Understanding More About the Probabilistic Inventory Model
Try saying ‘probabilistic’ three times fast. It’s a bit of a mouthful. However, it’s more than just a tongue-twister, it’s a great tool for predicting inventory needs. The root of probabilistic is probability and that’s exactly what the probabilistic model is based on — probability. So I bet you’re wondering how probability will hel ... Read More
June 11, 2019 demand forecasting, forecasting, inventory control, inventory management, stock controlThe Probabilistic Model of Inventory Control Explained
Regardless of the industry, it is necessary for manufacturers and retailers to maintain the right quantities of inventory stock to ensure the smooth running of production operations and sales activities. Holding certain levels of inventory stock helps companies to avoid lost sales, will reduce ordering costs, help to maintain efficient production r ... Read More
May 30, 2019 inventory control, inventory management, lead time, stock control, stock demandThe Ins and Outs of Stock Control: The reactive and proactive approach
Managing stock can be a complicated task, especially as your business grows. Many inventory managers and business owners fall into the habit of reactive stock control, where stock issues are dealt with as they arise. However, this type of stock control is largely ineffective and, sometimes, may be counter-productive. Business owners should be worki ... Read More
May 29, 2019 inventory control, inventory management, stock control, stock levelInventory Control: Deterministic vs. Probabilistic Models
Different business owners and inventory managers will have varied approaches to inventory control. A business owners’ approach to inventory management will determine the company’s inventory levels, which can be make-or-break for any business selling goods. Getting inventory to an optimum level so that demand is consistently met by supply – ... Read More
May 27, 2019 inventory control, inventory management, stock controlCoping With Inventory Uncertainties: The probabilistic model of inventory control
Inventory control is exceedingly difficult if you go into it blind, with no tips and tricks and no supporting software. However, with the right knowledge and methods in place, it can be something you can manage and control with few problems. Part of the art of inventory control lies in the ability to adapt to […] ... Read More
May 24, 2019 business costs, inventory control, inventory management software, overstock, stock control, stock level, understock4 Inventory Management Techniques to Simplify the Life of an Online Retailer
The world of eCommerce is expanding at a rapid rate with more and more opportunities opening up for online retailers. It really is an exciting time, providing larger audiences with greater geographical diversity equating to better selling opportunities and higher profits. However, all this promise can be undone very quickly without the appropriate ... Read More
May 23, 2019 inventory control, inventory management, online inventory management, retail, stock controlUnderstanding Inventory Reconciliation
Keeping tabs on everything that’s happening in your warehouse takes time. It can be a pretty big task, but inventory management is necessary to keep a company afloat. One piece of the inventory management puzzle is inventory reconciliation. It’s an integral part of checks and balances in the warehouse. Let’s delve into the ins and […] ... Read More
May 22, 2019 inventory management, inventory management system, stock controlAre 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 inventory control, inventory management, safety stock, stock controlWhat is a Deterministic Model of Inventory?
It is so important to maintain the optimum level of inventory, but sometimes it is easier said than done. The good news is that there are proven models and methods that have been developed for determining the optimum level of inventory stock for your business. Models can only help with predictions and forecasts, and they […] ... Read More
May 18, 2019 inventory control, inventory levels, inventory management, stock controlThese 4 Key Elements of a Multichannel Strategy Can Impact Your Supply Chain
Going online does not just mean using desktops and laptops anymore — it is anytime, anywhere connectivity afforded by tablets, smartphones and smartwatches. Our more connected world has unsurprisingly changed the way we shop. As a direct result of exponential growth in online spaces and with numerous ways to purchase nowadays, retailers are takin ... Read More
May 17, 2019 inventory control, inventory management, multi-channel, retail, stock controlThe Consumer Response to Stockouts Can Significantly Impact Your Business
The one constant between eCommerce channels and brick and mortar stores is the critical importance of inventory stock availability. Consumer response to stockouts varies but will generally have a negative impact on your business or brand. For retailers, stockouts lower the impact of promotions and can increase operational costs through the provisio ... Read More
May 16, 2019 inventory control, inventory stock, stock control, under stock, understockMake Smarter Purchasing, Sales and Inventory Decisions with Better Inventory Control
Smart inventory control improves forecasting and enables you to make smarter decisions around retail sales and inventory stock. Without proper inventory control businesses may end-up with unsalable lines of inventory stock or alternatively lack the inventory stock that their customers are seeking. Today’s technology offers data collection and ana ... Read More
May 15, 2019 inventory control, inventory stock, stock controlHow You Can Optimise Your Inventory to Save Money
The phrase ‘flushing money down the drain’ can feel like a reality if your inventory isn’t managed properly. Managing inventory can be daunting, but the feeling of losing money because of inventory can be even worse. Mistakes from a stock take can be costly: dead stock lying around the warehouse can take up storage costs […] ... Read More
May 13, 2019 inventory control, inventory management, inventory management software, optimise inventory, real time, stock controlBest Practice Inventory Control Techniques for Online Retailers
Successful inventory control enables retailers to meet customer demand by avoiding stockouts and reducing the risk of overstocking to free-up cashflow. It is crucial in the world of eCommerce, for even the smallest online retailer to have effective inventory control. Following are best practice inventory control techniques to help online retailers ... Read More
May 9, 2019 eCommerce, inventory control, inventory management, retail, stock control, stocktakeCentralised Inventory in a Nutshell
Effectively managing inventory is key to the success of any business, especially those with large and complex inventories. When a business is reasonably small, managing inventory may be a simple task of recording stock movements on paper. However, as a business grows and its inventory diversifies, inventory management can become more complex. This ... Read More
May 6, 2019 inventory control, inventory management, multiple warehouses, stock controlUnderstanding Inventory Par Levels in Business
As any business owner or inventory manager knows, balancing inventory and managing inventory levels effectively can be the backbone of any business. While a company is smaller, managing inventory may be a relatively simple task, but it can quickly become more and more difficult as the business growth along with the customer base. In this […] ... Read More
May 4, 2019 inventory control, inventory levels, inventory management, inventory management software, stock controlSupply Chains Made Simple: 4 Tips to Improve Your Business’ Supply Chain Performance
When it comes to improving a business’ inventory performance, interrogating the supply chain can be an intimidating prospect. Supply chains are complicated and difficult, and the prospect of change typically provokes a reflexive ‘if it isn’t broken, don’t fix it’ response. Businesses see the upfront pain but fail to recognise ... Read More
May 3, 2019 stock control, supply chain5 Inventory Control Tips to Help You Stop Leaving Money on the Table
No business wants to leave money on the table. Whether you’re a one-room startup or a large enterprise, keeping a tight eye on both your margins and your cashflow is vital to your long-term business health. Losing money to inefficiency or missed opportunities is particularly painful; it’s one thing deciding not to pursue a source [&hell ... Read More
May 2, 2019 abc categorisation, inventory control, inventory management, stock control5 Inventory Control Practices To Save You Money
Inventory control is the process of keeping track of inventory stock and monitoring the company’s stock levels across various platforms and locations. Getting inventory control right can save you money, increase cashflow and improve your competitive advantage. The following five inventory control practices can help streamline your business and sa ... Read More
April 3, 2019 abc categorisation, inventory control, stock control, supplier relationshipHow to Measure If Your Inventory Control is Working Efficiently
As a successful manufacturer or distributor, you understand the importance of managing inventory to ensure the business has enough stock on hand to meet customer demand. You’ve invested considerable time and effort into streamlining and enhancing your inventory control, but now you are unsure how to measure if these efforts have been effective. T ... Read More
March 11, 2019 business growth, inventory control, inventory management, inventory stock, inventory tracking, inventory turnover, stock controlHow To Improve Your Financial Health With Better Inventory Management
Small business owners may underestimate the importance of good inventory management. However, inventory management can be make-or-break when it comes to financial growth and long-term financial health. In this article, we explain how business owners can manage inventory to improve financial health. What does inventory management have to do with fin ... Read More
March 4, 2019 inventory control, inventory management, stock controlWhat Makes a Great Inventory Manager?
Being an inventory manager involves a varied set of skills. These skills need to span across a variety of touchpoints in a business. Not only do you need to manage the inventory, but you need to look after your staff who help you on the warehouse floor. It’s a crucial role that has responsibilities in […] ... Read More
March 1, 2019 inventory management, inventory management software, stock control