Stay competitive with inventory optimization!
Traditional inventory management strategies are no longer effective at dealing with today’s dynamic marketplaces and supply chains. In this whitepaper, we introduce you to inventory optimization and its importance, then outline the three stages to bring inventory optimization to your business.
Inventory optimization is the art of balancing high service levels with the lowest possible inventory investment.
The objective of inventory optimization is to have the right products in the right place at the right time – as efficiently and cost-effectively as possible.
Manually managing your inventory – analyzing the demand for each item in your inventory to determine purchase orders, keeping track of what inventory you already have in stock and where, hitting MOQ when placing orders to suppliers, minimizing excess and obsolete inventory – takes time and is more prone to error. Plus, forecasts quickly become outdated as new data is collected – so you need to start all over again.
One way to optimize your inventory is by using software that specializes in analyzing inventory and recommending purchase orders. Companies across a range of industries are turning to inventory optimization tools like EazyStock.
EazyStock easily connects with your ERP or inventory management system. It not only produces forecasts at SKU level, but also determines safety stock levels, stock classification and reorder point calculations.
Inventory managers no longer need to be Excel geniuses or ‘human calculators’, giving them more time for strategic decision-making and looking after suppliers and customers.
Inventory optimization is key to staying competitive in an ever-changing marketplace. How are you currently ensuring that you have the right products in the right places right when your customers need them?
EazyStock’s whitepaper An Introduction to Inventory Optimization can help you take control of your inventory so you have what you need to meet your customers’ needs.
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