89% of the businesses use social media in some capacity to market their products. And why shouldn’t they? With billions of people actively connected over various platforms, it presents a huge opportunity. But, how does social media relate to inventory management for a business? Well, let’s find out. Promotional Sales and Discounts You sell online and […]
Inventory Management
i4.0 and Inventory Management
i4.0 or Industrial revolution 4.0 is what industry leaders seem to be talking about lately. If you haven’t heard of it yet, don’t worry! This blog post talks about what i4.0 is and how it will impact the practices of inventory management. So, let’s get started! i4.0 As the World Economic Forum explains, Industrial revolution […]
What is Lean Inventory Management?
Inventory is an important asset for a business. However, this asset can be costly if not moved quickly. In fact, holding inventory can cost you a whopping 25-30% more than its unit value. These costs can include taxes, storage, damage, theft etc. But not your Opportunity Cost, which is another 15% or more. In today’s competitive […]
The 5 Golden Keys to Managing Your Inventory Around the Holidays
The holidays can be a stressful time, especially when it comes to inventory management. By considering these five keys, you can unlock a stress-free holiday season. Predictive Analytics Problem: Inventory forecast numbers are inaccurate and firms are either left with a shortage amidst the holiday rush or excess inventory in the new year. Solution: Predictive analysis […]
After the (Candy) Rush: Post Halloween and Inventory Management
What do you think about when you hear ‘Halloween?’ Candy? Costumes? Scary Movies? Unsurprisingly, inventory management professionals are thinking about the same things from a different perspective. They are thinking about the logistics of the holiday. How much candy to order, what costumes to stock – and how scary business will be if their forecast is […]
Are You Ready For Inventory Management Software?
Managing inventory in today’s fast-paced world can be a daunting task. For this reason, many organizations are using specialized inventory management software. It provides them with the ability to manage inventory and analyze trends effectively. However, many companies are still asking one important question: “Is my organization ready to implement inventory management software?” Is there an inventory system out […]
