Supply Chain Planning software you don't have to be a genius to use
Classifying inventory is one of the most basic, yet essential and strategic parts of inventory management. Classifying inventory allows business owners to focus on items that make the most impact on their business goals while identifying (and potentially removing) items that aren’t contributing to the bottom line, selling or are obsolete.
Excess stock is part of running pretty much any business that carries inventory. Demands can change quickly, bulk pricing is tempting, supplier minimums can be tricky and there’s more than enough room for human error when forecasting stock manually. In some cases, identifying excess stock is easy (remember those dusty boxes in your warehouse?) but other times it can be more complex.
Stock-outs are one of the biggest threats to businesses that rely on inventory on the shelves to meet their customers service expectations. In fact, 42% of small to medium businesses report stock-outs as being their top inventory management concern. While one or two lost sales due to stock-outs may not be a huge concern, a lost customer has major consequences for businesses. Losing a customer can unintentionally strengthen your competitor. And gaining customers back after they’ve moved on can be a daunting task.
In 2015, Jeffrey teamed up with two of his previous colleagues from RockySoft who had formed their own company and had devoted a year to developing a new inventory planning solution for the Microsoft Dynamics market: StockIQ.