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 inventory classification, inventory control, inventory management, safety stockHow 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 inventory management software, omni-channel, online inventory management, safety stock, supply chainOptimum 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 inventory control, inventory management, omni-channel, retail, safety stockOptimising 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 inventory control, inventory management, multi-channel, safety stockWhat is the Difference Between Safety Stock and Cycle Stock Inventory?
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 or protect against delayed shipments from your suppliers. Cycle stock inventory Cycle stock invento ... Read More
September 18, 2018 inventory control, inventory levels, inventory stock, safety stockConsider 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 inventory management, inventory stock, safety stock4 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 best practice, inventory management, safety stockImproving 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 efficient inventory management, excess stock, inventory, inventory management, safety stockA 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 inventory management software, SaaS, safety stock, supplier relationshipCaught 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 safety stock, supply chainWhat 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 abc categorisation, drop shipping, inventory methodology, just in time inventory, safety stockManaging 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 data consistency, mobile technology, perpetual inventory, SaaS, safety stockCommon 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 automated inventory control, implementation, inventory tracking, safety stock, warehouse managementWhy Is Safety Stock Important?
Safety stock is a term commonly used to describe a certain amount of inventory kept by a business in reserve, to protect against unforeseen events such as spikes in demand or supply shortages. Most businesses employ some kind of minimum level of stock in this way. The principal goal of safety stock is to ensure that there is sufficient product a ... Read More
November 4, 2015 customer retention, demand forecasting, inventory holding costs, safety stock, supply chain managementHow 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 manufacturing, overstock, safety stock, supply and demand, understockControlling Inventory. How Hard Is It Really?
Inventory often accounts for a large portion of your business’s current assets. Knowing how much to have on hand is a complex task. The very best of forecasts are seldom accurate, and occasionally unforeseen problems do occur. Inventory management impacts different functional teams within the organization. Each team will have competing pri ... Read More
August 31, 2015 intelligent demand forecasts, optimise inventory, purchase management, safety stock, warehouse management