Despite businesses pushing demand-driven mantras, many companies still struggle to ensure their stock mirrors what their customers want. Often the buck stops with the inventory planning and purchasing teams.
When a stock balance hits zero, an inventory management team has failed to manage its inventory correctly. The stock has not been replenished in time, and consequently, there’s the stress of stockouts and back orders, as well as an unhappy sales team and uncomfortable questions from management.
Whether you work for a manufacturer, wholesaler, distributor, supplier or retailer, an effective replenishment strategy is key to ensuring stock availability and hitting fulfillment targets (or service levels).
However, calculating reorder points, quantities or EOQs for every SKU can be time-consuming and complex. While enterprise resource planning (ERP) and stock control systems may offer some functionality to support, many purchasers are now turning to inventory optimization software for more advanced solutions.
Inventory optimization tools, such as EazyStock, automate replenishment activities. They use robust algorithms to calculate exactly how much of each SKU to order and when.
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