Should Your Business Clean up Bad Data to Help Inventory Management?
When you’re an inventory manager or a business owner, you know that it’s important to have a strong grasp on what’s happening in your warehouse. We know you work hard to keep everything going in the right direction — you implement new policies to track inventory stock, optimise the warehouse layout for shipments, and keep […] ... Read More
July 18, 2019 clean data, inventory management, stock controlIs Your Business Sabotaging Inventory Management with Poor Quality Data?
Data plays a critical role in making sure we have the right information to run a business. But what if that information is leading you astray? Data comes through in prolific amounts these days. When it’s coming from just about every direction, it’s probably safe to say that not all data is good data. There’s […] ... Read More
July 17, 2019 clean data, data accuracy, inventory management, inventory management software, stock controlA Peak Into the Deterministic Model of Inventory Control
The intention of inventory management is to be able to correlate the ordering quantities and frequency of products with demand so that there are always just enough products on hand, never too many and never too few. In the real world, it can be extremely difficult to predict these ordering parameters when there are uncertainties […] ... Read More
July 16, 2019 inventory control, inventory management, inventory turnover, stock controlThe Difficulties of Inventory Management and the Approach you Take
The difficulties of inventory management can be minimised simply by utilising purpose-built software, tried and true methods and adjusting one’s approach to it. In this article, we consider the difficulties of inventory management with particular attention to the reactive and proactive approaches to stock control. Reactive inventory control This ... Read More
July 13, 2019 inventory control, inventory management, inventory management software, stock control, stock managementInventory Reconciliation Helps Improve Inventory Control
For any retail or eCommerce business owner, inventory stock will fluctuate constantly and there is a very real chance that your latest inventory records don’t accurately match your physical inventory stock. It is important to keep track of all your inventory and it is necessary to undertake periodic inventory reconciliations to ensure that the nu ... Read More
July 11, 2019 inventory control, inventory management, stock control, stocktakeHow to Carry Out an Inventory Stocktake in Unleashed
Prepping for a stocktake It can get challenging to keep track of your inventory when doing a stocktake so it’s a good idea to plan a stocktake before you start it. Before you begin, pick an appropriate date and time for your stocktake that minimises disruption to your business. Don’t forget that you’ll also need […] ... Read More
July 5, 2019 inventory control, inventory management, inventory stock, stock control, stock take, stocktakeThe Importance of Stocktaking for Measuring Inventory Turnover
As a business owner selling goods, knowing how much you are selling is key to understanding how well your business is doing. While many new business owners make the mistake of assuming they are doing okay simply by observing that customers are still buying, doing so can be fatal for your business. A successful business […] ... Read More
June 22, 2019 inventory control, inventory turnover, stock control, stocktakeInventory Reconciliation: The Ins and Outs
If you’re in the business of selling goods, you’ll know how important good inventory management is for the success of your business. Failing to adequately manage inventory can have dire consequences for your business’s productivity and ultimately, profitability. Holding too much inventory, for instance, can lead to obsolete stock with valuabl ... Read More
June 21, 2019 inventory control, inventory management, stock control, stocktakeStaying Ahead of the Inventory Game with Stock Control
Inventory management and stock control can be a very difficult game to play let alone to actually win. It can be the thing that saves you money, time and increases your ability to meet customer demand; or, it can be the reason for companies having frequent stock-outs, having to purchase more stock expediently and at […] ... Read More
June 18, 2019 inventory control, inventory management, stock controlIs Your Business Prepared to Handle a Product Recall?
If your business finds itself in a situation where you have to do a product recall, will you be able to manage it? Safety is at the top of consumer’s minds and it should be at yours. If you send a product to market that is deemed unsafe, you’ll need to be prepared and know […] ... Read More
June 17, 2019 inventory management, inventory management software, online inventory management, stock controlUnderstanding 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 control