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Determining appropriate levels of stock across a business can be very challenging. If you carry too much inventory, you risk tying-up much needed working capital. But if you don’t carry enough, you face stock-outs and reduced service levels. An important piece of this puzzle is to accurately calculate safety stock levels. Safety...Read more
A common way to calculate inventory reorder points is to use a formula that focuses on ordering a specific number stock days. These calculations are done manually, often in excel, and the data is then input into an ERP system, so it has the relevant parameters to create reorder alerts....Read more
There are hundreds of inventory control blog posts on how to organise warehouses, track goods and pick and pack efficiently. So we thought we’d focus on the best inventory control methods to to manage your inventory well and ensure stock availability, Effective inventory control techniques are at the heart of...Read more
The economic order quantity (EOQ) model is a fairly popular means of calculating inventory reorder quantities and working out how many orders to place per annum. However, EOQ is often criticised for being over-simplistic and relying on consistent data inputs which don’t really reflect reality. In this post we take...Read more
The economic order quantity model is used in inventory management to support replenishment activity. But just how useful is it in reality? Can such a simple formula really be applied to today’s complex supply chains? In this post we find out more… In inventory management, economic order quantity (EOQ) is...Read more
“Sorry, that product is out of stock” is a phrase that no one wants to hear – whether you’re the customer or the seller! A few years ago it might have been okay for customers to wait a few days for their goods to come back into stock, but in...Read more