Forecasting accuracy is the process of calculating the accuracy of your inventory demand forecasts by comparing the original forecast with the actual demand for those items. Forecasting accuracy can be affected by ‘outliers’ or ‘fliers’ in the data. An outlier is a data point that is not considered to be...Read more

Obsolete Stock is a term that refers to inventory that has reached the end of its product life cycle. In this stage of the product life cycle, there is no market demand for the product. Companies that have not accurately forecasted a decline in demand or effectively reduced their stock...Read more

You know the challenge. You’re pulling together an order of item ‘A’ to a supplier and you realize that you are below the minimum requirement for order value, volume or weight for your supplier to fulfill that order. So what do you do? Maybe just throw a few extra of...Read more

If you’re wondering what is the best way to manage inventory with hundreds or even thousands of SKUs, you’ve found your answer: ABC analysis (otherwise known as ABC classification). In this post, we’re going to discuss how you can classify your inventory into three ABC categories and introduce the concept...Read more

This is a guest post contributed by Halle Summers. Halle is a Marketing Coordinator for FASTENation Inc. When she isn’t writing blog articles, she enjoys spending time in downtown Charleston, South Carolina and all the amazing food her hometown has to offer. Almost all fulfillment centers want to improve pick and...Read more

*This post was originally published September 2015; it was updated October 2018* Big data is a term used to describe a massive volume of both structured and unstructured data that’s too large to be processed using traditional database and software techniques. In most enterprise scenarios, the volume of data is too...Read more