Quantzig Reveals Best Practices of Retail Inventory Management for Small Business
LONDON--(BUSINESS WIRE)--Oct 8, 2018--Quantzig, a pure-play analytics solutions provider, has announced the completion of their latest article on the .
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Best Practices of Retail Inventory Management (Graphic: Business Wire)
Inventory management deals with the effective handling of the stock or inventory that the company holds. It helps to analyze and track the flow of goods right from the manufacturer’s facilities to its point of sale. Retail inventory management forms a crucial element of supply chain management and includes various aspects like overseeing and controlling ordering inventory, controlling the amount of product for sale, and storage of inventory. Managing the inventory properly can help businesses have the right products in the right quantity on hand. This can also help in avoiding instances of products being out of stock or funds being tied up in excess stock.
“The use of inventory management solutions isn’t just limited to warehouses but also benefits manufacturing businesses in terms of streamlining their repair, maintenance, and operations,” says an industry expert from Quantzig.
Continue reading to know more about different techniques and best practices for inventory management or .
Inventory management best practices:Undertake stock audits It is very important for companies to undertake physical stock audits at regular intervals even if they own a good retail inventory management software. Annual year-end physical inventory checks help count every single item can be most useful for products that are moving fast or have stocking issues. To gain detailed insights into our engagement models and portfolio of analytics solutions, Fine-tune forecasting methods For inventory management of small businesses, accurate forecasting is a vital element. The forecasted figures of sales should be derived from factors such as predicted economic growth, historical sales figures, market trends, and the marketing and promotions efforts involved. To access the complete list of best practices of retail inventory management, Cloud-based stock management software Small businesses should use retail inventory management software with real-time sales analytics capabilities. Also, a cloud-based stock management software helps employees to access data in real-time and on the go. Such advanced software guarantees that the company’s stock levels are automatically updated and adjusted at the time of sales conversion; therefore, eliminating stock overflows or stock-out situations.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information, visit:
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