Inventory is typically the largest balance sheet asset in most companies. Accurate inventory is required to not only deliver timely and stellar customer service but also calculate profitability correctly. These 20 steps will help make your physical inventory count more accurate, improving customer satisfaction and the bottom line.
In an effort to address overcapacity issues in its dozens of fulfillment centers, Amazon has instituted new charges that will penalize third-party sellers – who make up more than half of its sales – for having slow-moving inventory. See what these changes mean and what else Amazon is doing to deal with inventory overflow.
Without accurate SKU dimensions and weights for each item in their warehouse, companies struggle to provide basic data for slotting, better capacity planning and if necessary, full truckload or LTL planning, paying more than is necessary in freight costs. Here are 8 steps to better SKU dimensioning in your operations.
Retailers and ecommerce companies have spent considerable sums on inventory management, filling customer orders from multiple shipping points. Your company can benefit by adopting a strategic approach to optimizing inventory that will help maximize sales and profits and improve customer service.
Meeting the challenge of inventory planning and forecasting revolves around the ability to process and manage continuous data uptake. The solution today and in the future is all about processing speed and power, and the ability to see patterns as they appear.
It’s hard to escape the chatter claiming the death of the traditional retail store. And, when stores do go bankrupt, we hear the same explanation: Ecommerce and direct-to-home delivery has turned brick-and-mortar retail into an outdated model for serving customer needs and desires. Here are some key areas to think about when fulfilling from a retail store.
To compete and succeed today, think of supply chain planning as significantly more than replenishment. One critical area is collaborative demand planning with your supplier partners. Here are some steps you can take to create and sustain a collaborative process that is mutually beneficial.
Big data analysis has revolutionized the understanding of customer demand, providing visibility and precision for inventory planning on a whole new level. Now you can not only better understand what influences buying behavior but begin predicting what and when customers will buy with unprecedented accuracy.
Having unified data was crucial for Southern lifestyle apparel brand, Draper James, a brand launched in 2015 by actress Reese Witherspoon. Here is what Draper James did to make its products visible across channels.
Every day, small and midsize businesses face inventory risks that, if left unmanaged, can negatively impact the bottom line. However, these issues can often be diagnosed well in advance with the right preparation. Asking your team the following questions can help you accurately gauge the health of your inventory management processes.