Do you want to grow your business? Great! I bet you have an ambitious business plan detailing marketing campaigns, product releases, and partnerships. But did you know that poor inventory management can ruin all your efforts and put your business growth at risk?
This guest blog post, from Peter Drakeley at EazyStock, will help you identify some areas where poor inventory management can hinder your growth and how taking control can instead turn inventory into your advantage. Read more
There’s a common thread on many industry discussion forums posing the question – ‘how can I determine a maximum level of inventory for a product?’.
As with many aspects of supply chain management and optimisation, there isn’t a single answer.
Due to the variables of supply and demand, along with business and product characteristics, there are many caveats to standard approaches.
However, in this article, we’ve gone back-to-basics to give the answer from first principles. Read more
According to RSR’s (Retail Systems Research) benchmarking report regarding the Internet of Things (IoT), which was released at the end of last year, 98% of ‘Real Winners’ (defined as those that are the most successful in the industry) describe inventory management across the enterprise as incredibly important, and driven by the IoT. The role of the IoT, and not simply inventory management alone, is an interesting take and points toward the IoT unexpectedly helping with inventory management and not just customer management. Read more
The role of a supply chain director is to control the movement of material from source to end customer. The remit is simple, but the execution is far from it. The constraining factors on material and information flow across any supply chain make the task challenging and occasionally very near impossible. Read more
Inventory Management has long been a headache we suffer, and an unwieldy beast we attempt to tame. It’s a complex and demanding task of checking and rechecking stock, and never actually quite being able to say ‘job done’ before it all changes again.
Yet it is imperative to the successful running of any retail or manufacturing business. When mistakes happen, they hit the business in two main ways: cost and inefficiency. Read more
Inventory management news isn’t always the most exciting. As such, we’re easily drawn to headlines such as those that discuss Amazon’s inventory management drones. However, is this just pie in the sky for the majority of us? Or do we need to start realising that the practical advice concerning the future of inventory management does involve these exciting headlines for everyone, and we need to get with the programme? Read more