Inventory System Concern: Should Companies Always Maintain Peak Season Stock?

Cerasis

As reported by Supply Chain Dive, “2020 has been a slow year for retailers due to the COVID-19 pandemic, and the upcoming sales are a great opportunity to boost sales and make up for the.read More. The post Inventory System Concern: Should Companies Always Maintain Peak Season Stock?

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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 post Using Technology to Improve Inventory Management appeared first on Transportation Management Company | Cerasis. Inventory Management Supply Chain Technology Improve Inventory Management

Digital Inventory Management Key Battleground in Transformation of Brick-and-Mortar Retail

Cerasis

As e-commerce growth accelerates, shippers are working overtime to manage available inventory. Although e-commerce represents 10 percent of total retail sales, it has had an interesting effect. Use big data for simulations and modeling to understand inventory flow in brick-and-mortar.

Inventory Replenishment Underway

Logistics Trends and Insights

Census Bureau inventory data, for June, indicates the need for inventory replenishment as the seasonal-adjusted sales to inventory ratio declined to 1.37 Total business inventories declined 2.3% for June/May while inventories declined 5.8% Inventory Replenishment.

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.

H&M Supply Chain Strategy - Successful Retail Inventory Control

TradeGecko

Globally recognised for being a successful and expansive retail giant in terms of market and financial prosperity, H&M's. Inventory Management Best PracticesFashion isn't just all about dressing up and H&M's supply chain procedures are a testament to that.

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.

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. In business there are many drivers of inventory, and the management of inventory levels requires discipline and a cross-functional focus. What Drives Inventory Effectiveness?

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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What Happens to Retail in Fall 2020?

Logility

As retail companies enter the traditional “back-to-school” selling season, we must acknowledge there is nothing traditional about BTS 2020. Organizations across the world have been forced to pivot selling and inventory strategies to address the many issues brought on by Covid-19.

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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. Look at the recent performance of retailers J. Inventory distortion” (the combined cost of out-of -stocks and overstocks) accounts for $1.1 Inventory Optimization Multichannel

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.

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. This is not as regular an event as it may be for senior management but due to the imminent arrival of a few dry and summery days, I was in need of new shorts and T-shirts.

The Inventory Accuracy “Confidence Gap”

Talking Logistics

Note: The following is an excerpt from “ Omni-Channel Logistics Leaders: 5 Key Insights to Improve Inventory Performance for 2019 ,” based on research conducted by Adelante SCM and LEGACY Supply Chain Services with input from nearly 100 supply chain professionals from retail, manufacturing, and logistics service providers companies in the United States and Canada. And it begins with improving their inventory accuracy. The Inventory Accuracy “Confidence Gap”.

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.

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. Lean supply chain and inventory management enable Small Medium Businesses (SMB) to improve efficiency and increase profits. What is Lean Inventory Management? Flow: Understand how inventory flows in your warehouse and apply Lean principle: 5S to clear any obstacles that do not add up.

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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.

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. But with today’s product proliferation and demand complexity—including now often the need to operate as a satellite fulfillment center for orders rung up online—it’s more difficult for individual retail sites to create accurate forecasts and optimize their inventory and replenishment process.

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. The equivalent of 7% of America’s GDP is tied up in inventory, and accounts receivable and payable. Implementing inventory optimization. The challenges of inventory optimization can be immense.

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

What is Inventory Shrinkage?

Supply Chain Game Changer

Featuring Our 10 Best Inventory Management Articles! Inventory Shrinkage article and permission to publish here provided by Jake Rheude at redstagfulfillment.com. There are many terms for inventory shrinkage: warehouse shrinkage, product shrinkage, loss of product. At point of sale, stores can experience retail shrinkage from breakage and shoplifting. Here’s everything you need to know to calculate and prevent inventory shrinkage. Causes of inventory shrinkage.

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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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.

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. It’s about learning to transition from long-held inventory systems and processes, having new conversations across logistics and sales, and the shifting role of supply chain planners. This article will share five things you need to know about optimizing inventory in the digital age.

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.”. In their report, Gartner has correctly identified the complexities of setting optimized inventory targets, but I would argue that they haven’t proposed the best way to solve it.

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.

Inventory Optimization 101 – Smart & Effective Inventory Management

ThroughPut

What is Inventory Optimization? Inventory Optimization is defined as a method of balancing the manufacturers’ capital investment constraints and goals along with the defined service-level goals over a large assortment of stock-keeping units (SKUs) while considering all demand and supply volatility situations. It includes the practice of having the right levels of inventory to meet your target service levels while keeping a minimum amount of capital locked for inventory.

Inventory Optimization 101 – Smart & Effective Inventory Management

ThroughPut

What is Inventory Optimization? Inventory Optimization is defined as a method of balancing the manufacturers’ capital investment constraints and goals along with the defined service-level goals over a large assortment of stock-keeping units (SKUs) while considering all demand and supply volatility situations. It includes the practice of having the right levels of inventory to meet your target service levels while keeping a minimum amount of capital locked for inventory.

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. Many popular social platforms have dedicated marketplace options and large groups of potential buyers whom your retailing business can reach with very little effort and expense.

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.

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. Virtual inventory is an all-inclusive list of a company’s products that can be sold to a consumer; the products might be in a retail store, stock room or warehouse. Inventory Transportation Spend

Retail Compliance Programs: How to Exceed Retailer Expectations

CH Robinson Logistics

The retail industry is evolving and adapting to new consumer demands which is shifting the supply chain landscape. Retailers expect more supply chain visibility, shorter delivery times, and real-time connectivity from shippers and carriers. Compliance programs vary by retailer but the intent is consistent across the industry—have the right product in the right location at the right time while removing waste. Inventory management .

Optimizing Inventory Management for Online Retail

RELEX Solutions

Online stores — whether for a pure e-commerce retailer or as part of an omnichannel operation — allow retailers to offer customers a vast assortment that simply can’t be rivaled by traditional brick and mortar locations. The pace of online retail is simply too fast for that.

The Retail Apocalypse Deepens

Enterra Insights

Years before the novel coronavirus pandemic shut down economies, analysts were writing about the retail apocalypse and what it would take for brick-and-mortar retailers to survive. Analysts generally cite three contributing factors for the retail apocalypse: overbuilding, too much debt, and e-commerce (aka the Amazon Effect). ”[2] The simple answer is: No retail will emerge intact. Every retailer has suffered a hit during the pandemic.

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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. Interestingly, he notes that while most companies justify inventory optimization based on inventory savings, improving service to customers is actually the biggest motivation and payback in most projects.