Using Technology to Improve Inventory Management

Cerasis

Using technology in the warehouse is one of the most effective ways to improve inventory management and reduce returns. Since returns represent a significant cost to companies, it is imperative for retailers to take steps to improve inventory management and manage returns.

The Inventory Accuracy “Confidence Gap”

Talking Logistics

The research focused on the inventory visibility and optimization challenges that companies face today related to omni-channel fulfillment and the actions they should take to elevate their omni-channel performance. And it begins with improving their inventory accuracy.

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Three New Ways Retailers Can Improve Inventory Performance

ToolsGroup

Many retailers consider competing against Amazon their biggest challenge. While the impact of Amazon is real, it is only a thread in the larger retail competition tapestry. Here are three things that retailers can do to align strategy and execution.

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Inventory Can Be Scary

ToolsGroup

“Your inventory problem is scary because you’re selling out before you can make new items to meet demand”. That’s what Robert Herjavec from the TV show Shark Tank said to an aspiring clothing retailer after their pitch in Season 8. Many retailers agree that inventory can be scary.

Automated Order Processing and Proactive Inventory Management

Speaker: Irina Rosca, Director of Supply Chain Operations, Helix

Organizations need to focus on demand driven supply planning, utilizing real time information on customer orders from all marketplaces (e-commence, Amazon - or other online retailers, and point of sale data from brick and mortar). Focusing on this information once per month during the S&OP meeting is too late for all business units to align. Companies should have seamless integration between order entry, inventory management, forecasting and supply planning models and purchase order status to sense risk, pull levers to mitigate potential risk, and communicate within and outside the organization. This is especially important for new product releases, in store programs or promotions (sales, end caps, PDQ. etc) or online promotions (company run or 3rd party). Depending on total supply chain lead time, not having real time visibility and analysis of this information can significantly affect sales and the bottom line.

Supply Chain Inventory Optimization – Beyond the Analytics

Cerasis

While analytics offer remarkable insights into supply chain inventory optimization, warehouse managers must still understand how the use of slotting optimization technology impacts other processes. With 7 percent of America’s gross domestic product (GDP) tied up in inventory, reports the 21 st Century Supply Chain Blog , your organization must go beyond the analytics and understand the broad impact of analytics in your company. Better Inventory Management Needs Complete Control.

Covid-19 Retail: Cash, Product, and People

Logility

The retail industry, like many others, has been upended by Covid-19. The focus for all fashion retailers is inventory. Below we will examine inventory + a new retail outlook for 2020. The number one priority is inventory for cash….

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Gaining Clarity on Inventory Effectiveness

Supply Chain Shaman

The impact of complexity on inventory is not quick. To help, today I want to share some of the insights from our recent Inventory Optimization study. Inventory management is a hot issue. Companies invest in project after project, yet inventory levels remain the same.

Fashion Retailers: Is inventory eating into your profits? (It is…)

Enchange Supply Chain Consultancy

CEO Inventory Management & Stock Control Supply Chain Analytics Integrated Business Planning retailI touched on the problem of expanding UK waistlines a few blogs ago and the topic popped up again recently when I was out and about shopping for clothes – no, not me.

Lean Inventory: Using Lean Initiatives To Manage Inventory

Cerasis

What is Lean Inventory Management? More firms are implementing lean inventory management techniques to reduce costs, improve flexibility and have more time to focus on their customers. What is Lean Inventory Management? Attributes of Lean Inventory Management.

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Why Individual Retail Stores Shouldn’t Order Their Own Inventory

ToolsGroup

In the old days, each store knew best what inventory it needed to keep shelves stocked and customers satisfied. The digital communications company was manually planning inventory for products like smart phones and other gear that was growing overall at 60% annually.

Supply chain inventory optimization – Beyond the analytics

Kinaxis

But the sheer complexity of supply chain networks, and the impact design decisions have on operational performance, makes supply chain inventory management aligning inventory investments with on-time customer delivery and margins a major challenge. Implementing inventory optimization.

Technologies for Cost Management in eCommerce Retailing

Vinculum

eCommerce has emerged to be the backbone of global retailing in the past decade and eCommerce sales have reached a booming $2.3 From global giants to single-store owners, retailers prefer eCommerce as a leading sales channel to reach out to their customers and increase sales.

Inventory Management in Service Logistics Industry

Talking Logistics

What is Inventory Management? For Manufacturing it’s about carrying zero or minimum inventory. For Logistics the focus is on high inventory turns. Inventory Management is about having a right balance of expectations from different functions of the supply chain.

Best Practice Inventory Control Techniques for Online Retailers

Unleashed

Successful inventory control enables retailers to meet customer demand by avoiding stockouts and reducing the risk of overstocking to free-up cashflow. It is crucial in the world of eCommerce, for even the smallest online retailer to have effective inventory control. Following are best practice inventory control techniques to help online retailers maintain control over their stock: ABC analysis. Inventory optimisation.

Omni-Channel Logistics Leaders: The Importance of Real-Time Inventory Visibility

Talking Logistics

The research focused on the inventory visibility and optimization challenges that companies face today related to omni-channel fulfillment and the actions they should take to elevate their omni-channel performance.

Retail Inventory Shrinkage Remains a Problem

Enterra Insights

Retail Shrinkage is a serious retail challenge, especially when its causes can’t be accurately determined. For the last few years, inventory shrinkage has annually cost U.S. retailers just under $50 billion combined. Paul Trujillo ( @TruPaultx ), a Product Marketing Manager at Informatics, reports, “According to the National Retail Federation, there are five main ways for your supply to disappear.”[1] Inventory shrinkage strategies.

Five Things You Need to Know about Inventory Optimization in the Digital Age

ToolsGroup

With all the buzz around digital transformation, someone peering in from outside supply chain may assume most businesses have already digitized essential tasks like inventory planning. This article will share five things you need to know about optimizing inventory in the digital age.

Omnichannel Retailing: The Savior of Non-Essential Retail for the COVID Crisis

Vinculum

Realizing the opportunity in times of crisis, several retailers have tweaked their strategy and focusing on strengthening the supply of essential commodities. Zero Footfall at Offline Retail Stores. How are the non-essential item retailers dealing with this scenario?

Replenishment 201: Monitoring Store-Level Inventory

SupplyPike

This month, we thought we’d dig in a little deeper and look into monitoring store-level inventory. It’s important to keep track of your traited and valid store counts to ensure you have sufficient inventory to cater to these stores (and especially if the store count changes).

Retail Inventory Management Tips to Get The Most Out of Your Warehouse

Cerasis

The wrong retail inventory management strategy increases carrying costs and makes it impossible to stay competitive. Common obstacles encountered when it comes to effective inventory management include having poor visibility into fast-moving versus slow-moving product, extensive travel times between bin locations, and lost revenue due to poor labor productivity. Count all physical inventory, using technology where possible.

Drone-Powered Digital Inventory

PINC

Even though 90% of inventory is stationary in the supply chain, according to industry experts, inventory accuracy at distribution centers, warehouses, and plants ranges from 89% to 99% *. In retail stores, this number drops to below 60% **. That’s because most of the inventory management process is still a manual activity. innovation inventory robotics Logistics Viewpoints warehouse drones

Editor’s Pick: The Ideal Inventory Optimization Approach for Omni-channel Retailers

Talking Logistics

In this post, Scott Fenwick, Manhattan Associates ’ senior director of product management, describes how to take inventory optimization in an omni-channel environment to the next level. Is there anything better for delighting customers than robust omni-channel retail experiences? There are many reasons why: When the distribution center (DC) is out of something displayed on the website, it can be fulfilled from store inventory.

The Best Way to Set Inventory Targets?

ToolsGroup

Source: Gartner, Cover Considerations—How to Optimize Retail and Consumer Product Inventory Targets, 2017. But I have to differ with the conclusions of a recent report, “ Cover Considerations — How to Optimize Retail and Consumer Product Inventory Targets.”.

Four Things You Probably Didn’t Know About Inventory Planning and Sustainability

ToolsGroup

I think it’s time we started spreading the good news: when you harness demand and inventory planning to slash unnecessary expenses and improve service to customers, you also reduce waste and support sustainability. Smart inventory planning cranks up manufacturing efficiency.

Retail supply chain management and the rise of fast fashion

Kinaxis

However, when it comes to the efficiency of today’s retail supply chain management techniques, controversy is replaced by admiration as international clothiers boast operations efficient enough to accurately anticipate demand in one of the world’s most rapidly changing industries.

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Consignment Inventory Management For Dummies

EMERGE App

So you just witnessed how consignment inventory works. What Exactly is Consignment Inventory? The retailer will only purchase the product when it is sold. In retail, all suppliers have products that they believe will sell if they can be put in front of consumers.

More Inventory, Less Warehouse Space: How Virtual Inventory Works

PLS Logistics

They want to order from anywhere, at any time - these empowered shoppers have changed fulfillment and transportation in retail supply chains. To enhance the customer’s shopping experience, retailers are building virtual inventories. Inventory Transportation Spend

The Next Big Thing in Inventory Optimization and Why You Need It

River Logic

These figures show that efforts at inventory optimization aren't bearing fruit as retailers grapple with the conflicting demands of omni channel retailing and, more recently, the unpredictability posed by trade wars and other global disruptions.

Inventory Allocation: How Retailers Can Find the Perfect Balance

Slimstock

Retailers face a real conundrum. On one hand, everything from the costs of raw materials to commercial retail space is always getting more expensive. Inventory Allocation Explained – Why You Need a Strategy. Inventory Allocation Rules: What Parameter Should Be in Place?

What’s New in Inventory Optimization?

ToolsGroup

Principal Analyst James Cooke of Nucleus Research just published his 2016 Inventory Optimization Value Matrix which highlights this year’s key trends, including functionality and usability. He reiterates why his firm sees inventory optimization (IO) solutions as so important.

With Tariffs In Flux, Digital Inventory Technology Might Be The Solution To Holiday Bloated Inventory Levels

Talking Logistics

The tariff situation has companies in a quandary as they debate whether to “load up” on inventory now — to ward off the impacts of potentially-higher tariffs on imported goods — or hold off for now and hope that the political environment calms and things get to back to “normal.”

Three Retail Industry Drivers Creating Pressure on Store Performance

Descartes

Having the right product displayed at the right time is crucial for retail store success. Yet, it’s a universal challenge facing a wide spectrum of modern retail environments, from traditional high-end and fast-fashion stores to seasonal and pop-up shops.

Apparel and footwear: At what point is missed sales better than excess inventory?

Kinaxis

The CEO went on to imply that losing sales was preferable to building excess inventory. Shouldn’t it be ok to build inventory in anticipation of demand surges, and then apply promotions to work through the excess? by Harish Iyer.

Five Types of Inventory Optimization You Should Know

ToolsGroup

Inventory configuration is usually the predominant issue in most manufacturing environments. Inventory policy is usually the predominant issue in most distribution environments. This risk pooling approach frequently requires less inventory. retail stores, eCommerce, etc.).