The Top Inventory Planning Methods (and How to Know Which to Use)
What We’ll Unpack in this Article (TL;DR) Effective inventory planning helps businesses strike the right balance between overstocking and stockouts, which can otherwise lead to major financial losses or missed sales opportunities. While there’s no one-size-fits-all method, proven approaches can be tailored to your demand patterns, product complexity, and supply chain reliability. With the right […]
NetSuite Inventory Management: Inventory Planning Best Practices That Scale
Modern inventory management processes are rapidly transforming, thanks to advanced software solutions that give businesses unparalleled supply chain visibility, flexibility, and data. Now, enterprise resource planning (ERP) solutions, which allow businesses to manage and integrate core parts of their business in one centralized platform, are becoming more critical (and sophisticated). One leading option is NetSuite […]
AI for Inventory Management: Smarter Planning, Less Guesswork
It’s no secret that artificial intelligence (AI) is transforming the workforce at an unprecedented pace. While AI is impacting nearly every sector, it’s having a particularly notable influence on the supply chain, where traditional planning methods are no longer sufficient in today’s fast-paced, unpredictable environment. Instead of relying on spreadsheets, static forecasts, manual methods, and […]
Eco-Friendly Packaging and Material Sourcing: Aligning With Environmental Goals
In a supply chain where climate change, pollution concerns, and resource depletion are top of mind for businesses and consumers, inventory-based organizations are making significant changes to align with environmental goals. Customers, investors, and regulators are increasingly demanding greater transparency and accountability regarding ecological impact, and businesses are setting sustainability goals to ensure compliance. Among […]
Why Excess Inventory Management Matters: Tips for a Leaner Supply Chain
Striking the right balance between inventory supply and demand is an ongoing challenge. If you keep too little inventory on hand, you risk long lead times, missed sales opportunities, and disappointed customers. But keeping too much inventory on your warehouse shelves can also quickly create problems, from financial strain to operational inefficiencies. The solution? Effective […]
Managing Delivery Lead Times: Why It’s Critical and How to Get Started
Today’s customers expect faster and more reliable deliveries than ever before. This means that long and unpredictable delivery lead times can lead to lost sales, frustrated customers, and increased operational expenses for inventory-based businesses. On the other hand, well-managed lead times can correlate to customer satisfaction, reduced inventory costs, and improved cash flow. Regardless of […]
What is Inventory Optimization Software and How Can It Benefit Your Business?
Businesses in the supply chain need to have masterful control over their inventory practices. But as it turns out, managing inventory effectively is one of the biggest challenges businesses face today. Ordering too much stock will tie up capital and increase storage costs, while having too little leads to stockouts and missed sales opportunities. Striking […]
How to Update Your Reorder Point Process with StockIQ
It’s never ideal to run out of inventory. However, it can be challenging for businesses today to strike the right balance between supply and demand, given the fast and volatile nature of today’s supply chain. To ensure your inventory is always properly stocked, it’s important to determine the right processes and systems for reordering when […]
How to Use ABC Analysis for Better Inventory Decisions with StockIQ
When it comes to excellent inventory management, it’s important to continuously strike the right balance between supply and demand, to avoid overstocking and understocking. To help inform your ordering practices, you can turn to a simple yet powerful technique called ABC analysis. ABC analysis allows you to prioritize stock based on value and demand, using […]
Guide To Understanding Safety Stock Patterns & Antipatterns
When it comes to inventory management, safety stock is a crucial buffer between smooth operations and significant disruptions. Safety stock refers to extra inventory kept on hand to minimize the risk of stockouts, and it can help your business navigate volatility and unpredictability in the supply chain. But getting safety stock right isn’t as simple […]