Use These Inventory Management Tips to Save You Money
Inventory stock can earn you money or cost you money depending on how you manage it. If your inventory stock is managed properly, it will allow you to move products quickly and efficiently, earning you money faster. However, if you have shelves of dead inventory stock taking up space throughout your warehouse and other obstacles […] ... Read More
February 4, 2019 inventory, inventory forecasting, inventory management, inventory management software, stock take, supplier relationshipAre Sunny Skies Ahead For Your Business? Here’s How to Forecast for Peak Season
The peak season is what makes or breaks many businesses, with many relying on big business during certain months to carry them through the rest of the year. A distributor of winter sports equipment, for example, would make most of its sales in the lead up to and during winter, but if it can’t meet […] ... Read More
January 18, 2019 inventory forecasting, inventory management, seasonal demandA Useful Guide for Small Businesses to Stress-free Inventory Management During the Holiday Season
With the holiday season representing as much as 20 to 40 percent of annual sales for some retailers, it is vital to minimise the risks of having not enough or having too much inventory stock during the holidays. When items are quickly going in and out of stock and returns are being made in larger […] ... Read More
January 15, 2019 inventory forecasting, inventory management, small business, SMEAccurate 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 forecastingHow 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 managementFour Tips to Optimise Inventory Control
Inventory management can be a puzzle for many businesses, particularly those with large and varied stock catalogues. Keeping track of thousands of SKUs can be tricky as there are simply so many moving parts. In a stock-based business, inventory is probably one of your business’ biggest assets, so it’s important to manage inventory as ef ... Read More
November 16, 2017 inventory control, inventory forecasting, perpetual inventoryCommon Inventory Management Mistakes
Inventory management can be overwhelming. There can be an incredibly large amount of tangible inventory, which can translate to a huge amount of responsibility and pressure to manage this inventory properly. Unfortunately, mistakes are inevitable in any business and especially with inventory control. Luckily, by addressing a variety of factors that ... Read More
August 30, 2017 accurate stock levels, automated inventory control, inventory forecasting, inventory management, inventory software2 ways to reduce lead times in the supply chain
Lead times play a huge role in inventory management. Lead times are the amount of time it takes for you to receive your products from the time you place a purchase order with your supplier. That means if you can reduce your lead time, the results will create a need to carry less stock, allowing […] ... Read More
July 24, 2017 inventory automation, inventory forecasting, lead time, stock forecasting, supply chain, supply chain managementWhy is inventory control important?
Inventory control means that there is adequate hardware and more importantly software in place that will help to increase efficiencies across your business. ... Read More
April 11, 2017 business streamlining, cloud-based software, customer retention, inventory control, inventory forecastingCan Inventory Management improve your Business Performance?
sure fire way to reduce profit margins is to have excess raw material sitting, needing to be stored, and not being turned into product which can be sold. ... Read More
January 23, 2017 business reputation, customer satisfaction, inventory forecasting, just-in-time, manufacturingThe Supply Chain Crystal Ball: Managing Supply Chain Risk Better
In theory, intricate supply chains can provide a great deal of comfort. Every detail is mapped out in meticulous detail - not just where inventory is coming from and going to, but how it will get there and within what timeframe. In reality, not even the best logistics experts can predict the future so as a result, supply arrangements will always in ... Read More
October 13, 2016 business capital, inventory forecasting, risk assessment, suppliers, supply chain managementThe Risks of Having Too Little Inventory
The costs of holding excess and stale inventory are well documented and understood; handling and storage costs, depreciation and shrinkage can easily eat into your profit. Less well understood, however, are the knock-on effects of having too little inventory. If your business carries too little inventory, there is a risk of running out of stock, mi ... Read More
October 12, 2016 cost efficiency, customer satisfaction, inventory forecasting, order fulfillment, understock