Over the past year, we’ve covered a broad range of industry topics about inventory management and supply chain. Here’s the top five Clear Spider blog posts of 2017:
- Five Ways to Effectively Reduce Your Inventory Shortages
- Top Ten Benefits of Inventory Management
- Five Causes of Obsolete Inventory
- How the Internet of Things (IoT) will Transform Inventory Management
- Inventory Management Leaders: Apple Inc.
Five Ways to Effectively Reduce Your Inventory Shortages
What’s the best way to lessen your risk of shortage? Unlike what you may think, increasing the safety stock is not always the best choice. This could result in budget spending on what is in stock instead of what you need. As a result, you could still face shortages. Instead, better methods include lowering uncertainty in forecasting and using an inventory management system. Another effective strategy is to use performance metrics.
Top Ten Benefits of Inventory Management
Using inventory management can benefit all parts of your business. When used properly, these strategies have many benefits. To name a few, it can increase sales and inventory turnover, decrease lead times and stock-outs, improve customer satisfaction, and much more. Here’s the top ten ways inventory management can help you.
Five Causes of Obsolete Inventory
When a product reaches the end of its life cycle and stock can no longer be sold; it becomes obsolete inventory. This can be an area of great loss for your business. Finding the cause can be helpful in avoiding future losses. Some of these causes may include ineffective forecasting, or products with poor design quality. If you’re struggling with obsolete inventory, it could also be due to an inadequate inventory management system.
How the Internet of Things (IoT) will Transform Inventory Management
The Internet of Things (IoT) is the network that allows objects to communicate and share data with one another. This constantly growing network has the potential to greatly impact our lives. The IoT also has the ability to impact inventory management through improving RFID tags and GPS tracking. The ability to view, track, and monitor inventory will improve enormously through integration with IoT.
Inventory Management Leaders: Apple Inc.
As a leader in supply chain management, Apple has shown how inventory management strategies are key in lowering costs, waste, and obsolete stock. They reduced their number of suppliers and outsourced production. Apple was able to lean down and reduce their days to inventory to 3.2 days. So, what’s next for Apple? They want all of their facilities running off of renewable energy, and will begin implementing renewable energy sources into their supply chain.