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Topic: inventory management

Avoid These Common Causes of Inventory Discrepancies

Optimum inventory control requires specific job skills and a certain amount of strategic planning. A good understanding of common mistakes in inventory management will help avoid inventory discrepancies, reduce costs and improve responsiveness to fluctuating consumer demand. Responsibility for inventory management should be assigned to a person emp ... Read More

  October 26, 2018     

3 Common Challenges You’ll Face with Order Fulfilment

With the speed that retail moves these days, it’s understandable that the order fulfilment process can bring on some difficult challenges for businesses. Customers have demands to be met around the clock. It’s essentially a requirement for businesses to have an online presence and a highly functional eCommerce platform. However, this means that ... Read More

  October 26, 2018     

Inventory Management Paves the Way for a Successful BOPIS Model

There are several benefits of a “click and collect” retail model for both the customer and the retailer, however, it is vital to get inventory management right if BOPIS is going to work for you and not against you. Delve in with us as we look at what you need to have in place for […] ... Read More

  October 24, 2018     

Why is Demand Forecasting the Way to Go?

As discussed in this article, demand forecasting is a seemingly straightforward concept to grasp yet can be difficult to achieve with 100% accuracy. However, making it a focus of company operations is certainly worth the effort. In this article, let us consider some benefits of demand forecasting. The customer experience It stands to reason that [& ... Read More

  October 24, 2018     

What Does a BOPIS Retail Model Have to Offer?

Buy online pickup in store (BOPIS) is the successful, albeit relatively young, marriage between brick-and-mortar stores and eCommerce. So how does this relationship work so successfully? It amalgamates two shopping experiences for consumers to optimise efficiency, buyer satisfaction and cost-savings for the retail brand. It allows consumers to brow ... Read More

  October 24, 2018     

The Impacts of Inventory Stock Discrepancies in Accounting

When the number of stock recorded in your business’ records do not match up to your physical number of stock counted, this results in stock discrepancies. This is one of the main reasons stocktake is so important as it reveals if any such discrepancies exist. Discrepancies, if not prevented or detected, can bring about serious […] ... Read More

  October 23, 2018     

The Omnichannel “Click and Collect” Model

In a world of omnichannel shopping, the BOPIS, or ‘click and collect’ model gives consumers the ability to research, select, order and pay for products online, then pick up in-store. The BOPIS model helps shoppers overcome traditional objections to shopping online, such as the inability to see or touch the product, converting them from single-c ... Read More

  October 22, 2018     

Wrapping Your Head Around Unconstrained and Constrained Forecasting

Forecasting plays a significant role in the sales and operational planning (S&OP) of a company; it can underpin the strategy for how a company runs their business. It serves as an important process to project, balance and look after supply and demand. Ultimately, S&OP can help a company reach their goals and help them get […] ... Read More

  October 20, 2018     

Your Comprehensive Demand Forecasting Guide

Consumers around the globe are changing their shopping habits and retailers must constantly respond to shifts in consumer demand. Supply chains are more multi-faceted than ever – materials to make one product may come from multiple countries; imports and exports are sent around the world in just about every kind of vessel you can imagine; [&h ... Read More

  October 20, 2018     

How to Manage Inventory with the BOPIS Model

The shopping experience has become increasingly digitised over the years and increasingly caters to the customer need for convenience. This usually means faster delivery time and new financing methods such as Oxipay and Afterpay. In addition, in recent times many retailers have taken on a new order fulfilment options for consumers – the BOPIS ... Read More

  October 19, 2018     

An Introduction to BOPIS for Retailers

In our increasingly digitised world, the retail experience for consumers is becoming more and more convenient as companies continually look for ways to encourage sales across channels. We have seen a proliferation in the popularity of online shopping in general and buy-now-pay-later schemes such as Oxipay are equally appealing to consumers. Retaile ... Read More

  October 17, 2018     

How To Incorporate Demand Forecasting Into Your Business

Demand forecasting is a fundamental part of the business. It plays an integral role in shaping how a business operates each month and each year. If a business wants to be successful with their inventory control, it’s necessary to plan for the many components of supply chain management. Forecasting tools will never be 100% accurate, […] ... Read More

  October 16, 2018     

Unconstrained vs. Constrained Forecasting: Balancing Commercial Dreams with Reality

A company’s inventory is a significant asset on their books, however, if frequent shortages or excess happens, it can become a significant liability, costing the business’ bottom line. It is imperative to manage inventory appropriately so that supply and demand are always balanced. However, all the inventory management techniques and softwa ... Read More

  October 16, 2018     

5 Easy Tips to Reduce Your Inventory Shrinkage

When your physical stock in the warehouse doesn’t agree with the inventory on record, you’ll have a problem on your hands. You now have the onerous task of figuring out where the rouge inventory went so you can reconcile the numbers. This is what we call inventory shrinkage. It occurs where inventory disappears or cannot […] ... Read More

  October 16, 2018     

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