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Do you happen to know how many SKUs you managed last year or how many you are tracking this year? According to a study by Motorola Solutions discussed in “Supply Chain News: Where are Warehouses and Distribution Centers Headed? Warehousing 2018 Predictions,” posted on SCDigest.com, over 50% of the businesses surveyed anticipated an increase in the number of SKUs they will carry. An increase in inventory requires space in your warehouse, room in your warehouse management software solution and could lead to other significant warehouse changes. Are you ready to count more SKUs?
If you hum those words as you walk through the warehouse, you could either be close to writing the next great pop song or wondering how you can fix problems with inventory. Too much inventory can eat up cash flow, too little can cause expensive back orders and delivering inventory too late can stress customer relationships. Striking the right balance requires greater control and insight, which means using the right business management solutions.
It is usually a pretty rare occurrence that you are able to place an order for raw materials or products for the precise quantity that you need for a customer order. More likely, you order products in greater volume than you need, which can be advantageous if you get a price break and if you know you can use it for a future customer order. Add the variable of time to that equation – ordering early can lead to price breaks, plus the wiggle room you may need for a manufacturing or assembly process. How do you know how much to order and when to place an order so that you optimize your profit margin and comply with your inventory goals?
Nearly Natural is joining the PlanningEdge family of customers. Nearly Natural has chosen PlanningEdge for their Demand and Replenishment Planning to help manage what items to stock for their eCommerce channel as well as to forecast and plan their direct retail sales to partners like Home Depot, Lowes, Wayfair, Walmart, and many more.
As a family owned business founded by a horticulturist, Nearly Natural employs live plant designers to design and purchase plants, trees, and shrubs that look so real they are "nearly natural". As their merchandise is unique and varied, and available in limited quantities, it is extremely important to make sure they have the inventory required for their partners to meet the extremely high levels of customer service and satisfaction the business was founded upon and has been run on for over 75 years. Monitoring sales activity in a timely manner and being able to quickly respond to changes in demand is critical to the success of the business and for them to achieve sales targets and growth.
Your customers have different needs in the products they buy, as well as when they buy them. Trying to maintain safe inventory levels can become confusing when some customers need weekly replenishments and others need it monthly or quarterly. The right technology can make it easier to maintain the right levels of inventory without maintaining too much “buffer” stock.
Ammex is a wholesaler of industrial products and manages their international inventory at three major distribution centers. PlanningEdge’s solution gives them the ability to accurately forecast customer needs, plan for the most cost effective shipping, make timely orders, manage shipments and maintain an appropriate level of stock on hand.
You have a warehouse full of important inventory that you need to satisfy customers’ orders. The key is to maintain the right amount of inventory so you aren’t investing heavily in stock when you should be investing in other important parts of your business. Lighten the load by implementing an inventory management solution that can give you greater control over your inventory levels.
Diversified Distribution Solutions, Inc. (DDS) provides total supply chain management services to a number of market sectors, particularly major retailers and distributors.
Most manufacturers and distributors are thinking about or actively looking for their ideal inventory levels. It’s a natural process for this business sector because inventory levels have a significant impact on a business’s health and success. Find your ideal inventory levels by implementing the right technology.
Manufacturers and distributors rely on a swift moving, high-quality supply chain for the products that they, in turn, supply their customers. You need to have control, insight and sound risk management plans in place in order to maintain control over your supply chain or your supply chain just might control you.