Retailers face multiple sales channels and broad ranges of products. So, what stock should be maintained and how to offer the best level of customer service? Discover it in the following Knowledge Article, where we will share ten tips to manage wide ranges of products that are continually expanding while controlling costs. CHALLENGES TO MANAGE
Excess stock is bad for business. It takes up valuable warehouse space and costs you a lot of money while it becomes obsolete. And, 10% of the items in your warehouse will never be sold, according to Slimstock inventory analysts. These items are unlikely to bring in revenue, so why are you holding on to
If you find yourself having to throw food items every few weeks from your refrigerator, imagine what goes on at a grocery store. Given the size of the industry, reducing retail food losses can mean significant savings for companies. Retail is one of the most dynamic sectors in the Canadian market due to the significant
Over the years, we have found many companies that have thousands and thousands of SKUs, but does it help companies to be more profitable? Maintaining so much inventory can have the opposite effect. So how can companies reduce their inventory while improving service? An important point for this is to perform a sharp ABC analysis.
Thanks for asking, but it’s classified… Demand Classification is a systematic, logically founded method of ascertaining and clustering the characteristics of sales history into groups, before applying the most appropriate forecasting techniques automatically. Classification enables a significant improvement in forecast accuracy with significantly less effort and is lightyears ahead of the traditional ‘pick best’ approach.
The time to expand your business is now “As levers of financial management go, none bears more weight than working capital. The viability of every business activity rests on daily changes in receivables, inventory, and payables.” -S.L. Mintz Whether selling a revolutionary product or essential service, the challenges of gaining access to the working capital
An Adage For Improving Forecast Quality A sales forecast represents many things in business, but is most universally understood as the pulse of a company. From an operations perspective, a forecast lets the supply team anticipate and quickly respond to changes in customer demand, and helps manufacturing and distribution companies optimize inventory levels, minimize stock-outs and
A lesson in managing supplier closures Every year, China witnesses one of the largest human migrations in the world, as the nation’s workforce put-down tools and return to their home town’s to enjoy the Chinese New Year celebrations. Factories across the country close shop for up to 40 days while businesses across the rest of
Do you have enough stock to meet demand? Do you have too much? How can you ensure your service level targets satisfy the expectations of the business while still keeping investment in stock under control? Can establishing more appropriate service levels actually help boost margins? For stock-holding businesses, availability is everything! However, while the commercial
The ultimate assortment conundrum From prangs and punctures to general wear and tear, every car endures a lifetime of hardship. To prolong the life of these vehicles, a sophisticated aftermarket spare parts industry has taken off. Although Billions are spent every year on automotive parts and components, businesses operating in this sector face intensifying pressure