Inventory Management Hacks: Inventory management is one of the most important tasks for supply chain management professionals. Here is 4 simple inventory management hacks by http://emergeapp.net

1. 4 Simple
Inventory Management Hacks
Inventory Management Software

2. Utilize cross-functional team
- Develop baseline forecast: Forecaster develops a baseline forecast using statistical
methods
- Forecast adjustment: Forecast is then adjusted by the sales team to reflect a
promotion plan, new product introduction, special events, current market and
economic conditions and so on.
- Resolve Supply Issues:Adjusted forecast is passed to the manufacturing and
supply planning team to resolve potential issues
- Final S&OP: A meeting among the cross-functional team is arranged to resolve
the demand/supply imbalance and everyone agrees upon the plan

3. Create a Forecast for Seasonal Sales
Absence of perceivability to the dropshippers' stock is the normal downfall that
frequently results to unfulfilled requests.
Vendors can just wipe out such requests which could baffle with respect to the client
since one unsuccessful request is another negative rating.
To evade this, it is best to have different multiple of certain item so that on the off
chance that a supplier cancelled out a request, the other supplier will give it to you.

4. Take inventory frequently
Stock counting is seen as a dreaded task by most.
While it may seem counter-intuitive, the more frequently you tackle this, the better
control you’ll have over your inventory, reducing the chances of a shortage and
produce going off.
Frequent inventory checks gives you a clear indication of what products run out faster
so that you can set up a reordering process with suppliers and establish what items
need to be prioritised.

5. Go beyond unit cost
Cost of Quality (COQ) is a concept originated in quality management area with the
goal to identify hidden costs associated with manufacturing and delivery of service.
COQ consists of 4 elements as below,
(1) Prevention Costs: this includes costs of supplier quality survey and supplier quality
training
(2) Appraisal Costs: this includes costs of product/equipment testing
(3) Internal Failure Costs: this includes costs of rework, refurbish, retesting and scrap
(from defective products by suppliers)

6. Thank You