Seasonality: identify any products in your portfolio that have seasonal demand variations. Read our blog on demand forecasting accuracy for more details. Each life cycle stage will affect the item’s demand pattern and so needs to be considered when forecasts are being calculated. Product lifecycles: every item in your warehouse is sitting at a specific stage in its product life cycle. It’s not enough to look at last year’s sales figures and expect this year’s to follow the same pattern. It’s critical to invest time (and money if required) in setting up advanced inventory forecasting models that produce accurate demand forecasts. Knowing what products to carry to satisfy market demand is key to controlling your stock levels. Our first inventory control technique is all about demand forecasting. ![]() Six inventory control techniques to optimise stock levels 1. In this post, we’ll look at six inventory control techniques that will specifically show you how to control your stock levels, help you optimise your inventory and maximise profits. It’s, therefore, important to invest money in products that will sell so that you can optimise inventory turnover and warehouse space. We all know that inventory takes up valuable warehouse space and ties up capital. ![]() This is done by forecasting demand and managing supply variables while dynamically adjusting stock rules and inventory parameters. It’s the art of achieving stock availability while reducing inventory costs and minimising the risk of excess items. Stock optimisation (also known as inventory optimisation) is key in ensuring inventory control techniques can be carried out effectively. ![]() The objective of stock optimisation is to have the right products in the right place at the right time – as efficiently and cost-effectively as possible. Inventory control is a key function of supply chain management that maintains appropriate quantities of stock to meet customer demand. Inventory control is the process of managing and regulating the supply, storage and distribution of stock.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |