How to Calculate Beginning Inventory and Why You Should Track It

Ship Monk

There are a lot of accounting terms thrown around when describing eCommerce inventory: merchandise inventory , WIP inventory , ending inventory , and beginning inventory to name just a few. What is Beginning Inventory? however often you’re counting inventory.

How Much Inventory Should I Have In My Fulfillment Warehouse?

Amware Logistics and Fulfillment

Inventory management has changed substantially in the last few years. Most fulfillment professionals spent years learning about lean inventory strategies, only to find those methods ineffective when the supply chain turned volatile during the COVID-19 pandemic.

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3 Strategies for Migrating Inventory to a New 3PL

Ship Monk

There are a few different ways to go about the big move, so it’s a matter of choosing the strategy that keeps your sales and fulfillment operations flowing smoothly throughout the transition. Strategy 2: Sending Inventory to Cover a Transition Period.

Beware the Swinging Pendulum on Supply Chain Inventory Practices

Logistics Viewpoints

Supply shortages resulting in empty shelves or parking lots of WIP inventory represent a spectre causing supply chain leaders to reconsider supply chain inventory practices. Opinion of just-in-time (JIT) as a practice has taken a battering and inventory is rising.

5 Unexpected Ways to Control Supply Chain Costs in 2023

Speaker: Todd Simms and Andy Johnson

Join industry experts Todd Simms and Andy Johnson as they break down five budget line items that ballooned out of control in 2022 and strategies to control them in 2023.

Three Key Inventory Strategies for an Omnichannel World

Supply Chain Brain

Many merchants are struggling to balance physical and digital inventory under a cloud of supply chain disruptions

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. Smart inventory purchasing.

Watch: Time for a Reset of Retail Inventory Strategies?

Supply Chain Brain

The pandemic and resulting congestion in the supply chain have retailers reconsidering their traditional approach to sourcing and inventory management, says Larry Parker, department chair of transportation and logistics management, supply chain management, reverse logistics and government contracting at the Dr. Wallace E.

5 E-Commerce Inventory Management Strategies to Know | VIDEO

GlobalTranz

Inventory has been subject to changing customers’ buying patterns. The post 5 E-Commerce Inventory Management Strategies to Know | VIDEO appeared first on Transportation Management Company | Cerasis. Uncategorized E-Commerce Inventory Management

Cost Reduction Strategy through Supplier-Managed Inventory

SIPMM Professional Publications

Supplier-Managed Inventory (SMI) is the process whereby a supplier plans, manages and replenish inventory for a customer. The post Cost Reduction Strategy through Supplier-Managed Inventory appeared first on SIPMM ACADEMY. Extensive information sharing is required so that supplier can maintain a high degree of visibility of its goods at the customer’s location.

How to Tackle Today's Most Complex Inventory Challenges

Speaker: Andrew Kurpiel - AmerCareRoyal | Bill Benton - GAINS | Paul Benhamou - Benco Dental

Join three supply chain experts as they share their best practices and effective strategies for facing today’s most complex inventory challenges.

Better Inventory Management Requires International Suppliers To Step Up to Digital Transformation and Collaboration

Logistics Viewpoints

While consumers may see some short-term benefit in the form of discounted goods, many retailers have had to reset investor expectations , reflecting the expected hit on margins from carrying so much inventory. Inventory management is challenging enough in normal times.

What is a SKU? 3PL Advice for eCommerce Inventory Management

Ship Monk

SKUs are vital to inventory management and the success of any business—as pivotal to operations as a binding agent is to a meatball (i.e. A SKU is a code (typically 8 – 12 alphanumeric digits long) assigned to the items in your inventory. Don’t Get SKU’d on Inventory Management.

Inventory Optimisation: How Much Stock is Right for Your Company?

Logistics Bureau

Among the universal challenges that the COVID-19 pandemic has imposed upon the supply chain management profession is the question of inventory, specifically, “how much is enough?”. It wasn’t long ago that businesses were asking, “By how much can I reduce my levels of inventory?”.

Re-imagining inventory management for a new normal

SYSPRO Smarter ERP

Inventory management was moving towards a just-in-time approach until the supply disruptions of the last year. Why inventory management is important. Active inventory management is a major contributor to manufacturing success. Inventory in the supply chain process.

Key Questions for a Successful Distribution Network

Speaker: Irina Rosca, Director of Supply Chain Operations, Helix

If we're going to offer the speed of shipping and variety of inventory that today's customers have come to expect, there are a lot of different questions that need to be asked.

No Supply Chain Strategy? Here’s How to Develop One

Logistics Bureau

As you’ll know, if you follow our blog regularly, Logistics Bureau does a great deal of work related to supply chain strategy development and alignment. A company without a supply chain strategy is at a competitive disadvantage. Inventory levels. Inventory optimization software.

Amazon’s Retail Strategy with Rick Watson

The Logistics of Logistics

Amazon’s Retail Strategy with Rick Watson. Rick Watson and Joe Lynch discuss Amazon’s retail strategy. Key Takeaways: Amazon’s Retail Strategy. Learn More About Amazon’s Retail Strategy.

Big data and inventory management

EazyStock

All successful businesses use data to develop strategies and review their outcomes. This is especially true in inventory management, where new technologies are being introduced all the time, and along with them, more and more data is being generated. Big data and inventory optimization.

Driving Rigor into Your Inventory Control Practices Helps You Win the Race

Logistics Viewpoints

Kind of like managing inventory in your warehouse. Poorly managed inventory will cause stress in the operation between departments. Loss of sales from inaccurate or missing inventory leading to disappointed customers who may go elsewhere (and might not come back).

The Keys to Business Continuity Planning

Speaker: Ron Spiteri, Director of TXM Lean Solutions

The pandemic has been the most significant disruption to global supply chains since the dawn of the industrial world. A key learning of this disruption has been the need for business continuity planning to mitigate future disruptions, which we know will come. Join Ron Spiteri of TXM Lean Solutions, and learn the key steps to take control of your supply chain risks.

Why Is Promotion Planning Important In Inventory Management?

Logistics Viewpoints

Promotion Management is defined as optimizing the utilization of tools, strategies, and resources to promote a product that will generate additional demand. Why should we consider Promotion Planning in Inventory Management? Inventory Management inventory planning promotion planning

What is a Cycle Count? The Importance and Benefits to Your Inventory Management

SYSPRO Smarter ERP

Manufactures and distributors need to implement effective inventory management as neglecting inventory tracking can set you up for things like delayed orders, unhappy customers, and inaccurate inventory reports. What is a Cycle Count in inventory management?

Inventory Management’s ‘Sins’ with Keiran Hogan

Logistics Bureau

With regards to inventory management, Keiran mentioned that you should have a discriminatory treatment to your “golden goose” Replenish the orders frequently, check your inventories – and do things to preference the most profitable item on your stocks.

Carriers adopt ‘hardcore’ blank sailing strategy as export bookings plunge

Supply Chain and Logistics

Perhaps the avalanche of … Continue reading → Logistics Shipping Supply Chains blankings container shipping economics intermodal inventory ocean carriersIt appears that many of the ships waiting offshore in Shanghai are not waiting to unload, but to get new cargo. shipments out of China seem to be plummeting. It’s leading to blanked or rescheduled sailings.

5 Inventory Reduction Strategies to Drive Cost Savings

EazyStock

So it makes sense to look for ways to reduce inventory and keep levels under control! What are the potential cost savings from inventory reduction? However, simply cutting inventory across your entire product range is not the approach to take. Eliminating obsolete inventory.

Five Inventory Management Tips for Uncertain Times

Logistics Management

Here are five inventory management strategies organizations can use now to both manage current volatility and optimize for the future The global pandemic turned supply chains on end.

Why inventory managers need to understand inventory value

EazyStock

Often, businesses focus on inventory management from a supply chain perspective – holding enough stock to meet customer demand and hitting fulfillment targets. What is inventory value? Inventory value shows how much unsold inventory is worth at the end of a company’s accounting period.

How to Improve Inventory Turnover with Inventory Optimization

EazyStock

How to Increase Inventory Turnover with Inventory Optimization. The concept of inventory optimization helps many businesses improve their inventory turnover – without damaging stock availability. The Importance of Improving your Inventory Turnover.

Inventory Management Efficiency

Globalior

Inventory management is an important part of supply chain management. Inventory management can be very vaguely described as optimizing the inventory level between maximum and minimum acceptable levels for every SKU. How to optimize inventory to keep a minimum stock?

6 Inventory Control Techniques for Stock Optimization

EazyStock

Inventory Control Techniques that use Stock Optimization Best Practices. There are hundreds of inventory control blog posts on how to organize warehouses, track goods and pick and pack efficiently. Firstly, let’s get a few definitions: What is inventory control?

Sourcing Strategy: Effective vs Efficient with Ron Crabtree

The Logistics of Logistics

Sourcing Strategy: Effective vs Efficient with Ron Crabtree. Joe Lynch and Ron Crabtree discuss sourcing strategy: effective vs efficient. Key Takeaways – Sourcing Strategy: Effective vs Efficient. Learn More About Sourcing Strategy: Effective vs Efficient.

Inventory-Based Merchandising: Five Strategies to Meet Consumer Demand

Supply Chain Brain

Regardless of global supply chain problems, shoppers have little patience for retailers that can't keep up

Inventory Management in Service Logistics Industry

Talking Logistics

What is Inventory Management? For Manufacturing it’s about carrying zero or minimum inventory. For Logistics the focus is on high inventory turns. For Management: a balancing strategy, etc…. Inventory Management is about having a right balance of expectations from different functions of the supply chain. Inventory Management is a function that should always be in sync with your supply chain strategy and in turn depends on your overall business strategy.

Final Mile Integration: Data Enables Inventory Management & Replenishment

GlobalTranz

Unfortunately, inventory control remains at the fringe of proactive logistics management. Organizations have spent years creating lean logistics strategies that are highly susceptible to disruption. Data Final Mile Inventory Management final mile integration

10 Minute Supply Chain & Logistics Strategy

Logistics Bureau

Why do so few businesses have a supply chain strategy? Watch this 10-minute video to develop your Supply Chain Strategy fast. Business Improvement Supply Chain Strategy business objective business performance business strategy customer service policy financial strategy inventory policy measures mission organisation planning process productivity service strategy supply chain supply chain objective supply chain strategy tactics utilisation vision

Inventory Optimization is the Lynchpin to Omnichannel Success

Logistics Viewpoints

Retailers should look for a demand forecasting and inventory optimization solution that understands digital demand is now being fulfilled through physical stores and can account for channel demand patterns and emerging omni-fulfillment strategies. The post Inventory Optimization is the Lynchpin to Omnichannel Success appeared first on Logistics Viewpoints. Success in omnichannel commerce requires solutions designed for the way customers shop today.

The Go-To List of Ways to Improve Inventory Management

GlobalTranz

Today’s warehouse managers need better inventory management strategies. This is nothing new, but as the world has evolved, the ability to improve inventory management has evolved in stride. Supply chain leaders should follow these key strategies for.read More. The post The Go-To List of Ways to Improve Inventory Management appeared first on Transportation Management Company | Cerasis.

COVID threatens Chinese exports as US struggles to restock inventories

The Supply Chain Journal

import demand is stronger than ever as inventory-to-sales ratios remain painfully low. US inventory restocking still lags. COVID fallout in Asia coincides with ongoing inventory-to-sales shortfalls in the U.S. Retail inventories were actually up 3.4%

8 Inventory Management KPIs for Effective Inventory Analysis

EazyStock

Inventory Management KPIs for Effective Inventory Analysis. Managing inventory is a complex business. Inventory management KPIs are important as they help analyze and track the performance of inventory management activities such as how stock is ordered, managed and turned.