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Category Archives: Inventory Management

Tips to Improve Your Inventory Management in 2021

Real Time Inventory ManagementWith production uncertain during this unprecedented global pandemic, one of the best things your e-commerce business can do is to improve its inventory management. By equipping yourself with a streamlined and improved inventory management system, you’ll be better suited to handle the uncertainties in production chains that now plague businesses of all types and sizes.

The good news is that you don’t need a ton of capital or resources to improve your real-time inventory management. With the addition of strong inventory management software and a few improvements made to your process, you can begin to see immediate benefits.

That in mind, let’s explore several tips that will help you improve your inventory management in 2021.

Setting a Minimum Stock Level

There’s no faster way to annoy a customer than by advertising a product only for them to go online and find that the product is out of stock. In addition, by not having the product in stock when the customer logs on, you’re actually losing out a on pretty easy sale.

Don’t let that revenue evaporate! Instead, ensure that you have minimum stock levels in place that will trigger when an item gets down to a certain quantity. Once that level is reached, a minimum stock level informs you that’s time to buy more of that product in order to meet demand.

This helps your business remain ready to fulfill orders while also avoiding tying up money in stock that just sits on the shelves, waiting to potentially be sold off.

Improving Your Process

One thing that nearly all these improvements have in common is that they rely on a process that is reliable, accurate, and delivers useful data that will help inform future actions.

In other words, by streamlining your process and collecting data that can then be used to power metrics, analytics, and key performance indicators, you’ll create a feedback loop where the process is continuously self-improving the more efficient it gets and data it acquires.

Understanding Your Supply Chain

Now more than ever it’s critical that you understand your supply chain.

With so many disruptions coming about as a result of the pandemic, if you understand where your supply chain is strongest and where it is most vulnerable, you can begin to make contingency plans that will account for supply chain interruptions.

Contact more reliable suppliers, use analytics to predict when stock demand will surge, and keep gathering information regarding potential threats to your supply chain (like pandemic news) in order to keep your ship running in optimal shape.

Allocating Inventory Resources Effectively to Match Demand

Use data and metrics to determine which products are set to become hot at which times, which can help you plan for seasonal rushes and similar recurring, predictable changes. This can be accomplished by having a keen understanding of your client and your products.

Be Ready for the Unexpected

By definition, you can’t plan for the unexpected. But that doesn’t mean you can’t strengthen your business so that it’s more readily able to meet unexpected circumstances. Having contingency plans for supply chains and even delivery methods is a great way to account for these unforeseen scenarios.

Get Industry-Leading Service from APS Fulfillment, Inc. for All Your Inventory Requirements

Real-time inventory management can be stressful. There’s a lot of moving parts—and a lot of money on the line.

Every misstep can mean a lost customer and lost revenue.

The tips above help, but if you really want to improve your inventory management, APS Fulfillment, Inc. is your inventory management expert. Our software allows you and your customers to place an order and track its progress quickly and effortlessly.

Get in touch with us and book a consultation by calling (954) 582-7450 or email [email protected].

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How to Reduce Inventory Write-Offs

reduce inventory write-offs

A dreaded term in the fulfillment industry is inventory write-off. It is the formal recognition that some of a company’s inventory no longer has value and cannot be sold. Sometimes inventory write-offs are necessary; sometimes items go out of style and need to be reworked or recycled for another purpose. Other times, a product gets damaged in the warehouse, either during storage or transportation, and has to be written-off. If write-offs happen here or there, it won’t cause a huge loss to your organization; however, if they are happening frequently, it indicates that your company has poor inventory management. Here are some important tips on how to prevent and reduce inventory write offs with a proper inventory management system in place.

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9 Steps to Solve Common Inventory Problems

Common Inventory Problems

Any organization that stores items in its warehouse needs some sort of inventory management. Without a proper strategy in place, your organization will face multiple challenges that could cost you money, waste time, and lead to poor customer service. Since the marketplace is constantly changing, you need to be able to adjust your processes to adapt to unexpected shifts. If you work within the e-commerce realm, you already know how important inventory efficiency is to draw in more customers and meet their demands. If you want to have a positive brand reputation, you will need to provide exceptional service at top speeds—after all, this is what customers expect. Here how to solve common inventory problems to ensure better product availability, customer service, and efficiency across the board

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Why Your Business Needs Real-Time Inventory Management

What is real-time inventory management and why does it matter? Real-time inventory management is the process of keeping track of inventory sales and purchases as soon as they occur by using software that gives the entire company a picture of what’s happening. It allows your organization to have the information it needs to react faster to specific needs in the supply chain. Real-time systems record every transaction immediately, to allow for greater accuracy than periodically updating the inventory at certain intervals. Here are the benefits of real-time inventory management and why you should implement it in your supply chain.

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How to Improve Stock Control

How to Improve Stock Control

Inventory management is one of the most important aspects of a successful business. Understanding the need for effective stock control is only part of the solution. You should also know how to implement it and make the most of it. There are various reliable strategies for improving inventory control, such as characterization, integrated mobile technology, warehouse management systems, and supplier relationship management. These strategies and more provide a foundation to improve your inventory management. If you’re wondering how to improve stock control, here are some tips to consider.

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How to Identify Slow Moving Inventory

Slow Moving Inventory

Slow-moving inventory is defined as stock that has had little customer demand over a certain period of time. But how do you identify slow-moving inventory? What qualifies as little customer demand? All of these questions are important to ask yourself when reviewing your inventory strategy. If your focus is on growing your business and staying ahead of your competitors, it’s important to dedicate time to improving your fast-moving inventory and managing the slow movers. Here’s why slow movers are a problem and how you can identify them to establish a strong growth strategy.

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Common Inventory Mistakes e-Commerce Startups Make

If you’re new to the e-commerce industry, you may have some concerns regarding setting up an effective web site, finding your target customers, meeting your customers’ needs with your products or services, and providing quality customer service. Among these concerns, the most important aspect is solving inventory management challenges. Inventory management is so important because it affects every other area of your business. Managing inventory can be challenging for well-established businesses, so ensuring your startup is prepared to avoid inventory management mistakes is key to your success. Here are the most common inventory management mistakes by e-commerce startups and how you can get help to prevent these mistakes.

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Inventory Management Techniques to Save Money

Inventory management save money

When most people think about inventory management, they instantly get a headache from thinking of the overwhelming number of items to count and organize. However, developments in technology have allowed many businesses to access inventory management software that makes this process tremendously simpler. Instead of manually tracking everything, the software records the information and provides statistics and measurable data for you, and anyone in your network that you allow. Are you ready to save money with inventory management techniques? Here are some tips to follow.

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Debunking Top Myths about Inventory Management

Inventory management myths debunked

Inventory management is not a simple task for many e-commerce businesses. You may either have too much or too little in stock or may have difficulties monitoring the movements of your products in and out of your warehouse. Inventory management software can help you prevent problems like these, by automating the process as much as possible. However, there are many misconceptions about inventory management that have led businesses to hold off on including it in their operations. Here are the most common inventory management myths and why this software is so important to your success.

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10 Key Inventory Metrics for Small Businesses

inventory managementProducts come in and out, but you should be in control of that cycle at all times. And if you run a small business or fulfillment company, you have to; your success depends on it.

If you’ve never given much thought to inventory metrics, here are 10 factors to take note of:

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