventory management, inventory control, inventory managementUnderstanding How Business Intelligence and Reporting Impact Your Business
When you’re running a warehouse, you need to be in the loop with what’s going on, what product is moving where, and if your inventory control is working how you intended it to. There are a few different ways to gain this understanding — some inventory managers turn to reports, while others use business intelligence […] ... Read More
January 24, 2020 BI, business intelligence, inventory controlIs Your Business Experiencing Inventory Risk?
When you have a warehouse full of inventory stock, there is a lot to keep track of to make sure everything gets stored, accounted for and distributed properly. Having a healthy supply of inventory stock helps your business ensure it can meet customer demand. To keep up with demand, this often means you need a […] ... Read More
January 22, 2020 inventory control, inventory management5 Factors Affecting Lead Times for Manufacturers
Lead times refer to the time taken between the initiation of a manufacturing process and its completion. Types of lead times differ based on the product or customer but for the purpose of manufacturing or assembly, the primary four lead times are: Customer lead time Material lead time Production or manufacturing lead time Cumulative lead […] ... Read More
January 13, 2020 inventory control, lead time, manufacturing4 Causes of Inventory Discrepancy in Your Stocktaking (And What You Can Do About It)
An inventory discrepancy happens when the actual on-hand inventory stock is different from the item quantity recorded in an inventory system. Discrepancies are not uncommon and can have a substantially negative impact on any business operation. Undetected stock discrepancies can result in lost sales, overstocking and poor customer service. Frequent ... Read More
January 7, 2020 inventory control, inventory levels, inventory management, stocktake5 Causes of Inventory Waste That’s Costing Your Business and How to Avoid Them
Inventory waste can cost your business valuable time and resources. Inventory ties up capital and if you’re not managing it effectively it will quickly absorb important cash flow and worse, it can hide inefficiencies within your operations. It is crucial to optimise inventory control to help reduce your inventory waste. However, before you can re ... Read More
December 16, 2019 eliminate waste, inventory control, inventory cost, inventory stock, Manufacturing productivityThe Pros and Cons: International and Domestic Sourcing
It’s easy to oversimplify the differences between sourcing for parts locally or internationally. When considering where to purchase from, the prevailing idea seems to be that domestic sourcing allows for better control and shorter lead time, but international sourcing is more cost-effective. Let’s compare the strengths and weaknesses of both in ... Read More
December 16, 2019 inventory control, logistics, shipping, supply chainUnderstanding The Difference Between Lead Times and Inventory Cycle Times
Lead time and cycle time are widely used terms in the world of lean manufacturing processes. However, people are often confused when trying to understand the difference between the two and their significance to lean operations. Lead times are an external process that start when a request is made for a product or service and […] ... Read More
November 20, 2019 inventory control, inventory reporting, lead timeUnderstanding the Key Factors Affecting Inventory Control for eCommerce Businesses
The nature of online businesses is significantly different in scale and operations to traditional retail outlets and as a result the scale of inventory stock can range from small home storage to vast, multiple warehouses facilities. Regardless of whether it’s a multichannel business, its size or nature of the business, it is essential to keep ... Read More
November 11, 2019 eCommerce, inventory control, multichannelA 3-Step Guide: Identifying Underperforming Suppliers
Properly tracking and evaluating supplier performance helps ensure smooth operations and profitability. This becomes extra important as you prepare to order stock in the lead up to the holiday season. If a supplier seems to always have an excuse, you’re not wrong in being sceptical if it’s a common occurrence and affects your business schedule. ... Read More
October 31, 2019 inventory control, supplier management, supplier relationship, suppliersAged Inventory Reports: What are they and how do they impact inventory control?
Aged inventory generally refers to inventory stock that has been held for longer than six months usually due to low consumption or slow sales. Aged inventory is not an overnight occurrence however, any surplus of inventory stock is both costing you money and restricting your cashflow. Aged inventory reports Aged inventory reports are documents that ... Read More
October 30, 2019 inventory control, inventory cost, inventory reportingOnline Inventory Control and the Importance of Purchase Order Tracking
A purchase order (PO) represents a legal contract between a business and its suppliers for the purchase of goods and services. POs help to ensure that the right quantity of goods or services is delivered in a specified time frame and at the level of quality expected. They also provide a framework for accurate inventory […] ... Read More
October 29, 2019 inventory control, inventory management, inventory management software, purchase orderThe Unique Challenges Inventory Management Poses to the Restaurant Industry
Restaurants are arguably one of the most challenging businesses in which to control inventory; the fundamental nature of supply, demand and the products themselves set them up for a fickle inventory ride. They are governed inevitably by seasonal availability and subsequent pricing, trends and individual palates, health and safety compliance, the pr ... Read More
October 21, 2019 inventory control, inventory management, inventory management software, stock takeBig Obstacles for eCommerce Retailers
Inventory management is a vital part of a retail business. When you’re selling products via eCommerce platforms, it is even more important to make sure your inventory is under control. There are still a significant amount of retailers who run a stock take manually to manage their inventory, which leads to many problems on how […] ... Read More
October 11, 2019 B2C, inventory control, inventory management