All You Need to Know About Reorder Points
Inventory management is crucial in supply chain businesses. Balancing stock levels is a significant factor that can make or break a business. In 2013, the American giant Target launched its expansion into Canada. Unexpectedly, the company encountered inventory management challenges. Inefficient supply chain systems resulted in widespread stockouts, while other products were overstocked. This misalignment […]
The Advantages and Challenges of IoT in Inventory Management
Companies in the fiercely competitive supply chain industry always seek methods to enhance productivity and cut costs. One promising area for significant improvement is the use of IoT in inventory management. Traditional inventory management, often manual and time-consuming, can lead to inaccurate data and stockouts. The Internet of Things (IoT) offers a solution by automating […]
How to Calculate Beginning Inventory Formula
A company’s fiscal well-being and future profitability hinge on grasping the quantity and value of available products or materials. Inventory is important and subject to measurement at various stages of the accounting cycle. Beginning inventory represents the initial count essential for your business at the onset of an accounting period. Beginning or opening inventory represents […]
What You Need to Know about AI Inventory Management
In the next 20 years, new AI technology is predicted to boost the global economy by $1.3 trillion by improving the efficiency of the supply chain. The projected increase in global spending in the sector grew from $1.67 billion in 2018 to $12.44 billion in 2024. See how AI, intelligent technology, is already taking over […]
Decoupling Inventory: What It Is and When to Implement It
In businesses, setbacks and sudden shifts in the supply chain are unavoidable. Supply chain issues due to the COVID-19 pandemic, the Great Resignation, and China’s Zero Covid policy are uncontrollable. Political issues like the Ukraine war and the global chipset crisis also pose a threat to global trade and countries’ partnerships. Everything in the retailers’ […]
A Complete Guide to Consignment Inventory
A Complete Guide to Consignment Inventory The alarming climate change in the past few years paved the way for more people to veer away from fast fashion shops and embrace thrift shopping. For the more affluent consumers, luxury resale has been prevalent, and the consignment market is expected to reach $77 Billion by 2025. Many people have consigned their […]
The Advantage of Demand Forecasting in Inventory Management
Operating a business today is like walking a tightrope. Especially for online merchants, there is no such thing as a “small mistake”, for perfectly balanced steps let you reach that far-off goal of commercial success, while, with one tiny mistake, you could tumble into obsolescence or the pit of financial ruin. In this case, making […]
Learn from Nike’s Mistake–The Six Must-Haves in an Inventory Tracking Software
Every celebrity, influencer, or fashion icon always wears Nike, the biggest shoe brand worldwide. The brand can be found in almost every store or mall in cities around the world. Whether in fashion, sports, or mundane activities, Nike has been a staple since time immemorial. However, little did every Nike fan know that the company […]