Have you ever faced a situation where a customer orders an item that’s out of stock? Or perhaps you’ve found your #warehouse overflowing with products that aren’t selling? Traditional inventory management methods, including those based on paper records and static spreadsheets, are time-consuming, inefficient, and prone to error. 🚫 Statistics show that when customers order something from a site and instead of receiving an order confirmation, they receive a message that the product is out of stock, 45% of the time they will not shop there again. Inventory chaos also creates unnecessary costs associated with #overstocking and #understocking. According to statistics, the amount is as high as $818 billion per year - 52% of which is due to out-of-stocks and 44% of which is due to overstocks. 😱 Let's look at the statistics: 👉 Only 63% of US retail operations maintain accurate inventory records. 👉 34% of businesses have sold products that were not actually in stock, leading to delays and customer dissatisfaction. 👉 43% of small businesses do not actively monitor their inventory, and 21% admit they have no stock at all at times. The good news? These challenges can be overcome, or at least reduced. Here’s how technology can make a difference: ⭐ #IMS - Also referred to as an inventory system, is the method used to monitor your products throughout your entire supply chain, from the point of purchase through manufacturing and ultimately to final sales. This is key to preventing potential problems such as over-selling and over-stocking across all sales channels. ⭐ #Automation - All warehouse processes could be automated with the help of sensors and analytics, leading to real-time inventory visibility. 72% of retailers want to adopt this approach to revolutionize their supply chain. Due to automation, errors in the process of automation have been reduced to a great extent. ⭐ #Demand forecasting tools - companies can implement demand forecasting and analysis tools to understand and anticipate consumer needs. This allows inventory levels to be adjusted to avoid overstocking and product shortages. In summary, updating inventory remains a challenge that generates significant losses. With the right systems in place, these losses can be significantly reduced. If you run an online store and are having problems #tracking your inventory, contact us. We can help you choose and implement the right system to keep track of your orders and inventory. — Michał Skorus from our team recently wrote a helpful blog post about setting up webhooks on the #Shopify platform. For example, the #InventoryLevel webhook can allow you to receive a low stock notification and automatically place an order for more stock. Webhooks can also send triggers to notify you when a product's ideal inventory level is exceeded. Check out this post to learn how to set up webhooks in your store: https://lnkd.in/dcfU3Hi9
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✍𝑩𝒂𝒍𝒂𝒏𝒄𝒊𝒏𝒈 𝑺𝒖𝒑𝒑𝒍𝒚 𝒂𝒏𝒅 𝑫𝒆𝒎𝒂𝒏𝒅: 𝑻𝒉𝒆 𝑨𝒓𝒕 𝒐𝒇 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝑺𝒕𝒐𝒄𝒌 𝑹𝒆𝒑𝒍𝒆𝒏𝒊𝒔𝒉𝒎𝒆𝒏𝒕® Would you like to uncover the critical importance of maintaining optimal stock levels? What risks are associated with excess inventory, and what challenges emerge from insufficient stock? If you're eager to gain deeper insights, let's explore the intricacies of Stock Replenishment. 🎯𝑾𝒉𝒂𝒕 𝑰𝒔 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝑹𝒆𝒑𝒍𝒆𝒏𝒊𝒔𝒉𝒎𝒆𝒏𝒕? Inventory replenishment involves efficiently moving items through the supply chain to fulfil customer demand promptly while minimizing inventory expenses. This process includes reordering materials or products and transferring them between reserve and primary storage or from storage to warehouse order-picking areas, ensuring a smooth flow of products. 🎯𝑾𝒉𝒚 𝑰𝒔 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝑹𝒆𝒑𝒍𝒆𝒏𝒊𝒔𝒉𝒎𝒆𝒏𝒕 𝑰𝒎𝒑𝒐𝒓𝒕𝒂𝒏𝒕 𝒇𝒐𝒓 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔𝒆𝒔? An efficient inventory replenishment process ensures prompt order fulfilment, leading to satisfied customers, increased profitability, and reduced costs. Key benefits include: 🎯𝑯𝒆𝒍𝒑𝒔 𝒂𝒗𝒐𝒊𝒅 𝒔𝒕𝒐𝒄𝒌𝒐𝒖𝒕𝒔: A well-executed stock replenishment strategy prevents stockouts and backorders, avoiding the frustrating scenario of being unable to fulfil orders due to insufficient stock. 🎯𝑰𝒎𝒑𝒓𝒐𝒗𝒆𝒔 𝒄𝒖𝒔𝒕𝒐𝒎𝒆𝒓 𝒔𝒂𝒕𝒊𝒔𝒇𝒂𝒄𝒕𝒊𝒐𝒏: Minimizing stockouts enables companies to process more orders quickly, leading to increased revenue and profit. Conversely, frequent stockouts can frustrate customers, potentially pushing them to rival suppliers. 🎯𝑷𝒓𝒆𝒗𝒆𝒏𝒕𝒔 𝒐𝒗𝒆𝒓𝒔𝒕𝒐𝒄𝒌𝒊𝒏𝒈: Effective inventory replenishment prevents excessive stockpiling, which can be nearly as harmful as inadequate stock levels. Overstocking also leads to increased carrying costs and ties up capital that could be better used to fuel business growth. 🎯𝑳𝒐𝒘𝒆𝒓𝒔 𝒔𝒉𝒊𝒑𝒑𝒊𝒏𝒈 𝑪𝒐𝒔𝒕: Optimizing stock replenishment helps companies keep shipping costs under control. When companies reorder at the right time for goods to arrive by the time they're needed via regular shipping. Good stock replenishment processes can vary widely from one company to another. 🎯𝑯𝒆𝒓𝒆'𝒔 𝒂 𝒕𝒚𝒑𝒊𝒄𝒂𝒍 𝒇𝒐𝒖𝒓-𝒔𝒕𝒆𝒑 𝒔𝒕𝒐𝒄𝒌 𝒓𝒆𝒑𝒍𝒆𝒏𝒊𝒔𝒉𝒎𝒆𝒏𝒕 𝒑𝒓𝒐𝒄𝒆𝒔𝒔: 💡Demand forecasting 💡Warehouse Space Optimization 💡Reordering 💡Continuous monitoring The approach of the inventory management team on data analytics tools like Tiger Graph technology can significantly impact customer satisfaction and business success, making stock replenishment, whether periodic or on-demand, crucial for businesses serving customers. Share your insights! What strategies have you discovered to be the most effective in Optimizing Stock Replenishment? Drop them in the comments below. #StockReplenishment #InventoryManagement #SupplyChainOptimization #LogisticsStrategy #InventoryControl #DemandForecasting #Tigergraph
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Helping sales teams automate repetitive processes with AI agents. Co-founder at Locale.ai. Forbes 30U30 Asia.
How to manage D2C inventory and make sure you have enough stock to serve your customers? Wrong answer ❌ Manually check Excel sheets and BI dashboards to monitor stock levels. Not only is this process slow and cumbersome, it just doesn’t work! By the time you realize that you are running out of stock, the damage is already done. Correct answer ✅ Create advanced inventory reports and set up alerts and escalations on top of those reports. Alerts set up at reorder points or at stockouts help your operations team become proactive and fix the inventory shortage before it impacts your sales. Here are 2 examples of how you can go about this ⚠ WHEN STOCK IS BELOW REORDER POINT 👇 🔔 Alert: Inventory Managers or Merchants get an Alert when an SKU has breached its Reorder Point. ⛑ Followup Action: The Inventory Manager (or) Seller/Merchant reorders the SKUs according to projected demand. 📈 Business Impact: Improves the product's availability and reduces lost business opportunities due to stockouts. 🚫 WHEN INVENTORY GOES OUT OF STOCK 👇 🔔 Alert: Sellers/Managers get alerted when a product/SKU is facing an OOS or Stockout event. ⛑ Followup Action: Delist the Product (or) show stockout messages with replenishment dates to customers. Replenish the stockout Products/ SKUs. 📈 Business Impact: Increased transparency by providing back-in-stock dates improves user reactivation/retention and prevents loss in revenue. We recently wrote about using alerts and triggers on inventory re-order points and stockouts. Check it out here: https://lnkd.in/dSsETZmc #inventorymanagement #d2c #retail #ecommerce #alerting #operations
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𝐖𝐡𝐲 𝐚𝐧 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐭 𝐈𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐲 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐢𝐬 𝐂𝐫𝐮𝐜𝐢𝐚𝐥 𝐃𝐮𝐫𝐢𝐧𝐠 𝐏𝐫𝐨𝐦𝐨𝐭𝐢𝐨𝐧𝐚𝐥 𝐏𝐞𝐫𝐢𝐨𝐝𝐬 Yes, we have seen some retailers suffering during their promotional period - mainly because what their ERP system says on their inventory is not the reality 🫨 Promotional periods are a great opportunity to boost sales and generate excitement among customers. However, they also pose unique challenges for businesses, especially in terms of inventory management. Here are some key reasons why having an efficient inventory process is essential during promotional periods: 📍Accurate Inventory Forecasting: Accurately predicting demand is crucial during promotions, as overstocking can lead to financial losses due to discounts, while understocking can result in lost sales and customer frustration. 📍Dynamic Inventory Replenishment: Promotional periods often experience sudden spikes in demand, requiring businesses to swiftly replenish their inventories. A streamlined replenishment process ensures that products are available to meet customer demand without incurring unnecessary costs. 📍Effective Stock Control: Maintaining strict control over stock levels during promotions is critical to prevent stockouts and overstocks. By tracking inventory movement and utilizing real-time data, businesses can make informed decisions about ordering and replenishment. 📍Inventory Optimization: Optimizing inventory levels for promotional periods requires a balance between meeting demand and avoiding excessive costs. By analyzing historical data and customer behavior patterns, businesses can determine the ideal inventory levels for each product during promotions. 📋Improving Inventory Management during Promotional Periods can be done combining expertise, tech and processes 🔥🔥Reach out a wizard Bastien RENAULT or Omar Elkateb #stocktake #inventory #datascan #frequentiel #sale
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Unreliable inventory availability is crushing your customers’ trust. Optimizing operations and enhancing efficiency hinge on effective demand management. However, the adoption of omni-channel selling can complicate things, leading to a disparate system that requires manual data cleansing and undermines efficiency goals. Imagine this: A customer places an order online expecting smooth progress and has already informed their team and collaborators about the secured purchase. Their project relies on it. However, minutes tick by, and the outdated inventory system still shows the item as available. Suddenly they receive an email that the item is actually out of stock. Disappointment erodes trust, impacting not only the customer but also those relying on the promised availability. Plans crumble, schedules shift, and frustration mounts. The lost sale is just the start. The customer frantically addresses internal disruption caused by unreliable data, possibly seeking alternative suppliers. A simple inventory issue snowballs into a major operational headache fueled by inaccurate information and delayed updates. Real-time ecommerce emerges as a powerful catalyst in overcoming these challenges, revolutionizing how manufacturers navigate the complexities of demand. Beyond merely informing customers about inventory availability, real-time ecommerce offers additional benefits: **Automatically adjust pricing when inventory is low or in demand **Provide accurate inventory levels within a sales portal for your road warriors **Automatically re-order raw materials or components as needed from suppliers **Send automatic notifications when inventory is low or repurchase timeline is approaching Switching to real-time ecommerce allows businesses to react quickly to changing demand and improve their overall inventory management, making things run smoother for everyone. #inventorymanagement #leaninventorymanagement #realtimeecommerce
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BLOG POST // Inventory Nightmares? Wake Up! If chaos is your thing, keep doing what you're doing. But if you're tired of stockouts, overstocking, and the endless guessing game – it's time for a reality check. Staying ahead in manufacturing, wholesale, e-commerce, and retail means making precise decisions. The problem: Conventional methods. That’s where advanced demand forecasting steps in. Here’s what you’ll get out of it: - accurate demand trends - reduced inventory costs - improved supply chain efficiency - increased customer satisfaction In our blog post we dive into the benefits of advanced demand forecasting and look at how it can reshape your business. ——————————— Ready to be proactive rather than reactive? Take control of your inventory and watch your business grow. Get a FREE 14-day trial today. Just go to https://lnkd.in/dhGuxH45 ——————————— P.S. Hit that ‘Repost’ button if you found value in it, don't keep it to yourself! Give your network a taste of the insights that can transform businesses. https://lnkd.in/dXp4WQQr #manufacturing #wholesale #retail #ecommerce #demandforecasting #supplychain #efficiency #customersatisfaction #cashflow #sustainability #businessgrowth
Optimising Business Performance: Harnessing the Benefits of Advanced Demand Forecasting
stocktrim.com
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Inventory Nightmares? Wake Up! If chaos is your thing, keep doing what you're doing. But if you're tired of stockouts, overstocking, and the endless guessing game – it's time for a reality check. Staying ahead in manufacturing, wholesale, e-commerce, and retail means making precise decisions. The problem: Conventional methods. That’s where advanced demand forecasting steps in. Here’s what you’ll get out of it: - accurate demand trends - reduced inventory costs - improved supply chain efficiency - increased customer satisfaction In our blog post we dive into the benefits of advanced demand forecasting and look at how it can reshape your business. ——————————— Ready to be proactive rather than reactive? Take control of your inventory and watch your business grow. Get a FREE 14-day trial today. Just go to https://lnkd.in/dhGuxH45 ——————————— P.S. Hit that ‘Repost’ button if you found value in it, don't keep it to yourself! Give your network a taste of the insights that can transform businesses. https://lnkd.in/dXp4WQQr #manufacturing #wholesale #retail #ecommerce #demandforecasting #supplychain #efficiency #customersatisfaction #cashflow #sustainability #businessgrowth
Optimising Business Performance: Harnessing the Benefits of Advanced Demand Forecasting
stocktrim.com
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In an era marked by inventory challenges, learn how #revenue operations and intelligence software can enable sales reps to pinpoint opportunities to sell excess and stockout inventory. Read 👉 https://lnkd.in/gqQhbuvF #sales #inventory #management #supplychain #volatility #B2B #datascience #data #saleops #saleoperations #revenueintelligence
Equip Sales Reps to Sell Excess and Stockout Inventory
resources.zilliant.com
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Significant years of experience in warehouse/inventory/supplychain logistics, operating heavy-load movement equipment (e.g., forklifts, pallet jacks, equipments)
𝗗𝗼 𝘆𝗼𝘂 𝗸𝗻𝗼𝘄 𝘁𝗵𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝘀 𝗼𝗳 𝗗𝗲𝗺𝗮𝗻𝗱 𝗙𝘂𝗹𝗳𝗶𝗹𝗹𝗺𝗲𝗻𝘁 𝗳𝗼𝗿 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁? 𝓓𝓮𝓶𝓪𝓷𝓭 𝓯𝓾𝓵𝓯𝓲𝓵𝓶𝓮𝓷𝓽 𝓓𝓮𝓯𝓲𝓷𝓲𝓽𝓲𝓸𝓷 Demand fulfilment refers to the process of meeting customer demand by ensuring products are available and ready for sale. In inventory management, this means maintaining the right stock levels to service customer orders without interruption. 𝕀𝕞𝕡𝕠𝕣𝕥𝕒𝕟𝕔𝕖 Ensuring effective demand fulfilment prevents stockouts, leading to lost sales and potentially dissatisfied customers. Conversely, it also avoids overstocking, which can increase holding costs and the risk of obsolescence. ℂ𝕠𝕞𝕡𝕠𝕟𝕖𝕟𝕥𝕤 𝟭. 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁𝗶𝗻𝗴: Predicting future sales based on historical data, market trends, and other influencing factors. 𝟮. 𝗥𝗲𝗽𝗹𝗲𝗻𝗶𝘀𝗵𝗺𝗲𝗻𝘁: Restocking inventory based on forecasted demand and current stock levels. 𝟯. 𝗢𝗿𝗱𝗲𝗿 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁: Handling customer orders efficiently from placement to delivery. 𝟰. 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Keeping all stakeholders informed about inventory status, potential delays, or changes. ℂ𝕙𝕒𝕝𝕝𝕖𝕟𝕘𝕖𝕤 𝟭. 𝗜𝗻𝗮𝗰𝗰𝘂𝗿𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁𝘀: Predictions that don't align with actual sales can lead to stockouts or overstocking. 𝟮. 𝗟𝗲𝗮𝗱 𝗧𝗶𝗺𝗲 𝗩𝗮𝗿𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆: Inconsistent lead times from suppliers can disrupt replenishment plans. 𝟯. 𝗖𝗵𝗮𝗻𝗴𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗖𝗼𝗻𝗱𝗶𝘁𝗶𝗼𝗻𝘀: Events like promotional campaigns or external factors like economic downturns can unexpectedly influence demand. 𝕊𝕠𝕝𝕦𝕥𝕚𝕠𝕟𝕤 𝟭. 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗲𝗱 𝗦𝘆𝘀𝘁𝗲𝗺𝘀: Use of Enterprise Resource Planning (ERP) and other software tools to unify various inventory processes. 𝟮. 𝗥𝗲𝗴𝘂𝗹𝗮𝗿 𝗥𝗲𝘃𝗶𝗲𝘄: Periodically revisiting forecasts and adjusting based on actual sales and external factors. 𝟯. 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻: Working closely with suppliers to ensure consistent lead times and priority replenishment when necessary. #warehousemanagement #retailmanagement #ecommercegrowth #operationsmanagement #inventorymanagement #supplychainmanagement
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