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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
Obsolete inventory is a term that refers to stock that has seen no demand for a prolonged period of time e.g it has not been sold to customers or used in production. This is usually because it has reached the end of its product lifecycle. Obsolete stock is often a...Read more
In previous posts we’ve discussed ABC classification models and how to use them to improve inventory control and management. ABC analysis can be very effective as a simple way for inventory planning teams to prioritise their workload and reduce hours spent managing inventory. However, it does have its limitations. ABC...Read more
If you type ‘excess stock’ into any search engine you’ll find a wealth of companies offering to buy your surplus inventory so you can instantly get a cash injection and free-up space in your warehouse – but at what cost? Excess inventory has many disadvantages, including the risk of it...Read more
Excess inventory is when a business carries more stock than they need to meet their forecasted demand. This can cause a wealth of operational challenges and financial constraints. In this blog post we will look at the most problematic. But before we do, lets clear up a few myths: Myth one:...Read more