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Any business that carries inventory needs to avoid stock outs and back orders. Both can be very costly. For manufacturers, running out of raw materials can lead to delays in production, whilst wholesalers and retailers can experience a short-term drop in sales and longer-term issues with customer attrition. However, businesses are...Read more
We all know that marketplaces are constantly changing. For starters, the international trading landscape is more uncertain than ever (the less said about Brexit the better!). In addition, e-commerce is driving increased competition from traders across the globe, both large and small. And with customers being more demanding and more...Read more
In a recent blog post we looked at the importance of ABC analysis in inventory management and it’s benefits and drawbacks. In this post we’re going to discuss how you can practically classify your inventory into three ABC categories, using a working ABC classification example. We’ll then show you how...Read more
Forecasting accuracy is the process of calculating the accuracy of your inventory demand forecasts, by comparing the original forecast with the actual demand for those items. Forecasting accuracy can be affected by ‘outliers’ or ‘fliers’ in the data. An outlier is a data point that is not considered to be part...Read more
In supply chain management it’s important to be able to measure the accuracy of your demand forecasts. Inaccurate demand forecasting can lead to the accumulation of excess stock or, the reverse: issues with product availability. Both are unwelcome problems for inventory planners! Ensuring demand forecasting accuracy should be a key...Read more
Obsolete Stock refers to items that have been without demand for a sustained period of time. This is usually because they have reached the end of their product lifecycle, so sales die out or because the items are no longer used in their supply chain. Obsolete stock can be...Read more