What is overstock and how to avoid it?
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What is overstock and how to avoid it?

Lean warehouse management is key to the success of businesses that make, move or sell products. Conversely, poor inventory control results in overstock problems including theft, expiration, obsolescence, and diminished returns. Overstock means having too much stock in a warehouse that has not sold which increases storage costs and reduces working capital. To improve the management of your business and keep stock under control, it is worthwhile to manage inventory all in one system, creating a single source of truth for inventory management.

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Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Job Role - Inventory/Operations, Inventory Management

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What is overstock and how to avoid it?

Lean warehouse management is key to the success of businesses that make, move or sell products. Conversely, poor inventory control results in overstock problems including theft, expiration, obsolescence, and diminished returns. Overstock means having too much stock in a warehouse that has not sold which increases storage costs and reduces working capital. To improve the management of your business and keep stock under control, it is worthwhile to manage inventory all in one system, creating a single source of truth for inventory management.

Read more

Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Job Role - Inventory/Operations, Inventory Management

A critical inventory metric: projected inventory level

With constant streams of data being collected by companies daily, planning for the future is no longer as mysterious as it once was. But it is not a matter of having data that makes forecasting easier; instead, it depends on how the many layers of data are collated and analyzed. When it comes to managing inventory with a software solution, it is critical to establish inventory metrics that drive success for the present and future — making projected inventory level a crucial area to monitor.

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Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Job Role - Inventory/Operations, Inventory Management, KPIs and metrics

What is dead stock and how to eliminate it

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A CFO in a wholesaling business recently described dead stock as piles of cash in the corner of a warehouse that she can’t access. Dead stock are products that don’t sell and remain in the warehouse or are sent back to the warehouse from the retailer. Dead stock reduces cash flow that could be used to purchase new revenue-generating stock. It also takes up precious space that profitable products could occupy. Inventory management software strengths the success of reducing deadstock.

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Topics: Industry - Wholesale Distribution, Job Role - Inventory/Operations, cross-selling, Inventory Management, KPIs and metrics

Master inventory calculations and anticipate future demand

As businesses reopen and customers resume spending, it’s more important than ever to have a full understanding of your stock. Having on hand what customers want today is crucial, but being able to anticipate what they will want or need in the coming months can be challenging to predict. Fortunately, by utilizing your business data, you can master inventory calculations to prepare for the future.

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Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Industry - Retail, Job Role - Inventory/Operations, Inventory Management, KPIs and metrics

How to measure stock on hand, over stock, under stock and dead stock quickly and simply

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Many businesses are adjusting demand forecasting due to the effects of the pandemic. Some products have increased in demand while others less so. It is important for companies that manage lots of products to evaluate how the impact of the disruptions, as well as the anticipated gradual recovery from its effects, should be applied to its measurement of inventory. By measuring stock on hand, over stock, under stock and dead stock regularly will help you be more in control of your inventory and supply products customers want.

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Topics: Job Role - Inventory/Operations, business intelligence software, Inventory Management

How the finance team uses analytics to automate reporting

To monitor the performance of its business, Whiting Holdings, an Australian steel distributor, consolidated all its financial, sales and inventory data into one platform. By harnessing technology and implementing data analytics, the finance team automates its month end and statutory reporting which helps get to the source of the data faster and make clear decisions.

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Topics: Case Study, Job Role - Finance, Dynamic reporting, data analytics, data visualizations, Inventory Management

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