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    Inventory Management

    EPIC LEARNING

    The Ins and Outs of Inventory Management

    Never wonder whether you're managing your inventory efficiently and cost-effectively again with this dive into best practices, common mistakes and key upgrades.

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    THE CASE FOR INVENTORY MANAGEMENT

    LEARN THE 3 MAGIC RULES FOR SMOOTH INVENTORY

    WATCH FOR THESE COMMON MISTAKES ALONG THE WAY

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    Do You Rule Your Inventory

    30% of warehouses are operating efficiently. And US warehouses have trillions in unmoved stock. So dig deeper into our 3 Rules of Inventory in this in-depth resource.

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    Efficient Inventory Management Starts with Stock Data

    We've covered a wealth of best practices, but one thing we've learned in all our warehouse experience is that inventory is a balancing act of having the right amount of the right things. Your best tool in that right is accurate data about your current stock — then you can get into the details. And inventory is the core of your operations, so it's worth the investment.

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    Best Inventory Management Software You Should Consider Using

    Eliminate waste and lower stocking costs with the best inventory management software. Get an affordable solution today to optimize profits.

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    Best Inventory Management Software

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    Getting the right goods to the right place, at the right time, and in the right condition is a crucial prerequisite for running a successful business.

    But how is it supposed to happen if you end up selling an item that wasn’t actually in stock?

    There’s a lot that can go wrong, but with the right inventory management software, you’re putting yourself in the best position possible.

    You’ll have an accurate picture of where your inventory is, how much you have, and how to get it where it needs to go.

    If you are using software that’s not getting it done, there’s no need to keep investing in it. Find a solution that really works. Reduce operating costs, increase revenue, and most importantly, ensure greater customer satisfaction.

    I put together a list of the best inventory management software for different types of businesses. Read on to find out the best match for your company.

    #1 – Zoho Inventory Review – The Best for Multi-Channel Retailers

    If you need advanced inventory management software for expanding business over multiple channels, Zoho Inventory is one of the best you can get.

    It can streamline business operations, allow users to effectively manage inventory, purchase orders, sales orders, and shipments. It’s a GST-ready tool that saves your business GSTIN and auto-populates itself whenever there’s a purchase, sale, bill, or invoice.

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    The platform also offers integration with digital marketing sites like eBay, Amazon, Shopify, and Etsy. As a result, your sales team can manage online and off-line orders quickly and seamlessly.

    What’s more, the tool comes equipped with an end-to-end tracking system that allows you to track the movement of every item from your warehouse to the sales point. Receiving real-time shipping rates and in-transit details is another advantage.

    You can think of Zoho Inventory as an AI-powered system with several powerful features that can be customized to suit your business needs.

    Key features of Zoho Inventory include:

    Inventory optimization

    Multi-channel management

    Reorder management

    Product identification

    Reporting/Analytics Mobile access

    Retail inventory management

    Zoho Inventory has different plans to suit the needs of diverse multi-channel businesses. Currently, you can choose from four options payable per organization, per month:

    Free Plan: $0Standard: $59Professional: $99Premium: $159Elite: $239

    The above are annual rates. If you choose to pay monthly, the prices will increase slightly.

    #2 – Cin7 Review – The Best for Enterprise Resource Planning 

    Cin7 can do more than inventory management. It’s a comprehensive cloud-based software that can integrate with other modules, including point-of-sale software, an e-commerce platform, and a warehouse management tool.

    This solution is best for enterprise resource planning (ERP) platforms because it features built-in modules for every aspect of your business that are a part of its subscription plans. It has a fully integrated point-of-sale (POS) system, along with plenty of B2B e-commerce features, manufacturing features, and a payment portal.

    You also get inventory tracking, barcode scanning, and order fulfillment benefits that are standard with most inventory solutions.

    Cin7 can integrate with more than 100 third-party applications, allowing you to run your business from a single platform, which is impressive.

    You can manage inventories across multiple markets and efficiently sell and distribute your products with minimal effort while your system remains up to date, thanks to its advanced demand forecasting and cross-channel syncing support.

    With Cin7, you get:

    Inventory management

    POS software support

    Order management

    Manufacturing and warehousing tools

    Branch transfers

    Cin7 offers four pricing tiers based on your business size:

    Small Business: starting at $299/monthBusiness: starting at $539/monthAdvanced: starting at $999/monthEnterprise: custom pricing

    Source : neilpatel.com

    Inventory Management Strategies of 7 Successful Firms

    We examine the inventory management strategies of 7 successful businesses - and what SMEs can learn from these to implement an effective inventory system

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    Inventory Management Strategies of 7 Successful Firms

    Written by

    Alecia Bland 9 months ago

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    Written by Alecia Bland October 5, 2021 8 Minute Read

    Here we break down the inventory management strategies of seven successful manufacturers and retailers around the globe. While most of our examples are large multinational companies, your SME can employ many of the same tactics and principles.

    These examples show there isn’t a benchmark inventory management strategy that trumps all others. Instead, you’ll need to do your homework to choose the right inventory management system to suit your budget, your business needs and the size of your company.

    1. Samsung’s inventory management strategy

    Samsung is one of the world’s largest manufacturers, meaning managing their inventory is an enormous and complex task.

    Samsung has implemented a number of initiatives to secure its supply by fostering long-term relationships, growth and stability with key suppliers and customers. By offering support to its partner companies through innovation, communication and corporate social responsibility, Samsung has been able to ensure sustainability and security in its supply chain – which is seen as one of its leading competitive advantages in the marketplace.

    Samsung has a specific set of best practices it follows to manage its supply chain. It uses an Advanced Planning and Scheduling (APS) system that automates the management of materials and production – and can adapt to changes – to optimise production levels.

    Since 2004 Samsung has also been using the Lean Six Sigma method, which is a management technique aiming at sustained improvement of manufacturing processes through statistical & financial analysis.

    The five key steps of Lean Six Sigma are define, measure, analyse, improve and control – usually referred to as DMAIC. Samsung uses this method to identify and deal with problem processes – eliminating waste and defects by removing any use of resources that does not create value for the end customer.

    Samsung’s inventory management is based on Lean Six Sigma – a management method used to improve manufacturing processes

    2. Amazon’s inventory management strategy

    More than 50% of the products sold on Amazon Marketplace are from third-party businesses, which is why Vendor Managed Inventory (VMI) is the ideal inventory management strategy for this global eCommerce giant.

    VMI works well for Amazon’s inventory because it puts the responsibility on the supplier to maintain the right inventory levels in Amazon’s warehouse. This allows Amazon to concentrate on other aspects of the transaction, like shipping, returns and processing.

    Other features of Amazon’s inventory management include:

    Inventory tags

    For suppliers and vendors, there is an internal inventory management system with products broken down across six inventory ‘tags’:

    Available – what is ready and in stock for customers

    Inbound – stock that is in transit

    Unfulfillable – stock at a fulfilment warehouse, but not able to be sold for a specific reason

    Reserved – stock that is being received, has already been ordered, or is in transit to another warehouse

    Fee preview – the estimated cost for the management of the item when sold

    Fulfilled by – whether the supplier or Amazon will be fulfilling the order

    Trajectory alerts

    The Amazon inventory management system has a ‘trajectory alert’ that automatically sends reorder alerts based on the volume of sales on days specified by the vendor – meaning the supplier is able to factor in lead times.

    Options for order distribution

    Suppliers have two options for the distribution of orders that have been placed:

    Fulfilment by Amazon (FBA): Amazon instructs the business to send the product, while managing the fulfilment through their various warehouse locations where stock is kept.

    Fulfilment by supplier: The supplier takes care of distribution, self-managing their supply chain and order delivery.

    Amazon uses a Vendor Managed Inventory (VMI) system for many of its goods, which means it can concentrate on other sides of the business

    3. Ikea’s inventory management strategy

    Ikea has over 450 stores around the world – and each store has over 9,500 products – so keeping track of stock is no small task.

    Some key aspects of how Ikea manages its supply chain – from suppliers to the shop floor – are:

    Supplier relationships: Ikea creates close and often long-term relationships with suppliers – which means they can secure quality materials at lower prices.IWAY for supplier management: IWAY is Ikea’s code of conduct for suppliers, setting environmental and social standards for any business that supplies good or services. This is one aspect of supply overseen by over 40 Ikea trading service offices around the world.

    Source : www.unleashedsoftware.com

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