Inventory Replenishment Strategies that Increase Profits

EazyStock

What is Inventory Replenishment? Inventory replenishment is the process of moving stock items along the supply chain to ensure inventory levels are sufficient to cover demand. Inventory Replenishment Strategies to Boost Profitability. Blog Purchasing & Replenishment

ERP inventory management – how advanced is your ERP?

EazyStock

This can include statistical demand forecasting , advanced inventory planning and automated replenishment activities. Can you recognize the warning signs that your business needs automated inventory planning and replenishment ? What is ERP inventory management?

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6 Inventory Control Techniques for Stock Optimization

EazyStock

For example, you should consider setting different service levels, safety stock levels and reordering parameters for each category. Fine-tune your stock replenishment strategies. Blog Demand Forecasting Inventory Optimization Purchasing & Replenishment

Using ABC Analysis in Inventory Management

EazyStock

See an example of ABC analysis in action here. For example, you may want to focus on improving the service levels of your A class products, over your Bs and Cs by increasing your safety stock levels. Blog Inventory Optimization Purchasing & ReplenishmentWhat is ABC Analysis?

Post-COVID Supply Chain Planning: Steps to Take Now for Rapid Recovery

Speaker: Dave Food, Strategy Director at Prophetic Technology

Supply Chain Executives need to empower their teams to navigate through and beyond the impact of COVID-19 with powerful insights and integrated supply chain networks so that real-time change can be quickly responded to and organizations can come out of this leading from the front. Join this webinar with Dave Food, Strategy Director, Prophetic Technology, who will provide insights into planning for a post-COVID world.

How to Improve Inventory Turnover with Inventory Optimization

EazyStock

In these situations you have to think smartly and weigh the costs against each other for replenishment. For example, EazyStock has an order fill-up feature that allows you to work to minimum order quantity, value or weight restrictions.

How to Find the Right Economic Order Quantity

EazyStock

Let’s take a look at an example. In the example above, the EOQ determined that the warehouse would be placing orders for fidget spinners approx. In our example, the demand for fidget spinners was 15,000 per year, and EOQ was approx. What is Economic Order Quantity (EOQ)?

How to Calculate and Apply ABC Classification of Inventory

EazyStock

We’re going to use Frank’s Fasteners business as the example: 1. For example, it makes sense to treat AX items (that are valuable and have a constant demand) differently than AZ items (with erratic demand).

How to Optimize Inventory Management for eCommerce

EazyStock

For example: With such different demand patterns, it doesn’t make sense to treat every product the same. In each case the future demand forecasting, replenishment and safety stock calculations need to be treated differently. Accurate eCommerce inventory replenishment.

8 Signs You Need Inventory Planning Software

EazyStock

But unfortunately for inventory management teams, ERPs often lack functionality when it comes to more sophisticated inventory planning and replenishment requirements. Dealing with back orders and expediting replenishment orders is inefficient and costly for any business.

How To Improve Stock Availability

EazyStock

Introducing inventory optimization methods to your inventory management practices ensures that supply and demand volatility is considered when setting your demand forecasts, stock levels and replenishment parameters. Review your Stock Replenishment Rules.

5 Inventory Reduction Strategies to Drive Cost Savings

EazyStock

For starters, EazyStock has a powerful forecasting engine that uses a range of statistical algorithms to calculate demand, including seasonality and trends, to ensure replenishment meets market demand variances, no matter how subtle.

How to Find the Right Economic Order Quantity

EazyStock

Let’s take a look at an example. In the example above, the EOQ determined that the warehouse would be placing orders for fidget spinners approx. In our example, the demand for fidget spinners was 15,000 per year, and EOQ was approx. What is Economic Order Quantity (EOQ)?

Inventory Carrying Costs & How They Impact Profitability

EazyStock

Storage costs will vary dependent on your type of storage; for example if you own your own warehouse, you may have more control over your costs than if you use a Third Party Logistics (3PL) provider. Blog Purchasing & ReplenishmentMaintaining cost-effective inventory levels is critical for any manufacturer, wholesaler, supplier or retailer. But just how much inventory is the right amount to hold?

4 Reasons for Carrying Safety Stock Inventory

EazyStock

They then fall back on trial and error or rule-based approaches to both cycle stock and safety stock inventory such as holding a certain number of weeks of historical average demand – for example, 4 weeks of cycle stock and 2 weeks of safety stock. For example, if your supplier is unexpectedly closed for a week or if there is a disruption of your order in transit, you don’t waste time fulfilling orders to your customers with safety stock.

EazyStock vs your ERP: Who wins the inventory management battle?

EazyStock

In Microsoft Dynamics NAV for example, you can set values for reorder points and safety stock levels. You will get notified when you need to replenish, have outliers, or run the risk of a stock out. Blog Demand forecasting Inventory management Purchasing & replenishment Technology?. One of the most common questions we receive is “We already have an ERP inventory module. Why do we need EazyStock?”

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Calculating Forecast Accuracy & Forecast Error

EazyStock

For example, is your system interrogating every SKU? Blog Demand Forecasting Inventory Optimization Purchasing & ReplenishmentThe Importance of Demand Forecasting Accuracy. In supply chain management it’s important to be able to measure the accuracy of your demand forecasts. Inaccurate demand forecasting can lead to the accumulation of excess stock or the reverse: issues with product availability. Both are unwelcome problems for inventory planners!

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4 Reasons for Carrying Safety Stock Inventory

EazyStock

They then fall back on trial and error or rule-based approaches to both cycle stock and safety stock inventory such as holding a certain number of weeks of historical average demand – for example, 4 weeks of cycle stock and 2 weeks of safety stock. For example, if your supplier is unexpectedly closed for a week or if there is a disruption of your order in transit, you don’t waste time fulfilling orders to your customers with safety stock.

How to Use ABC Analysis for Inventory Management (and the Added Value of XYZ Analysis)

EazyStock

ABC Classification Calculation Example. We’re going to use Frank’s Fasteners business as the example: 1. For example, it makes sense to treat AX items (that are valuable and have a constant demand) differently than AZ items (with erratic demand). Blog Demand forecasting Inventory management Purchasing & replenishment

Improve Forecasting Accuracy: How to Manage Demand Outliers

EazyStock

For example, sales transactions that result from a flash clearance sale do not represent typical demand for a given period. In this example, you can see historical data for a 12-month demand period and then the forecast looking forward: The red bar has been highlighted as a potential flier due to its obvious standard deviation away from the normal average demand. In the example above, the orange line going forward reflects this decision. What is Forecasting Accuracy?

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Are You Shipping Air? Meet Minimum Order Requirement with Order Fill-up

EazyStock

Using the example above, this would mean that EazyStock would recommend item ‘D’ to be ordered in place of extra items ‘A’, ‘B’, and ‘C’. Blog Demand forecasting Purchasing & replenishmentYou know the challenge. You’re pulling together an order of item ‘A’ to a supplier and you realize that you are below the minimum requirement for order value, volume or weight for your supplier to fulfill that order. So what do you do?

The Inventory Planners Guide to Managing Product Life Cycle

EazyStock

Every manufacturer and distributor of after market parts needs to have a pulse on the different stages of their product life cycle to ensure inventory levels are being accurately forecasted and replenishment reorder points are in alignment with customer demand. Here is an example how a product life cycle changes over time as it migrates from one pattern to the next. Blog Demand forecasting Inventory management Purchasing & replenishment

How to Use ABC Analysis for Inventory Management (and the Added Value of XYZ Analysis)

EazyStock

ABC Classification Calculation Example. We’re going to use Frank’s Fasteners business as the example: 1. For example, it makes sense to treat AX items (that are valuable and have a constant demand) differently than AZ items (with erratic demand). Blog Demand forecasting Inventory management Purchasing & replenishment

How WMS Suppliers Helped Their Customers Hit the Covid-19 Curveball

Logistics Viewpoints

Omni-channel retailers have facilities dedicated to direct-to-consumer fulfillment and others responsible for retail store replenishment. Many companies addressed this imbalance by augmenting or completely changing their replenishment DCs to e-commerce fulfillment centers.

Achieving Significant Transportation Savings through Improved Demand Forecasting

Logistics Viewpoints

When companies implement a demand management or replenishment system, the goal is usually to improve customer satisfaction while holding less inventory. For example, a warehouse might have a big propane tank they use with forklifts that run on propane.

Intermodal Summit: Opportunities abound for Class I railroads

The Supply Chain Journal

KEY QUOTES FROM SHAW: “The [intermodal] demand environment is incredibly strong, and it will remain there this year and well into 2022 as we move through this prolonged inventory replenishment cycle. FIRESIDE CHAT TOPIC: Less-than-carload service.

Editor’s Choice: What Are White Glove Services in Transportation Management?

Logistics Viewpoints

Inventory replenishment for businesses that need delivery in combination with restocking or setup of new fixtures for such inventory. Refrigerators, large household appliances, furniture, and expensive electronics are examples.

Coronavirus Series – Inventory Management Challenges & Solutions

EazyStock

Even sophisticated Enterprise Resource Planning (ERP) or Warehouse Management Systems (WMS) rely heavily on users manually inputting forecasting and replenishment parameters to automate any form of reordering alerts. You can then either manually adjust replenishment parameters e.g

Digital Transformation Journey in Supply Chain Planning

Logistics Viewpoints

Examples of building intelligence in your processes: Automating product segmentation based on multiple dimensions including revenue, demand variability, supplier lead-times to manage different service level targets.

Reshaping disaster-relief logistics: 8 questions for Amazon’s Abe Diaz

The Supply Chain Journal

For example, do you see building dedicated facilities rather than utilizing space inside your existing network? Being mindful of the longevity of items and waste we are introducing to an island, for example, is something we pay close attention to.”.

It’s All Hands On Deck for Cruising’s Return

Now, That's Logistics

The industry’s successful resumption in Europe and parts of Asia are a promising example that a responsible return to cruising is possible with the right measures in place.”. For example, it didn’t know exactly when the ships would be able to get back on the water and start operating again.

How EazyStock Enhances Acumatica ERP Inventory Management

EazyStock

Optimized Inventory Replenishment. With Acumatica you can manually set your replenishment parameters using the minimum/maximum quantity method (“min/max”). In comparison, with EazyStock replenishment is automatically calculated for every SKU in your portfolio.

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reducing logistics costs does not mean reducing service levels

Logistics at MPEPS at UPV

To give a simple example: the same brand of clothing in a city, there are different shops, different channels of purchase, there may be a shop sold out of goods, layers of orders reported to replenish; at the same time another shop has a backlog of goods, but also need to report layers of returns; resulting in a great waste and high costs. China’s logistics cost is much lower than in developed countries when compared under the same conditions of logistics operations.

C.H. Robinson Releases 2020 Sustainability Report

CH Robinson Logistics

Robinson joined Minnesota’s task force and leveraged our scale and expertise to help replenish supplies of personal protective equipment for local hospitals.

Prescriptive Analytics: What’s Freight Management’s Next Best Action?

FreightWaves SONAR

As an example, it may be necessary to leverage drop shipping to give a manufacturer the opportunity to fill the order and manage its transportation process. Now going back to the examples of what-if scenarios, it is possible to isolate the conditions in which an optimum outcome will occur.

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