Avoid Making Costly Inventory Replenishment Mistakes
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Inventory Replenishment is vital to the business as it helps the sales team to avoid costly supply chain issues like overstocks and stockouts. Stockouts will not only result in the loss of sales, but it can also be a hit to customer loyalty and trust in the brand. This can also bring danger for your security on the shelf, as the competitors’ company will begin to occupy the empty space.
Demand forecasting plays a vital role in understanding the reordering requirement of each and every product, based on its product lifecycle and customer demand in the market. Once the requirement seems to be apt for reordering, the concerned department is contacted for the replenishment of a certain amount of product.
Best practices for Inventory Replenishment
-Formulate effective stocking level strategies
-Assess and reassess your forecast
-Create better end-to-end visibility
Useful information
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