According to Bill Hardgrave, a professor at Auburn University, “Accurate inventory is the single thing retailers have got to get right for everything else to work.” The moment shoppers began to buy across several channels, inventory management became more complex. Consumers are expecting fast and accurate orders, and want complete transparency into the entire order fulfillment process. This visibility is […]
Inventory Management
Time’s Up! Stop Hitting Snooze & Update Your Inventory Management System
It’s common to delay fixing a problem until you no longer can. A weak inventory management system triggers problems, which can’t be fixed overnight. Once you realize where the gaps are in your system, you can take steps to fix them. This blog will help you identify your inventory management problems, and show you how […]
There are $1.75 Trillion Reasons to Care about the Ghost Economy
In a research report in 2015, IHL Group, a retail analyst firm, found that $1.75 trillion dollars are lost every year due to the ghost economy. The term ghost economy is unknown to many retailers. It’s the hidden costs that appear due to inefficiencies that are preventable. They are made up of many components. Instead […]
How Vision Picking Transforms Inventory Management
Vision picking is the process of efficiently picking items out of inventory to fulfill an order. Augmented reality (AR) layers virtual SKUs and paths onto real life. How do these two things fit together? Vision picking is simply an application of AR in supply chain. This emerging technology is making strides in warehouse management, and it’s […]
The BOPIS Model: A Guide to Inventory Management
Introduction to BOPIS BOPIS is an acronym that stands for buy online, pickup in-store. This model is a strategy that many retailers have adopted in order to keep up with consumer demand for convenience. It’s an extension of online shopping that gives the customer freedom to browse online, but also allows them to save on […]
A Guide to Inventory Metrics: What You Need to Know
Do the physical items in your inventory match your accounting records? What is the average number of days it takes to sell your items? There’s a lot that goes into supply chain management, and inventory metrics should be leveraged to guide your decision-making and operations. What are Inventory Metrics? Inventory metrics assist businesses in measuring […]
