Inventory optimization solutions balance inventory levels and customer demand in ways that achieve optimal customer satisfaction and business profitability. Disruptions to business are inevitable and constantly occurring—from technological advances to consumer expectations to labor strife to mergers and acquisitions to cyberattacks to natural disasters to a global pandemic. The above statement was made in response…continue reading
Inventory Management in the Food Industry
Operating within the food industry as a distributor, supplier, or manufacturer is not for the faint of heart. Federal and state regulations surrounding food (and beverage) are strict, customers are demanding, and the food products themselves are often at risk of perishing or passing sell-by dates while on the shelves. Whether you are a foodservice…continue reading
How to keep track of inventory for an online store
How to keep track of inventory for an online store? That is a question many online sellers ask themselves when faced with obstacles. A sudden influx of orders, the need to fulfill orders quickly, a desire to maintain consistent inventory accuracy, and a number of other challenges can all leave you wondering how to keep…continue reading
Inventory Optimization Software: A Guide
Inventory optimization software helps employ best practices seamlessly through automation and heightened visibility. According to a report from McKinsey & Company, the worldwide cost of inventory distortions, i.e., overstocks, stockouts and shrinkage is $1.1 trillion. Reducing those distortions can lower inventory costs by 10%. Inventory optimization software puts the “best” in these 5 inventory management…continue reading
Slow Moving Inventory: Identify, Prevent, Manage
Product performance varies within inventory-based businesses, so it is important to have the right tools to manage inventory overall with the ability to identify, prevent and manage the outliers, including slow moving inventory. Consider product performance in relation to the general idea of the Pareto principle (also known as the 80/20 rule). The gist of…continue reading
