The Best Inventory Planning for Your Needs
Inventory is a precarious aspect of every company. The need to assess demand and supply curves is critical in advising the need for inventory in manufacturing and warehousing, hence the need for inventory planning to address these and other top inventory concerns. Types of Inventory An appropriate and effective inventory plan starts by factoring in […]
Why You Need an Accurate Inventory Forecasting Approach
The greatest challenge faced by startups and established businesses with physical goods on hand, is stock and inventory management. While entities may tie up staggering amounts of capital in inventory, most still fail to track their merchandise or still leverage conventional manual approaches. This could lead to many setbacks that may increase wastage and lower […]
Inventory Classification 201
While one of the basic processes in successful inventory management is inventory classification, as we discussed in our Inventory Classification 101 article, there are some additional considerations for practitioners of best-in-class inventory management that can help make sure optimizing your inventory investment. Inventory Classification Fundamentals The fundamentals of inventory classification are always helpful, whether or […]
Inventory Classification 101
Why Classify Inventory? 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. Beyond […]
Excess Stock: When Less is More
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 […]
A Proactive Approach to Stockouts
The Threat of Stockouts 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 […]
Top Inventory Concerns
Spend too much time reording, are repeatedly battling stockouts or have too much capital tied up in invertory? Don’t fret, you are not alone. StockIQ has the people, process and tools to help!