Inventory forecasting, also known as demand planning, is a data analysis method used by purchasing managers and decision-makers to predict inventory needs, anticipate demand fluctuations, uncover savings opportunities, enhance marketing strategy, and ensure customer satisfaction. Inventory Forecasting & Everyday Data Every single day the world collectively produces approximately 2.5 quintillion – 2,500,000,000,000,000 – bytes of…continue reading
How a purchasing inventory management solution can help reduce dead inventory
With the right proactive measures in place, purchasing and inventory control can become a more cost-effective process Lars Hundley was one of the pioneer entrepreneurs of the eCommerce market… Hundley is the founder and owner of CleanAirGardening.com and YoyoPlay.com, both of which he established in the late ‘90s during the first eCommerce wave. At Practical…continue reading
Purchasing management challenges and solutions
From manufacturers needing raw materials, to distributors purchasing goods from a manufacturer and/or importer, to retailers stocking their physical or virtual shelves, purchasing management is critical to business success. Acctivate purchasing management tracks, manages and provides visibility across the procurement process enabling Purchasing Managers to… View all purchasing documents on one screen Set up widgets for critical alerts, like price changes Order products…continue reading
10 Steps to Better Purchasing Management
Determine how & where spending has occurred by vendor or vendor type to gain a better understanding where savings opportunities exist. Use the information to aggregate spend across the organization, leveraging volume for improved pricing & increased efficiencies. Know your vendors & optimize supplier relationships. Develop vendor expectations & selection criteria based on historical vendor performance…continue reading