It’s a common misconception that inventory cannot go to waste. Mature stock cannot always be sold at some point in the future. Obsolete or dead inventory is stock that can no longer be sold because the product has reached the end of its life cycle. This inventory will not sell for a long period of time and is […]
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Five Ways to Effectively Reduce Your Inventory Shortages
Accumulating stock will not help your company reduce its inventory shortages. It may seem that the obvious solution to stock shortages is to increase your safety stock. After all, it makes sense that carrying more safety stock lowers your chances of a shortage. Unfortunately, this is far from the truth. Increasing safety stock is a costly way to manage […]
Avoiding Unethical Supply Chain Management Practices
Why it’s important Don’t let the cost of doing business force your company to abandon its values. There are many incentives to avoid using unethical supply chain practices. There are several reasons you may want to move parts of your supply chain overseas. Outsourcing cheap labour can increase your firm’s profit margins or help keep your […]
How Inventory Forecasting Works
Inventory forecasting is an important feature for all businesses that sell physical goods. Inventory management systems can predict future stock levels by looking at the past sales of each item in your inventory. The main goal of forecasting is to maximize the number of orders you fill, while minimizing the number of items you stock. […]
Optimizing Inventory Management Through Seamless Integration
Seamless integration is key when it comes to managing your inventory. It allows you to plan effectively, minimize labor costs, and lessen errors that come with with manual transfers. Every company requires a unique plan that can cover their business needs. Most out of the box systems are not customizable. Inventory solutions are not one size fits all. Instead, you […]
Building vs. Buying An Inventory Management Solution
Inventory management is a key factor of operating a successful business. This ensures supply equals demand, which minimizes shortages and surplus. Gain visibility, tracking, and many other features. Many firms have asked us if they should build their own system or buy software. In this decision, there are a variety of factors to consider. Availability of Qualified Development Resources […]
