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Inventory management – best practice and techniques

A free resource from EazyStock ‘How to Ace your Inventory Management’ will show you how to improve your current inventory management strategies.

About your free inventory management eBook

In this eBook we discuss why traditional inventory management strategies are no longer effective at dealing with today’s dynamic marketplaces and supply chains.

We then look at how inventory optimisation techniques could provide the answer.

Get our eBook now!

Download this eBook and discover:

  • The flaws of traditional inventory management
  • How to strike the right balance between product availability and carrying too much stock
  • The secret to improving demand forecasting and replenishment
  • The benefits of inventory optimisation

How to improve inventory management

Effective inventory management techniques ensure the right products are in the right place at the right time – as cost-efficiently as possible.

Every business that carries inventory needs effective processes in place to manage and regulate the supply, storage and distribution of stock.

Inventory takes up valuable warehouse space and ties-up capital, so it’s important to invest in the right stock, so you can optimise turnover and prevent surplus amounts building-up.

The best inventory management strategies optimise stock levels, so you can achieve high service levels (stock availability), while reducing inventory costs.

Top inventory management techniques

Here’s five ways to improve inventory management and replenishment:

Understand demand.

Make sure forecasting takes into account product demand patterns, seasonality and trends for optimum accuracy.

Introduce ABC analysis.

Group inventory items based on their value to the business and set different stocking policies to help prevent over and under-stocking.

Set service level targets (or fulfilment rates).

To ensure better availability of your most important stock items.

Fine-tune stock replenishment.

Consider demand forecasts and supplier lead times when setting reorder points and quantities.

Use safety stock.

Carry a buffer of stock to cover delayed deliveries and inaccurate forecasts.

Want to learn more? Get our free eBook on how to ace your inventory management now!

Don’t just manage your stock – optimise it!

Many businesses are still using spreadsheets or basic inventory management systems to forecast and replenish their stock. These traditional methods cannot deal with fluctuating demand or variable supplier parameters – leading to stock-outs or a build up of inventory.

More and more companies are therefore turning to inventory optimisation tools, such as EazyStock.

EazyStock connects to your current stock system and uses advanced algorithms to bring accuracy and speed to inventory management.

The cloud solution automates demand forecasting, stock classification and reordering calculations, producing optimised order recommendations.

Inventory managers can ditch the spreadsheets, giving them more time for strategic decision-making and looking after suppliers and customers.

Why EazyStock?

Ensure stock availability

Ensure stock availability

Make sure you always have the right products on the shelf to prevent stock-outs and delight your customers.

Optimise demand forecasts

Optimise demand forecasts

Utilise advanced algorithms to track product demand, accounting for life cycle stages, trends and seasonality variances.

Lower inventory levels

Lower inventory levels

Get rid of excess and obsolete stock, freeing-up working capital for investment elsewhere in your business.

Automate re-ordering

Automate re-ordering

Produce automated order proposals to process in EazyStock or send back to your ERP.

Accurate replenishment

Accurate replenishment

Automatically calculate safety stock levels, re-ordering points and order quantities to ensure optimised inventory levels.

Be smarter with suppliers

Be smarter with suppliers

Place orders more cost-effectively by considering suppliers’ delivery schedules, lead times, discounts and costs.

Improve efficiency & save time

Improve efficiency & save time

Ditch the manual spreadsheets and save time that can be spent on strategy and innovation.

Get a fast ROI

Get a fast ROI

Benefit from rapid ERP integration and get up and running fast with a system that’s easy to deploy.

Trusted by growth-driven companies

Get our free eBook on inventory management best practice

Everyday, businesses deal with volatile market demand and disrupted supply chains. Standard inventory management practices fail to address these challenges.

In this eBook we expose the flaws of typical inventory management processes and introduce some new and extremely effective ways to manage your inventory – using inventory optimisation techniques.



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