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6 steps to inventory optimization

Inventory is the lifeblood of your business. Strategically managing your inventory to optimize cash flow and product availability is crucial. By fully controlling your inventory levels, you can minimize waste while maximizing profitability. So, how do you achieve this perfect balance?

Identifying and managing supplier risk

Suppliers are a fundamental link in the supply chain over which you, as a business, have little control. There is always the inherent possibility that deliveries will not be on time, and even if they are, they may not be complete in terms of what you ordered.

Is software ownership a thing of the past?

Many senior managers that were born in the ’60s or ’70s were taught by their parents that it was better to buy software, buildings, and other assets to reduce the expenses incurred in interest and grow the capital value of the business. 

One size does not fit all – Classify your inventory

Throughout our lives, from the cradle to the grave, we are classified – classified according to our age, sex, religion, political views, demographics, hobbies, opinions, dietary choices, and many more. These classifications are used by companies to sell or market to us, or to determine our risk factors. 

How and when to choose an inventory management system

Your supply chain business may be at the stage on the inventory maturity curve where you want to consider extending your ERP functionality to provide better demand planning and forecasting functionality. You won’t be starved for choice as there are many solutions available today.

How job roles will change as a result of 4IR

Some form of energy fuelled the 1st, 2nd, and 3rd industrial revolutions. The 1st revolution used steam, the 2nd , electricity; the 3rd saw the emergence of nuclear energy and the rise of electronics with the microprocessor as well as the rise of telecommunications and computers. 

Extend your demand planning in Acumatica

In a previous blog post, we looked at the difference between Inventory Control and Inventory Management. Today, we want to look specifically at Acumatica, a true-cloud ERP application that has seen significant growth over the last few years. Our primary focus here will be on how it helps users with inventory tasks and where inventory-based businesses may need an additional tool.

The types of inventory loss and how to minimize your risk

Inventory loss is either a result of admin mistakes, spoilage/stock damage, expired products, or even theft, all of which can end up being a substantial amount of loss if there are no prevention plans in place. Let’s look at some ways to minimize these losses before they put you out of business.

Inventory Control Vs Inventory Management

In today’s technologically advanced business landscape, you are doing a massive injustice to your business by not automating your inventory processes. It doesn’t need to cost you large sums, and you will undoubtedly see an ROI within a few months at the very latest, so the risk in this investment is minimal

How automated is your supply chain?

In previous articles, we’ve looked at the real cost of inventory and at the internal and external factors that affect your inventory planning and management. In this article, we’ll look at Artificial Intelligence, IOT, and Machine Learning to see how this technology is impacting companies today by reducing costs, streamlining efficiencies, and even saving lives.