Warehouse 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, stocktakeInventory Reconciliation: The Ins and Outs
If you’re in the business of selling goods, you’ll know how important good inventory management is for the success of your business. Failing to adequately manage inventory can have dire consequences for your business’s productivity and ultimately, profitability. Holding too much inventory, for instance, can lead to obsolete stock with valuabl ... Read More
June 21, 2019 inventory control, inventory management, stock control, stocktake3 Tips to Help You Manage Product Recalls
When something goes wrong with your product, a recall might be on the cards. There is a whole spectrum when it comes to product recalls. Sometimes they are relatively benign and easy to fix, or they can span to being very dangerous, expensive or both. Depending on what you’ve sold and what the problem is, […] ... Read More
June 19, 2019 batch tracking, inventory control, inventory tracking, product recall, serial number trackingStaying Ahead of the Inventory Game with Stock Control
Inventory management and stock control can be a very difficult game to play let alone to actually win. It can be the thing that saves you money, time and increases your ability to meet customer demand; or, it can be the reason for companies having frequent stock-outs, having to purchase more stock expediently and at […] ... Read More
June 18, 2019 inventory control, inventory management, stock controlUnderstanding 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 controlThe Importance of Accurate Stock Taking for Measuring Inventory Turnover
Inventory control is not just about what products you have on hand at any given time. Good inventory control should also consider how quickly that inventory stock moves into and out of your business. Sales revenue alone is not enough to measure the success of a business if expenses exceed your revenue, then the business […] ... Read More
June 7, 2019 inventory control, inventory management, inventory turnover, stocktakeWhy Inventory Control Doesn’t Have to be Difficult
If you have ever caught yourself asking why inventory management is so difficult, you are certainly not alone. Inventory management can give businesses a real headache and be viewed as overwhelmingly hard if not taken control of early on. Major reasons why inventory management can be challenging is because it’s never-ending, complex and it takes ... Read More
June 1, 2019 inventory control, inventory management, inventory management systemThe Probabilistic Model of Inventory Control Explained
Regardless of the industry, it is necessary for manufacturers and retailers to maintain the right quantities of inventory stock to ensure the smooth running of production operations and sales activities. Holding certain levels of inventory stock helps companies to avoid lost sales, will reduce ordering costs, help to maintain efficient production r ... Read More
May 30, 2019 inventory control, inventory management, lead time, stock control, stock demandThe Ins and Outs of Stock Control: The reactive and proactive approach
Managing stock can be a complicated task, especially as your business grows. Many inventory managers and business owners fall into the habit of reactive stock control, where stock issues are dealt with as they arise. However, this type of stock control is largely ineffective and, sometimes, may be counter-productive. Business owners should be worki ... Read More
May 29, 2019 inventory control, inventory management, stock control, stock levelInventory Control: Deterministic vs. Probabilistic Models
Different business owners and inventory managers will have varied approaches to inventory control. A business owners’ approach to inventory management will determine the company’s inventory levels, which can be make-or-break for any business selling goods. Getting inventory to an optimum level so that demand is consistently met by supply – ... Read More
May 27, 2019 inventory control, inventory management, stock controlCoping With Inventory Uncertainties: The probabilistic model of inventory control
Inventory control is exceedingly difficult if you go into it blind, with no tips and tricks and no supporting software. However, with the right knowledge and methods in place, it can be something you can manage and control with few problems. Part of the art of inventory control lies in the ability to adapt to […] ... Read More
May 24, 2019 business costs, inventory control, inventory management software, overstock, stock control, stock level, understock4 Inventory Management Techniques to Simplify the Life of an Online Retailer
The world of eCommerce is expanding at a rapid rate with more and more opportunities opening up for online retailers. It really is an exciting time, providing larger audiences with greater geographical diversity equating to better selling opportunities and higher profits. However, all this promise can be undone very quickly without the appropriate ... Read More
May 23, 2019 inventory control, inventory management, online inventory management, retail, stock controlHow Stocktaking Can Shed Light on Inventory Turnover
An accurate stock take ensures that the inventory turnover ratio is going to be a reliable tool. If the numbers are right, business owners can plan for the future. It is a powerful part of inventory management and allows the business to make smarter decisions on what parts of the inventory stock they should invest […] ... Read More
May 21, 2019 inventory control, inventory management, inventory management software, inventory turnover, stock takeAre You Proactively or Reactively Controlling Your Inventory Stock?
As a business owner, it’s easy to feel like you’re being pulled in all different directions across your business. It’s an around-the-clock job and there are always decisions that need to be made. Inventory stock is one of those fundamental components that a business owner needs to ensure is getting looked after. However, the phrase […] ... Read More
May 20, 2019 inventory control, inventory management, safety stock, stock controlWhat is a Deterministic Model of Inventory?
It is so important to maintain the optimum level of inventory, but sometimes it is easier said than done. The good news is that there are proven models and methods that have been developed for determining the optimum level of inventory stock for your business. Models can only help with predictions and forecasts, and they […] ... Read More
May 18, 2019 inventory control, inventory levels, inventory management, stock controlThese 4 Key Elements of a Multichannel Strategy Can Impact Your Supply Chain
Going online does not just mean using desktops and laptops anymore — it is anytime, anywhere connectivity afforded by tablets, smartphones and smartwatches. Our more connected world has unsurprisingly changed the way we shop. As a direct result of exponential growth in online spaces and with numerous ways to purchase nowadays, retailers are takin ... Read More
May 17, 2019 inventory control, inventory management, multi-channel, retail, stock controlThe Consumer Response to Stockouts Can Significantly Impact Your Business
The one constant between eCommerce channels and brick and mortar stores is the critical importance of inventory stock availability. Consumer response to stockouts varies but will generally have a negative impact on your business or brand. For retailers, stockouts lower the impact of promotions and can increase operational costs through the provisio ... Read More
May 16, 2019 inventory control, inventory stock, stock control, under stock, understockMake Smarter Purchasing, Sales and Inventory Decisions with Better Inventory Control
Smart inventory control improves forecasting and enables you to make smarter decisions around retail sales and inventory stock. Without proper inventory control businesses may end-up with unsalable lines of inventory stock or alternatively lack the inventory stock that their customers are seeking. Today’s technology offers data collection and ana ... Read More
May 15, 2019 inventory control, inventory stock, stock controlInventory Control: Proactive vs Reactive Management
Inventory control is a tricky process. Essentially, the goal of inventory control is to maximise profits with the smallest amount of investment into your inventory. Meanwhile, this target needs to happen without compromising on customer satisfaction levels. Inventory control is complex. Understanding the multitude of factors that come into play on ... Read More
May 14, 2019 inventory control, online inventory management