A lot of inventory management advice will set you up for failure. Here are 5 things you should ignore if you are getting started 𝗠𝗶𝘀𝗰𝗼𝗻𝗰𝗲𝗽𝘁𝗶𝗼𝗻 𝟭.Always maintain high levels of safety stock to avoid stockouts.𝗗𝗼 𝘁𝗵𝗶𝘀 𝗶𝗻𝘀𝘁𝗲𝗮𝗱:Safety stock is important.But Read more…
There are several challenges that a jewellery retailer may face: 1. 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝗼𝗻: There is a lot of competition in the jewellery industry, and it can be difficult for a retailer to stand out in the market. 2. 𝗣𝗿𝗶𝗰𝗲 𝘀𝗲𝗻𝘀𝗶𝘁𝗶𝘃𝗶𝘁𝘆: jewellery Read more…
Challenge your definitions every day for every SKU at every store. Ensure your head is always available.Keep your belly trim.Cut down your tail. Are you struggling with low inventory turnover or cash flow issues?It might be time to take a Read more…
As long as sales are incentivised only for volume sold into the channel and marketing only for market share, companies will never become demand-driven.To make the move on demand-driven initiatives, companies must focus on profitable sales through the channel. We Read more…
In case the warehouse has limited stock :Don’t send more stock to the ‘best-performing store’. Send instead limited stock where you have the best chance of selling the particular SKU. Give stock without starving stores as much as possible. For Read more…
We need to use the below execution processes to align supply chain with actual demand: 𝐃𝐲𝐧𝐚𝐦𝐢𝐜 𝐁𝐮𝐟𝐟𝐞𝐫 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 Reality is dynamic. Challenge Inventory norms (targets / buffer) of every SKU throughout the supply chain every day. Based on demand and supply Read more…
We need to use the below execution processes to align supply chain with actual demand: 𝐈𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐲 𝐀𝐠𝐠𝐫𝐞𝐠𝐚𝐭𝐢𝐨𝐧 Store inventory higher up the supply chain. Give only as much inventory as is the immediate need of the store. Keep rest of stock Read more…
Many businesses consider alignment to forecast as their primary metric to become better.I believe that this metric is putting you on the wrong path. Instead,Build your processes and supply chain which can quickly identify what the customer needs. And supply Read more…
Learning from the last 2 decades in retail. 1. Focus on shortening your lead time, and 2. Effective execution. Forecasts are predictions about what will happen in the future. Even though they are not always correct, we still need to make Read more…
Working out on a treadmill generates sweat and does provide a cardiovascular workout. But, What if your goal was to go from Point A to Point B? There is activity. But you do not achieve your goal. Our goal is to go from Read more…