How to Calculate Inventory Turnover
Inventory management is a critical function of any business, with drastic implications on profit margins. Stock the right goods at the right levels and you can reduce carrying costs, mitigate the risk of shrinkage and still please customers. Get it wrong and those risks climb. Inventory turnover is a key formula that’s often discussed in [&hellip ... Read More
January 6, 2021 inventory management, inventory management software, inventory reportingHow to Calculate Average Inventory – The Complete Guide
Calculating average inventory is an extremely important part of your overall inventory strategy because it is the basis of knowing how much stock you should have on hand. In this article, we’ll explain the average inventory and show you how to calculate it with examples. We’ll also shed some light on Economic Order Quantity and [&hellip ... Read More
December 10, 2020 inventory management, inventory management software, inventory reporting, stock controlHow to calculate safety stock – with formulas and examples
To calculate safety stock, work out your average daily use for a product and multiply it by its average lead time – how long it takes, in days, to arrive once you place an order. Then subtract this number from your maximum daily use times your maximum lead time. The result is the safety stock […] ... Read More
November 27, 2020 accurate inventory, excess inventory, inventory management, inventory metrics, inventory reporting, safety stock5 Tips to Improve Omnichannel Inventory Management
The world of commerce is an ever-changing one. Tech developments such as 5G and the Internet of Things are reshaping everyday life. And that includes how we all shop. Customer support is evolving with social media, artificial intelligence and unified communications. That’s a lot for any eCommerce business to keep up with. Some things, though, [&h ... Read More
June 25, 2020 inventory management, multi-channel, multichannel, omni-channel, supply chain, supply chain managementHow To Start Your Brewery On The Path To Success
The craft beer industry has had an exciting ride, with a pre-Covid Compound Annual Growth Rate of 14.1% and a forecasted market valuation of US$107.85 billion by 2024, according to Business Wire. Knocked back just 7% in sales volumes during the height of 2020 lockdowns, according to Unleashed Software’s own data, the beer industry overall [&helli ... Read More
May 20, 2020 beer, beer brewing, beverage, Beverages, breweries, craft brewery, inventory management, Manufacturing productivityThe Big B2B-B2C Pivot: How Your Stock Management Must Change
If you’re a B2B company and you’ve recently set up an online store to sell direct to consumers — or are even thinking about it — then good on you. There’s no denying there are still big challenges ahead though. As you’ve no doubt already realised you don’t just need to set up an online […] ... Read More
April 23, 2020 B2B, B2C, Covid-19, D2C, inventory management, inventory management softwareIdentifying 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 managementInventory Management Uncertainty? You’re Not The Only One
If you’re trying to get on top of your inventory management, but struggle with the many unknowns involved with inventory control, you’re not alone. It’s difficult to predict demand and how the economic environment will impact your business. It changes how you buy and reorder your stock. Deciding whether you want to reorder stock can [… ... Read More
March 20, 2020 inventory management, inventory management software, inventory management systemThe Complex Connection Between Cashflow and Inventory
Cashflow and inventory are intricately linked to each other. This is an important concept to understand for inventory managers and business owners alike, as a tell-tale sign of successful business is optimising cashflow and keeping your inventory to a safe minimum. Here we will consider the relationship between cashflow and inventory and how you mi ... Read More
March 18, 2020 inventory managementWhat’s Hot in Retail: Conscious Consumerism
Organic, Vegan, Cruelty-free, Paraben-free, Fair Trade, Living Wages, No preservatives, 100% recycled materials, Keep Cup… and the list goes on. What do all these phrases and words have in common? They are consistently and repetitively heard on the lips of consumers, seen in advertising and actively guiding and emboldening the purchasing power of ... Read More
March 13, 2020 inventory managementReduce Your Inventory Costs With These Strategies
In any business model, cutting unnecessary costs wherever possible is always a good strategy to improve company profitability. One area in which business managers may like to remove unnecessary costs is inventory. Inventory can entail a raft of costs — known and sometimes unknown or hidden — which can really lock up a business’ cashflow. ... Read More
March 12, 2020 inventory cost, inventory managementHow Do Inventory Risks Impact Your Business?
Understanding the types of inventory risks that may be impacting your business will shed light on the best strategies to mitigate against these risks for your inventory control needs. Types of inventory risk As an owner or manager of a business, you need the right products in stock at the right time to be available […] ... Read More
February 25, 2020 inventory management, inventory management softwareHow Does Inventory Management Affect Cashflow?
Good cashflow is key to the success of every business. Bad cashflow can have seriously negative effects on the overall productivity of the business, including a negative impact on the businesses bottom line. Growing businesses may not realise that good inventory management can actually be make-or-break for the quality of a company’s cashflow. In ... Read More
January 31, 2020 inventory management, inventory management software7 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 managementIs 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 Strategies to Improve Cashflow for Manufacturers, Wholesalers and Retailers
Any business needs good cashflow to prosper because cashflow provides the funds necessary to pay bills, cover operating expenses, purchase inventory stock, pay employee wages, provide positive customer experiences and to invest back into the business. Cashflow represents the money available at any given time to keep a business running. It accounts ... Read More
January 17, 2020 business challenges, inventory management, inventory management software, multichannelHow Inventory Control Can Benefit from Artificial Intelligence
Effective inventory control centres on the fine balance of holding enough inventory to ensure the business operates effectively while avoiding the overstocking that ties up valuable cashflow and leads to waste. Inventory control can benefit from artificial intelligence (AI) because AI provides powerful insights for companies, highlighting interesti ... Read More
January 16, 2020 BI, business intelligence, inventory management, real-time reportingCan AI Improve Your Inventory Management?
In our increasingly digital world, artificial intelligence (AI) is becoming part and parcel of our lives –and it is becoming particularly useful to business owners and inventory managers. In this article, we explore the relationship between AI and inventory management, and how AI can assist in inventory management. What is AI? AI is essentially a ... Read More
January 9, 2020 BI, business intelligence, inventory management4 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, stocktakeThe Ethical Implications of Outsourcing You Need to Know
What is outsourcing? Outsourcing is the practice of hiring outside your business, or getting an individual to perform contracted work as opposed to paying your employees to do the work. Many businesses use outsourcing to: Reduce costs Focus on their core business Resolve capacity issues Enhance service quality Access to intellectual capital Busines ... Read More
December 16, 2019 inventory management, suppliers, supply chain, supply chain challengesTop 3 Things Multichannel Retailers Need to Consider Before the Holiday Rush
The holiday season is an exciting time for retailers, with shoppers swarming in ready to spend on gifts; B2B retailers can also experience a surge in demand. Retailers simply cannot rely on an increase in demand to produce sales and profit. A lot of planning goes into having a successful and efficient holiday season in […] ... Read More
November 27, 2019 B2B, inventory management, multichannel, seasonal demand