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In our previous blog posts, we looked why you should classify your products into ABC and how exactly to do that. So now that you’ve learned more about the benefits of classification, the next logical question is “What do I do with it?”

The general rule of thumb is gaining a new customer is more expensive than keeping an existing customer. Losing a customer hurts sales today while shrinking the company’s growth potential going forward.

Classifying stock items will allow demand planners to focus their efforts and allocate resources on the most significant items in their inventory.

Our crew here at Netstock just wrapped up a successful and busy Sage Summit 2016. As many of you know, we go to market as Sage Inventory Advisor in the Sage Software world, delivering affordable inventory optimization by coupling with a wide variety of the company’s ERP offerings.

We have identified that there are hidden costs associated with choosing Excel as your inventory planning tool of choice, highlighted that the problems usually start with your data, and suggested that ever-increasing complexity impacts sustainable inventory outcomes.

What data do you need to drive planning spreadsheets? 

In what way are these helpful?  In this post, we’ll look at how and why policy impacts your inventory and whether or not the model is of any practical value to a business owner.

A customer case study

An all too common scenario:  Your company carries inventory to satisfy customer requirements yet no matter how much time you spend trying to calculate the perfect quantity to order:

In inventory discussions we often hear the word “classification” and that it is an essential part of the fundamentals of inventory. What is meant by “classification” and why is it so important?

Minimize inventory stock-outs by implementing efficient inventory management strategies. Work with accurate forecasts, improve safety stock levels, develop strong supplier relationships, and more!