The issue of inventory planning is not new. It has been around ever since humans started trading things. With the trade and movement of products comes the inevitable situation where demand is mismatched with supply.
Vend is a user-friendly mobile POS interface that has 25,000 customers worldwide. Its fast to use and easy to learn, minimizing training time. It works seamlessly with existing or new hardware. Like StockTrim, all the data is synced and stored in the cloud and usable from anywhere.
Running a business right now is challenging. Unpredictable demand, disrupted supply chains, cashflow uncertainty all make things a lot more difficult.
The Baron is a premium snack business who supply deliciously moreish, healthier savoury alternatives to potato chips, including ethically-sourced East Bali Cashews and Crispy Corn Nibbles from Spain. They have grown substantially in the last five years and supply over 500 stores around New Zealand – including supermarkets, service stations, independent delis and cafes.
Often when a business is small and starts growing, they plan inventory and pricing using traditional spreadsheets. In the beginning, this naturally seems the most cost effective and logical thing to do. But with growth, this becomes rapidly outdated. Not only is this a time-consuming process, but it lacks the ability to detect patterns in the data, let alone generate insights. Over 90% of spreadsheets used for inventory planning contain some kind of error.
Wholesalers, retailers and manufacturers around the world are facing the economic fallout of COVID-19. Many small-to-medium sized enterprises (SMEs) are in survival mode after delayed or dwindling sales, not being able to enter their premises for several weeks or having to pull the plug on major projects. Add changing lead times, other supply chain issues, and shifting consumer behaviour, and it can spell disaster for your cashflow. So getting out ahead by forecasting demand is essential for SMEs right now.
The impact of Covid-19 on themanufacturing sector will be larger than anything we have seen before. Small manufacturing firms are less likely to have deep enough pockets to get through the recession than large firms, and this pandemic could be the last straw for some that have been struggling.
Stock-outs are a pervasive and significant inventory control issue facing businesses and, by proxy, consumers. A stock-out happens when the number of orders for a product exceeds the amount of inventory that is stored. This situation can arise due to a number of factors, including:
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