AdvStock Inventories

Technology advancement has changed almost all sectors of human life, including the retail world. While retail has been transitioning into the digital world for some time, the COVID-19 pandemic changed the minds of those who have not undergone a digital transformation. Worldwide lockdowns pushed online shopping into overdrive over the past two years. This year, analysts expect over 266 million digital buyers and forecast a steady increase for the next few years. Consequently, businesses that provide cross-channel shopping experiences are more likely to succeed. While the digitalisation of data and workflows have been trending for the last few years, the same cannot be said in inventory management. Due to poor inventory planning, many businesses have yet to report 100% inventory accuracy or the ability to sense demand. According to a ZebraÕs Annual Global Shopper Study survey, retailers consider inventory issues as the top complaint in their workflows. As inventory visibility plays an es...

  Whether you are running a restaurant or a pharmacy, inventory management is a central part of your business administration and management. Having control over inventory allows the company to provide an excellent customer experience and improve the efficiency of supply chain management – all of which impact customer relations. For these reasons, it is essential that you have good inventory management. Why does it matter? First of all, good inventory management makes conducting economic order quantity (EOQ) estimations easier and more efficient. The said technique helps to find the best cost-saving approach for placing orders, resulting in cost reduction in storage provision and management. Having accurate forecasts also helps to decrease the risk of unreturned investments. You can easily monitor the number of sold items and estimate future sales for maximum profits. Preventing stockout is another advantage of having control over your inventory. Inventory management lets you monito...