The business sense behind this method is simple: Your most profitable inventory is your most vital, and you should do everything possible to never run out of it. Since it’s your highest revenue-generating inventory, it makes sense to practice the tightestinventory controlon those items. So ...
Inventory management is a crucial aspect of running a successful e-commerce business. Without effective inventory management, businesses may suffer from stockouts, overstocking, and lost sales, which can negatively impact revenue and customer satisfaction. To avoid these issues, businesses must implement...
An accurate inventory status aids in making strategic decisions, allowing you to identify product trends, coordinate effective supply chain management, and improve inventory forecasting. How does Shopify POS inventory status work? Shopify POS is a point-of-sale system that can streamline the process o...
Having an inventory strategy enables faster decision-making, which leads to adapting to changes in the market more quickly. The more accurate demand forecasting is, the better you can manage your inventory no matter what happens. Of course, forecasting demand is never 100% accurate, but by ant...
How to manage your inventory turnover ratio Let’s say you don’t like your inventory turnover ratio. Perhaps you think it should be higher, meaning that you’re moving items too slowly, or you’ve decided that it should be lower, which means you’re not keeping up with the d...
Optimize your operations with effective Inventory Management strategies and techniques from The Strategic CFO®.
In this article, we discuss how to avoid, identify, reduce, and manage obsolete inventory to ensure a more profitable business.What is obsolete inventory?Obsolete inventory refers to a product that has reached the end of its lifecycle. It happens when a business considers it to be no longer ...
Your inventory risk is the likelihood you’ve either over-stocked or under-stocked your products. Learn how to mitigate inventory risk.
How should a firm manage deteriorating inventory". Ferguson,E Mark,Oded Koenigsberg. Production and Operations Management . 2007Ferguson, M. and O. Koenigsberg. 2006. "How Should a Firm Manage Deteriorating Inven- tory?" To appear in Production and Operations Management....
5. Better manage your inventory with automatic delivery. Just like recurring orders help you know how much money you’ll make each month, they also help you predict how much of a product you’ll need. This, again, allows companies to better plan their inventory purchases, making sure they’...