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Excess stock is inventory that is purchased in excess of the demand. But why all the fuss about it?

From a supply chain perspective, we find ourselves in a world that is not only very uncertain at the moment but where the future is undetermined. 

Like water is to Maslow’s hierarchy of needs, so too is inventory to a company with a supply chain. Humans can’t survive without water, just as suppliers can’t survive without stock. 

Suppliers are a fundamental link in the supply chain over which you, as a business, have little control. There is always the inherent possibility that deliveries will not be on time, and even if they are, they may not be complete in terms of what you ordered.

The advent of the internet and the development of security protocols enabling sensitive data such as credit card information to be safely transmitted across the web – opened up the opportunity for retail companies to start virtual retailing (online stores). 

Many senior managers that were born in the ’60s or ’70s were taught by their parents that it was better to buy software, buildings, and other assets to reduce the expenses incurred in interest and grow the capital value of the business. 

Throughout our lives, from the cradle to the grave, we are classified – classified according to our age, sex, religion, political views, demographics, hobbies, opinions, dietary choices, and many more. These classifications are used by companies to sell or market to us, or to determine our risk factors. 

Your supply chain business may be at the stage on the inventory maturity curve where you want to consider extending your ERP functionality to provide better demand planning and forecasting functionality. You won’t be starved for choice as there are many solutions available today.

The supply chain revolves around supply and demand. If suppliers delivered on time every time and we could predict what our customers were going to buy, we could match the supply and demand, and all would be well in the world. Unfortunately, life doesn’t work like that. 

The foundation of any supply chain business is its Inventory.  As with any “foundation,” if it’s not healthy and stable, the cracks will start to appear. Before long, you will have severe problems on your hands, which take away from the little time you have in dealing with emergencies.

Some form of energy fuelled the 1st, 2nd, and 3rd industrial revolutions. The 1st revolution used steam, the 2nd , electricity; the 3rd saw the emergence of nuclear energy and the rise of electronics with the microprocessor as well as the rise of telecommunications and computers. 

For warehouse managers, the phrase “stock outage” should be banned from the inventory dictionary. With today’s technology and the available tools, there is simply no reason why you should ever be out of stock on any product. 

In a previous blog post, we looked at the difference between Inventory Control and Inventory Management. Today, we want to look specifically at Acumatica, a true-cloud ERP application that has seen significant growth over the last few years. Our primary focus here will be on how it helps users with inventory tasks and where inventory-based businesses may need an additional tool.

Improving your inventory balance gives your company a competitive edge: lower costs and higher customer fill rates lead to more success.

Unlock best practices and tips to safeguard inventory, minimizing the risk of damage and spoilage.

Inventory loss is either a result of admin mistakes, spoilage/stock damage, expired products, or even theft, all of which can end up being a substantial amount of loss if there are no prevention plans in place. Let’s look at some ways to minimize these losses before they put you out of business.

In today’s technologically advanced business landscape, you are doing a massive injustice to your business by not automating your inventory processes. It doesn’t need to cost you large sums, and you will undoubtedly see an ROI within a few months at the very latest, so the risk in this investment is minimal

In previous articles, we’ve looked at the real cost of inventory and at the internal and external factors that affect your inventory planning and management. In this article, we’ll look at Artificial Intelligence, IOT, and Machine Learning to see how this technology is impacting companies today by reducing costs, streamlining efficiencies, and even saving lives.

Netstock pleased to announce we’re a sponsor at SuiteWorld19, the annual NetSuite conference for customers, partners, media, and industry analysts.

Even though your company’s expenses, liabilities, assets, mark-ups, and margin calculations are mostly the responsibility of your finance department, it’s also important that your warehouse team and inventory planner understand the inputs involved in calculating the real cost of your stock. Â

Achieving a balance between understocking and overstocking is an inventory planner’s daily reality. But there’s more to the job than just monitoring item levels – there’s an ongoing balance of risk factors, both internal and external, that a planner must be fully aware of to keep a warehouse running efficiently.

In the previous post, we looked at the basics around the supply chain and, more specifically, we discussed how the supply chain applies to small and mid-sized businesses. In that post, we saw that a supply chain is the movement of products from suppliers down to consumers, and at the same time, the movement of information from consumers to suppliers.

Many small and mid-sized businesses don’t think they have to worry about big topics like “supply chain”. They’re SMBs after all, and supply chain seems more like a problem for the big guys. But ignoring supply chain doesn’t make it go away. It’s still there, and you’d be surprised how complex it gets even for SMBs. The more complex it gets, the harder it is to manage, and the harder it is to keep under control.

Getting the most out of your investment in inventory is a daily issue for inventory-based businesses of all sizes. The increasing complexity of supply chains means your inventory team is likely struggling to understand what’s really going on and what problems are on the horizon. Why is this such a persistent and common stumbling block?

The Netstock team is proud to announce we’re a Gold Sponsor at Acumatica Summit 2019. We’ll be on the show floor at the Houston Marriott Marquis, and we’ll be sharing everything there is to know about inventory replenishment and inventory optimization.

Managing a warehouse in manufacturing, distribution, and retail environments is increasingly tricky, because even smaller and mid-sized businesses are dealing with a global supply chain. A warehouse is a dynamic work space that requires nimble leadership, and that includes your inventory planning.

Managing your company’s supply chain requires some tricky calculations. But all too often, planners and management will rely more on more intuitive understandings of how to plan their inventory instead of doing the math. For example, here’s a common intuition that we hear all the time from purchasers and planners:

This is a very common question. Let’s work with the two different parts of this question:

The Netstock team is happy to announce we’ll be a sponsor at this year’s GPUG, part of the annual Summit expo for Microsoft Dynamics ERPs.

The Netstock crew is proud to announce we’ll be a sponsor at SuiteWorld18, the annual NetSuite user conference for customers, partners, media, and industry analysts. We’ll be on the show floor at the Sands Expo & Convention Center in Las Vegas, and we’ll be sharing everything there is to know about inventory replenishment and inventory optimization. Find us at Booth #851 to learn how you can improve your NetSuite inventory with Netstock!

If you need to provide high availability to keep your customers satisfied, stock-outs are quite simply a nightmare. Dealing with angry customers can send stress levels of your employees soaring. 

Striking a balance in your warehouse is a daily challenge. Your fill rate shows you exactly how well you’re keeping up with orders and managing your inventory replenishment, but keeping that number high is easier said than done. 

The Netstock team is dedicated to informing you about supply chain innovations. It’s our passion and our expertise, and providing inventory optimization is why we built our app. On Wednesday, June 14th, we’ll be co-hosting a webinar with our colleagues at B2BGateway, who are integrated EDI experts, on the topic of leveraging the latest supply chain technologies. Together, we form a critical combo for businesses that want to maximize their profitability through their warehouse.