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Topic: inventory control

3 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     

Staying 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     

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     

The 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     

Why 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     

The 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     

The 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: 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     

Coping 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     

4 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     

How 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     

Are 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     

What 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     

These 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     

The 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     

Make 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: 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     

How You Can Optimise Your Inventory to Save Money

The phrase ‘flushing money down the drain’ can feel like a reality if your inventory isn’t managed properly. Managing inventory can be daunting, but the feeling of losing money because of inventory can be even worse. Mistakes from a stock take can be costly: dead stock lying around the warehouse can take up storage costs […] ... Read More

  May 13, 2019     

3 Biggest Challenges with a Multichannel Strategy

Running a business with a multichannel strategy can feel like you’re running eight businesses all at once. Although a multichannel strategy gives you the opportunity to sell your inventory stock through a variety of platforms, the balancing act can be tricky. Each channel has specific requirements for sales and orders, inventory stock quantities, ... Read More

  May 10, 2019     

Best Practice Inventory Control Techniques for Online Retailers

Successful inventory control enables retailers to meet customer demand by avoiding stockouts and reducing the risk of overstocking to free-up cashflow. It is crucial in the world of eCommerce, for even the smallest online retailer to have effective inventory control. Following are best practice inventory control techniques to help online retailers ... Read More

  May 9, 2019     

Better Merchandising Decisions with Better Inventory Management

Inventory management is vital for many businesses; it can make or break your bottom line. So why are 43% of small businesses still using manual methods or worse not tracking inventory at all? Without an effective inventory management system in place, you risk your business being more susceptible to many problems such as inventory stockouts [&hellip ... Read More

  May 8, 2019     

Centralised Inventory in a Nutshell

Effectively managing inventory is key to the success of any business, especially those with large and complex inventories. When a business is reasonably small, managing inventory may be a simple task of recording stock movements on paper. However, as a business grows and its inventory diversifies, inventory management can become more complex. This ... Read More

  May 6, 2019