Background Image

Topic: safety stock

How 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     

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     

How Setting Par Levels Can Help Improve Your Inventory Control

We see the word par in aspects of daily life and in the business world. The word par is derived from the stock exchange and it indicated that a financial stock may be above or below its normal or ‘par’ figure. In golf, par is used to highlight the number of strokes a golfer should […] ... Read More

  April 12, 2019     

How to Tackle the Challenges of Omnichannel Inventory

Using omnichannel in retail is a sign of the evolution of the industry. Customer journeys used to start and finish in the brick-and-mortar store. These days customer journeys follow an omnichannel experience – they shop online, use their mobile phones, they go into the brick-and-mortar stores, and call in to support centres. No matter how [&h ... Read More

  December 22, 2018     

Optimum Omnichannel Inventory Control

Omnichannel retail is certainly where it is at, however it is not without its own challenges which must be overcome for long-term business success. As with any retail company, inventory represents a large amount of tied up cash, or assets as it were, and if mismanaged, this can be a significant area for loss. Therefore, […] ... Read More

  December 20, 2018     

Optimising Inventory Management for Multichannel Businesses

Managing multichannel inventory requires clear and concise inventory strategies to combat the challenges associated with multi-platform sales. By increasing visibility, working with supply chains, reconciling inventory, connecting systems, and managing safety stock levels, you can improve multichannel inventory management. Offering visibility throu ... Read More

  December 4, 2018     

The Difference Between Safety Stock and Cycle Stock Inventory (And Why Safety Stock is so Important)

A company’s on-hand inventory stock generally consists of both safety stock and cycle stock inventory. The cycle stock is the inventory expected to be sold based on demand forecasts, while safety stock is extra or buffer stock to meet excess demand, to protect against delayed shipments from your suppliers, or guard against unforeseen problems suc ... Read More

  September 18, 2018     

Consider These 2 Types of Inventory Stock Before You Purchase Inventory

For a business owner, deciding on how much inventory stock alone can be a massive undertaking. When a business owner is trying to decide how much inventory stock to order, it is important to understand what components are involved in inventory levels. Integral components of inventory stock The basics of inventory levels can be broken down into ... Read More

  September 12, 2018     

4 Best Practices for Inventory Stock Management

Implementing best practices for inventory stock management is beneficial for almost every company. Streamlining processes and creating efficiency while having up to date data about your inventory stock can be essential for keeping track of your business’ health and it directly impacts on your bottom line. Here we bring you the four best practices ... Read More

  April 14, 2018     

Improving Inventory Management

Inventory management processes can be continuously improved. Many businesses fail to adequately organise inventory in a way that will effectively reduce costs and improve efficiency. Below, we summarise some key factors which can improve inventory management. Categorisation of operating inventory In order to make well-rounded decisions regarding in ... Read More

  July 12, 2017     

A roadmap for continuously improving inventory management

Unfortunately, with inventory management and indeed as with anything, there is no reaching your destination and sitting back, confident that you ‘have arrived’ with no more hard work required. To stay on the forefront of your game, you need to be in a mind of continuous improvement, where you are actively searching for opportunities to [&hellip ... Read More

  May 22, 2017     

Caught Short? The Importance of Safety Stock

Running out of inventory is a stressful experience. Missing a valuable sale, or having to stop a whole production line is painful, and even more so when the issue is due to a small, unanticipated stock shortage. Safety stock typically refers to a buffer or reserve of critical stock that is held to protect against […] ... Read More

  February 25, 2017     

What Are The Common Inventory Methodology?

With inventory management there really isn’t a one-size fits all methodology. It is important to tailor your approach to suit your business’ specific needs. ... Read More

  January 17, 2017     

Managing Your Biggest Asset Better: Five Opportunities for Inventory Improvement

Industry-leading inventory control is an achievable goal for every business, at any scale. For most businesses, there are numerous opportunities to improve performance. For retailers, wholesalers and many other businesses, inventory is the biggest asset on the balance sheet. Here are five ways to manage that asset better. ... Read More

  August 30, 2016     

Common Inventory Mistakes and Some Simple Solutions

The inventory management of today’s business world incorporates a wide spectrum of skills and functions, utilized by an even wider range of users. From the simple, manual stock-count of a local shop to the tech-savvy, real-time stock tracking of a busy modern retailer, right through to the complex and multi-layered supply chain management ... Read More

  November 25, 2015     

How inventory management software can maintain accurate stock

Getting a handle on accurate stock control and management is a must for all businesses who carry inventory. For many companies, this is one of their biggest ongoing investments and an area which can greatly affect profitability and overall operations.

Inventory management software provides a number of solutions and features, often with ... Read More

  September 23, 2015