Inventory Management: The Only Tip that Really Makes the Difference
Inventory management is one of the most challenging activities for the majority of e-commerce and manufacturing companies and is vital for running a product-based business.
A tight inventory control is an everyday task since the markets volatility and the growth of e-commerce share of global retail make things change faster than ever.
But the questions remain the same:
- How many of each product are on your shelves?
- How many items do you expect to receive from your suppliers?
- What is the most profitable way to spend your purchasing budget?
- How do I decide the next purchase order? When? How much of each product?
- What can I learn from the sales history?
Performing an effective inventory control on all your inventory, both finished goods and raw materials, involves a deep understanding of your inventory components like safety stocks, replenishment quantities, and normal stock in order to stay ahead of demand, maintain adequate levels for each product and gain happy customers. Costs and margins of each product are also two of the most important factors to be considered: company usually have limited purchasing budget so every decision about replenishment and restocking is really important.
Intuendi.com is the result of years of consultancy activities as Business Analysts and Demand Planners for many companies all around the World. We learned that every decision in Operations and Supply Chain Management starts with an estimate of the future demand. Everything else comes after: replenishment, ordering, marketing strategies and many other activities are a consequence of forecasts. Many customers struggled with purchase orders automation, worldwide warehouse management, workforce optimization, production scheduling and a lot of other time-consuming tasks. By helping them improve those activities, we only had positive effects on speeding up their daily work and productivity. But that didn’t mean boosting their businesses in terms of revenue and growth and, however it happened, only as a side effect.
Better decisions means better results
The companies with most meaningful improvements were the ones which really improved the decisions at the beginning of the chain. Period. There’s no chance to perform effective prescriptive jobs (your decisions) without a strong predictive support.
This is the reason we focused on helping our customers to better execute one of the most critical tasks, demand forecasting.
We figured out a straightforward tool for automated forecasting that hides the complexity of this activity: no need to know about statistics, a Machine Learning based system that really catches all the dynamics that influence the sales history for each product, a user-friendly environment that generates accurate forecasts with just a few simple clicks. Besides that, an inventory replenishment alerting system that lets users know the upcoming reorder points for their company’s entire inventory.
Intuendi.com is the demand forecasting & inventory replenishment tool that realizes our vision: thousands of accurate forecasts in seconds, a product stock evolution for inventory management purposes, easier to use than any other tool. As a result, our customers take better decisions and save time and money by preventing stockouts and excess inventory. Now they are really ready to reorder, replenish, optimize and much more in a very effective way. Companies need to cut down unnecessary costs coming from time-consuming and error-prone forecasting: this will result in unlocked capitals that they can use for the rest of the chain. There’s no other way to unleash all your company’s potential than starting from the beginning, where all the critical decisions are taken.