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10 inventory tips for managing large product ranges

Retailers are increasingly faced with multiple sales channels and large product ranges. But which stock should be held where in order to offer the best level of customer service? Peter Bocken, a retail expert from Slimstock, shares ten inventory tips for taking control of an ever-expanding product range and keeping a tight rein on costs.

Infographic: An epic expedition around the bicycle industry

With the Tour de France approaching, team GB continue to inspire cyclists all over the UK. With Team GB’s triumph over the last few years, it seems more and more of us are getting back on the saddle. However, as Brexit jitters take hold and the Government forges ahead with a major initiative to double

Supply chain infographic: How agile is your supply chain?

As dog enthusiasts start preparing for Crufts 2020, the world’s greatest dog show continues to inspire animal lovers all over the UK! With more and more of us aiming to win best in the show, the weekly spend on pet accessories and food in the UK has risen by an impressive 31% in just two

Summer closures & the cocktail of supply chain disruptions

Supplier closures are disruptive at the best of times. However, unlike other factory closure periods, the summer season can last for several months and suppliers can shut down at any point throughout this time. Contrary to popular belief, Mediterranean countries are not the only ones where it is common place for factories to close down

How is AI being utilised to advance our approach to inventory optimisation?

The Slimstock Research Centre is constantly pushing the boundaries of inventory management. As excitement around AI & machine learning grows, our team of experts are actively researching how this technology can be applied to overcome the supply chain challenges business face today! In this infographic, we explore how machine learning is being applied to specific

Maternity Cover | What can we offer?

Jenny Lowrie UK Account Manager With a baby on the way, it’s always an exciting time. However, here at Slimstock, we understand how challenging it can be to find effective Maternity Cover. Even when you do find the right person, it still takes time to bring that person up to speed with your business processes.

Machine Learning in stock optimisation

We cannot ignore it. The complexity of supply chains has increased exponentially in recent years. Whereas once upon a time, a good business strategy alone would be enough to compete, overcoming complexity is now what ultimately sets a business apart from its competitors; a trend which will only become more prevalent in the coming years.

The EOQ formula: from theory to practice in 7 steps

Unraveling the secret of optimal order quantities Whether it consists of raw materials or end-products: inventory is unavoidably one of the largest single assets on your balance sheet. In the manufacturing industry, around 37% of total costs consist of inventory costs, while for retailers and wholesalers even more than half of the total costs are

Demand Management – staying one step ahead of customer demand

Demand management Infographic: a guide to expecting the unexpected! Demand management is all about keeping customers happy. However, while no business wants to let its customers down, there are always financial constraints in place. Consequently, building huge stock piles of inventory to satisfy potential customer demand which may (or may not) materialise, is simply not

Sales and operations planning: What’s your objectives?

How can Slim4 support my sales and operations planning process? An effective  (S&OP) process should pull teams from across the business together to ensure a harmonious supply chain operation. However, without the right direction and insight, the whole process can easily result in chaos! But how can Slim4 contribute to your sales and operations planning

Increase responsiveness to achieve online success

Despite double-digit annual growth in the e-commerce market, only a handful of retailers have profitable online activities. There are plenty of opportunities, according to retail experts Kees Jan Roodbergen from the University of Groningen and Peter Bocken from Slimstock. However, in order to take advantage of them, retailers must make the right decisions and learn

Slimstock Retail Topics Magazine: Download now!

Every day, we have the privilege of getting a behind-the-scenes look at the supply chains of hundreds of companies. All of these organisations face their own inventory-related challenges. Every company is unique, but there are also many similarities because inventory optimisation fundamentally revolves around just two questions: how much should I order, and when? Spotlight

Collaborate with your suppliers!

Many businesses invest a huge amount of time and effort into developing robust internal processes that secure availability and keep costs under control. While the importance of business rules and internal flows can never be overlooked, business leaders must keep one crucial face in mind: a business is only as strong as its weakest supplier!

Stock control for paper & packaging

Effective stock control is essential in order to succeed, but, how can you ensure complete stock control within your business? Do you want happy customers? Do you want to avoid out of stocks? Do you want to increase profitability? Here at Slimstock, these are just 3 benefits we have delivered for our 650+ customers over

Assortment planning to maximise the value of your product range!

Businesses are under pressure constant from customers to deliver goods as quickly and efficiently as possible. However, given that many organisations offer thousands upon thousands of items, its vital that the assortment planning process if effective. After all, with fierce competition from other organisations, stock outs and availability issues could force customer to make their

Excess stock reduction: What steps can you take?

Excess stock reduction: What steps can you take? Holding too much stock has some potentially financial consequences. Excess stock reduction can be reduced through effective inventory management. Calculate how much you can save through more effective inventory control. Excess stock reduction: what impact will this have on costs? Download our whitepaper which will provide you

Demand forecasting: How to remove the pain from promotions

Demand forecasting | With the promise of increased footfall and boosted sales, it is easy to see why organisations have become so dependent on promotions. However, “special buys”, “buy one get one free” and even “price match” promotions all place great strain on supply chain teams. To add further complexity, if demand forecasting is not

Promotion Planning: checklist for success

In today’s competitive and transparent market place, retailers simply cannot survive without some form of promotional activity. In fact, as much as 40% of overall turnover can be generated through promotion planning. However, promotions create a huge amount of volatility and place great strain on the entire organisation. How can retailers optimise their demand pattern recognition

Retail inventory management

  Retailers are always under pressure to improve their operational efficiency. However, with so many areas to focus on, where should supply chain teams prioritise their attention? To help highlight the top areas to focus on, we have put together in infographic on how to ace your inventory strategy. Download below.      

Springboard the success of your new product introduction!

Launching a new product comes with great risk. So what can you do to rationalise the decision-making process in order to commit to a new product introduction with confidence? How can you estimate demand in advance of a new product introduction? Launching a new product is an exciting time for any business. However, working out

Inventory cost Vs Availability: the ultimate fork in the road

As highlighted by the SMMT, the UK’s extensive network of spare parts distributors is essential in order to keep the country moving. However, to maintain the consistently high levels of availability expected by customers, many automotive businesses are left exposed to crippling levels of inventory cost. The question is, how can you put the brakes

Supplier management: Establish more profitable supply chain relationships

With Valentine’s Day upon us, now is the time to really reflect on relationships (or lack of…). When it comes to supplier management, the same applies! After all, when better to review your supply chain relations than now! However, clutching on to a bad relationship can cause great heartache. Likewise ineffective supply chain partnerships can

Inventory optimization management for work wear suppliers

For suppliers and distributors, maintaining high levels of customer satisfaction is vital in order to succeed. However, with extensive product ranges and lengthy lead times from both European and international suppliers, maintaining healthy inventory levels can often prove a real challenge. Afterall, with constant pressure to offer consistently high levels of availability, businesses must keep the investment

Assortment management: Stub out the products burning through your margins

Every year, thousands of people try to give up smoking. When you consider that smoking is both incredibly expensive and hugely detrimental to your health, why wouldn’t you quit? The problem is however that, as habits go, smoking is a difficult one to kick. After all, as soon as you quit, the withdrawal symptoms take

Forecast error | Increase the accuracy of your demand plans

  Rob Crellin Forecast error - What does your historical demand really mean? Can you explain why demand in a particular period is exceptionally higher or lower that what you had forecasted? More importantly, do you know how best to manage these exceptions? In this article, Supply Chain expert Rob Crellin explains how historical demand

Supply chain planning: Have you been bitten by the Chinese dragon?

Every year, China witnesses one of the largest human migrations in the world. As the nation’s workforce 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. Meanwhile, businesses across the rest of the world face a huge amount

Supply Chain Collaboration | S&OP

While the sales team may expect consistently high levels of availability in order to satisfy customer demand, the finance team are typically more interested in inventory cost. Consequently, operational teams are under constant pressure to strike the balance between service levels and investment in stock. However, in order to ensure that supply chain decisions are

Waste reduction: the proof’s in the pudding

Tackling the growing mountains of waste created as a consequence of poor supply chain practices is a top priority for the food industry. But what can businesses do to reduce waste? While mitigating the causes of shrinkage is undoubtedly good for the environment, according to the Grocer, taking action to curb avoidable waste can unlock

Make your capital work harder

Effective working capital management is all about juggling inventory, debtors and creditors. However, maintaining a healthy level of cash flow is a real challenge. However, how can you optimise your approach to cash flow management in order to free up invaluable capital? What is working capital? According to Investopedia, Working capital is the amount of

What is the real cost of your inventory?

Holding too much inventory has some potentially disastrous financial consequences. Furthermore, capital tied up in items that you can no longer sell (e.g. obsolete stock) may be lost forever. Considering there are further inventory costs associated with holding inventory, determining the true cost of your inventory can be challenging. Inventory costs can be defined as

Nail down your assortment strategy

Customers expect suppliers to be able to provide anything and everything at a moment’s notice. In response to this demand, many businesses have exploded their assortment strategy to encompass many thousands of different SKUs. The problem is, however, how much do you really know about the items within the assortment? Do you know which items

Whitepaper: A comprehensive guide to managing supplier closures

As you prepare for some rest and relaxation in the summer sun, supplier holiday closures are probably the last thing you want to think about. However, as entire workforces down tools to enjoy a well-deserved break, businesses further down the supply chain are left dangerously exposed to lengthy lead times, delays and even stock outs.

How can you outwit the Chinese dragon? A lesson in managing supplier closures

Every year, China witnesses one of the largest human migrations in the world, as the nation’s workforce 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, meanwhile businesses across the rest of the world face a huge amount

Infographic: Summer Closures

Sun, Sea & Stormy Supply Chains Supplier closures are disruptive at the best of times. However, as your suppliers down tools to enjoy a well-deserved summer break, your business could become dangerously exposed to lengthy lead times, delays and even stock outs. What can you do to maintain a harmonious operation during what could be

Product Lifecycle Management | S&OP

From deciding whether or not to stock a new product to determining how best to phase out an item at the end of the product life cycle, decisions around assortment management are often coupled with a high level of financial risk. As a result, such decisions should not be taken lightly. However, unless you have

ABC stock analysis: Going beyond the 80:20 rule

ABC stock analysis - How much do you really know about your assortment? Do you know which items offer the greatest return or which are most important to your customers? Equally, do you know which items are costing you money? This article highlights 5 top tips to help boost the profitability of your assortment, minimise

Stock availability | keep inventory levels under control

Stock availability: 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? Stock availability is everything for most businesses. However, while the commercial departments within the business may expect 100%

Demand forecasting | 5 steps to supply chain success

When it comes to demand forecasting, each business division has its own set of goals and objectives. Consequently, there are likely to be very different opinions as to what should be taken into account when developing a forecast. Given that demand forecasting provides the basis on which many key decisions are made, how can businesses

MEIO: How can you create visibility in a multi-channel environment?

For companies that exist in today’s complex omnichannel and multisite environment, achieving stock availability has never been more difficult ... and costly! With more channels, more demanding customers and an increasing number of products to manage, many organisations can quickly lose sight of their inventory position. Faced with expensive excess stock levels and crippling shortages,

How can the food industry win the war on waste?

In a bid to eliminate the 400 million meals worth of “avoidable” food that is wasted every year1, the Grocer has kicked off a major campaign to combat the inefficiencies that plague the food supply chain. In order to reduce waste from the supply chain, some business have started incentivising customers to buy so-called "wonky"

8 top tips to rein in seasonal demand fluctuations

Every year, UK customers spend over £339 billion on furniture and homeware products. When you consider that business in the sector stock everything from winter blankets to garden patio furniture, seasonality can have a huge influence on demand. Given the potential for huge fluctuations in demand, this can leave businesses exposed to a high level

ABC classification – Achieving the optimal stock level to meet seasonal fluctations in demand

How to achieve the optimal stock level with abc classification Imagine you have 150 televisions in stock with an average sales volume of 100 units per period and a minimum order quantity of 20 units. The lead time is 7 days and given that you do not want to disappoint your customers with stock outs,