Inventory optimisation is an advanced form of inventory management that helps you deal with erratic demand and supply disruption. Its objective is to achieve high levels of stock availability with the lowest possible inventory investment.
In this free guide we explain the concept of inventory optimisation and how it differs from basic inventory management practices. You’ll get an insight into the three fundamental stages of inventory optimisation: demand forecasting, stock classification and dynamic replenishment.
Stock availability is key to business success. But how can you fulfil every order without tying-up capital in surplus stock?
With customer demand and inventory supply continually fluctuating up and down, ‘old-school’ inventory management practices are simply too basic to be effective.
The answer lies in inventory optimisation.
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 stockouts 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.
It’s impossible to optimise stock levels without considering supply and demand variables, but basic stock management practices don’t take these into account.
Find out how more and more inventory planners are therefore turning to inventory optimisation and how it can benefit your business.
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