TOPICS » Demand Forecasting

Calculating Forecast Accuracy & Forecast Error

3 min read

In supply chain management it’s important to be able to measure the accuracy of your demand forecasts. Inaccurate demand forecasting can lead to the accumulation of excess stock or the reverse: issues with product availability. Both are unwelcome problems for inventory planners! Ensuring demand forecasting accuracy should be a key...Read more

5 Inventory Reduction Strategies to Drive Cost Savings

6 min read

For businesses that carry non-perishable goods it’s tempting to order and carry surplus stock to help meet market demand and hit order fulfillment targets. In some circumstances carrying excess stock can be a good thing: having all items in stock helps avoid costly back orders and keeps customers happy. However,...Read more

Coronavirus Series Part 2 – Overcoming Demand Forecasting Challenges…

5 min read

COVID-19 has had a profound impact on global marketplaces, with customer demand and inventory supply more erratic and complex than ever before. The effects of COVID-19 have put supply chain management (SCM) teams well and truly in the spotlight since they play a crucial role in ensuring business continuity for...Read more

Medical Supply Industry Challenges & Solutions

5 min read

It’s no secret that the medical industry is facing major challenges worldwide due to Coronavirus. Medical and healthcare workers are stretched thin and at risk of infection themselves. Money and resources are tight. From manufacturing all the way through the supply chain to user, medical supplies have particularly been affected...Read more

How To Improve Stock Availability

4 min read

The global marketplace is constantly evolving due to political, economic, technological and social factors. As small- and mid-sized businesses (SMBs) try to remain competitive, many are coming up against inventory management challenges. In this three-part blog series we’re looking at three of the most common inventory management issues faced by...Read more

How to Find the Right Economic Order Quantity

5 min read

Economic order quantity (EOQ) concerns the most cost-efficient method of ordering stock. The objective is to find the order quantity that minimizes the total inventory holding costs and ordering costs. Holding costs (otherwise known as carrying costs) are the costs to store the inventory and include the storage space, rent,...Read more