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Topic: inventory management

Forecasting Demand: A Primer for SMEs

Traditionally demand forecasting has been a relatively manual affair, leading to the common misconception that it’s complicated and not worth the time or money investment. Today, this couldn’t be further from the truth – inventory management software becomes more affordable and comprehensive for businesses of all sizes. Inputs used when f ... Read More

  October 15, 2018     

Improve Your Inventory Control with Demand Forecasting

Demand forecasting and planning sounds like a complex task requiring input from a team of accountants and economists but, in reality, it’s an easy way to improve your inventory control. In simple terms, demand forecasting uses supply chain information to plan the levels of stock needed to meet expected demand which gives greater inventory con ... Read More

  October 15, 2018     

Understanding Stock Take Discrepancies and Why They Happen

A stock take discrepancy can present a real problem for businesses, potentially costing the bottom-line in lost sales, build-up of surplus stock, and perhaps most detrimentally – creating dissatisfied customers. Accurate stock recording and inventory management are essential to understanding a company’s true capacity to meet and capitalise ... Read More

  October 13, 2018     

Making Sure Your Inventory Stock Adds Up: Avoiding a Stock Discrepancy

Let’s say you run a garden centre, selling plants and gardening equipment. You’re stock taking and you’ve noticed that something’s wrong: the number of garden gnomes you have on the shelf doesn’t match the number of garden gnomes that you’ve recorded in your inventory stock count. You’re surprised – how could this have happened? How ... Read More

  October 12, 2018     

What Does the BOPIS Model Mean for Retailers?

We have seen the rise of online shopping and we are watching eCommerce retailers secure a tight hold in the retail market. There has been a significant shift in the way consumers are purchasing products. Retailers are reacting in different ways to not only remain competitive but to stay afloat. In the world of omnichannel […] ... Read More

  October 11, 2018     

Building Bricks and Clicks with BOPIS

What is BOPIS? The acronym is intriguing enough to grab your attention. BOPIS stands for buy online, pickup in store. In the eCommerce world, it is becoming a popular trend for getting products into customers’ hands sooner. The BOPIS model is a very clever strategy to build momentum for the “brick-and-click” operating method. Rather than [&he ... Read More

  October 11, 2018     

3 Ways to Streamline Order Fulfilment

One of the most vital processes to get right when you’re in the business of selling goods is the process of actually getting those goods to your customers. For those with retail stores, this is pretty straightforward: customers simply walk in and grab what they need off your shelves. However, for business owners who ship […] ... Read More

  October 11, 2018     

Get Started on Reducing Your Inventory Shrinkage

Inventory shrinkage can create major problems for businesses because it can result in a loss of sales and profits. The 2016 National Security Survey revealed that inventory shrinkage costs businesses a staggering $45.2 billion in 2015 alone. To help combat this expensive problem, here are five proven ways to reduce inventory shrinkage by putting so ... Read More

  October 10, 2018     

The 5 P’s of Inventory Shrinkage

Inventory shrinkage is a term used to describe the loss of inventory. It is the difference between the physical count of inventory stock and the recorded quantity. Categorised as inventory waste, the four major types of inventory shrinkage are shop-lifting, theft by employees, clerical errors and supplier fraud. Placement Shoplifting is the leading ... Read More

  October 10, 2018     

4 Wins for Demand Forecasting Success

Predicting demand accurately is an extremely pivotal part of running any company which is in the business of selling goods or services. Without being able to predict ebbs and flows in demand, inventory managers will inevitably struggle to keep things running effectively. In this article, we explain why forecasting demand accurately is so important ... Read More

  October 8, 2018     

Why 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     

Inventory Shrinkage: A Ballooning Problem Without Inventory Management

When the physical count and value of stock does not reconcile to the reported value from the accounting system, inventory shrinkage happens. Essentially, there is a loss of stock and subsequent value that must be investigated and reconciled. Inventory shrinkage is quite a problem in and of itself, but also over time if not resolved, […] ... Read More

  October 6, 2018     

Zero Inventory: The Benefits of Owning Less

Zero inventory refers to the idea of little to no stock kept on hand and orders are fulfilled using the Just-In-Time (JIT) business model. This is implemented by major companies and lean manufacturing leaders, such as Toyota and Dell, and serves its purpose of keeping inventory costs low, reducing the risk of obsolescence or spoiling […] ... Read More

  October 6, 2018     

3 Current Challenges Facing Multi-Channel Pricing

Multi-channel pricing currently faces a ream of challenges in the retail industry. With the marketplace constantly evolving, the way manufacturers are selling products is drastically changing. There are a variety of ways for your product to land into a consumer’s hands. You have traditional brick-and-mortar stores, eCommerce sites, third-party se ... Read More

  October 5, 2018     

How to Optimise Your Order Fulfilment Process

Having a streamlined order fulfilment process is an important operation that many companies strive for in the age of eCommerce. With an effective order fulfilment process, a company can deliver products to customers swiftly and achieve customer expectations. In the fast-paced eCommerce market, products are shipped around the globe. This means order ... Read More

  October 5, 2018     

Why Your Business Needs to Know About Anticipation Inventory

A common way to categorise inventory is by its function. Anticipation inventory is one of the four basic functions of inventory. It is excess levels of product held in anticipation of specific or uncertain demand. The key difference of anticipation inventory from regular inventory is that there is a reason that can be pointed to […] ... Read More

  October 4, 2018     

4 Ways Online Inventory Management Helps Manage Food-based Businesses

Understandably the food and beverage industries are one of the most regulated sectors globally; mistakes with the handling, preparation and storage of food can be a cause of serious health threats for consumers. By implementing an online inventory management system into your operations you can better meet regulatory obligations and safely manage yo ... Read More

  October 3, 2018     

Online Inventory Management for the Hospitality Industry

In the highly competitive hospitality industry, hotel operators and small business owners need access to valuable data to facilitate informed decision-making. This data plays a particularly pivotal role in developing the revenue and inventory management strategies for hotels and resorts to ensure business success and sustainability. Online inventor ... Read More

  October 2, 2018     

Zero Inventory: A Primer for Manufacturers

With more and more businesses touting zero inventory as the secret to their success, boards and executive teams are increasingly looking at cutting stock as a way to gain a competitive advantage. Zero inventory is the practice of keeping little to no inventory often through a use of just-in-time production or manufacturing inventory as a […] ... Read More

  October 1, 2018     

Managing Inventory as an Omnichannel Business

Organising inventory can be a complicated task in itself, but for omnichannel businesses, it can be even more complex. In this article, we explain the challenges involved in omnichannel inventory management and omnichannel businesses can navigate this complicated task. What is an omnichannel business? Omnichannel is a multichannel approach to sales ... Read More

  October 1, 2018     

3 Ways to Combat Inventory Shrinkage

Inventory shrinkage creates problems for businesses as it leads to a loss of sales and profits. A 2016 National Security Survey found that inventory shrinkage costs businesses $45.2 billion in 2015. In this article, we explain what inventory shrinkage may mean for your business and provide some useful tips for avoiding it. What causes inventory [&h ... Read More

  September 28, 2018     

How Inventory Management Plays a Part in the Hospitality Industry

Working in the hospitality industry is a dynamic and ever-changing environment. Menus change, daily specials vary, seasonal dishes and health and safety issues surrounding preparation are always evolving in this space. However, there’s another facet that is integral to success in the hospitality industry: inventory management. It is an important ... Read More

  September 28, 2018