To Stock Or Not To Stock - SKU Rationalization

Описание: Watch a clip from StockIQ's monthly client learning session titled To Stock Or Not to Stock presented by Jeff Woodmansee and Jeffrey Porter. They will review 5 questions to ask when determining when to stock. The will cover ABC Stratification and XYZ Stratification.

As you manage the inventory for your business, there are several strategies you may use to help enhance your understanding of the inventory you need to have on hand and how to best manage your overall inventory needs, from seasonal changes in inventory to the regular stock you need to keep on hand for your business. One key strategy is ABC analysis.

ABC Analysis for Inventory Management: The Basics

An ABC analysis strategy determines which inventory items are most essential based on their overall importance to the business, giving more weight to the items that are essential to have on hand and less weight to items that may not prove as essential in the long run.

As you conduct your ABC analysis of your inventory, you can keep a closer eye on the overall demand for your products. As demand increases for a specific product type, you may find that you can increase your pricing and generate additional profit. As demand starts to wane, on the other hand, you may want to adjust your pricing to help you clear outer extra inventory.

Using the right system for your inventory management is critical. With Stock IQ, you can more effectively manage and track your inventory, keeping up with sourcing, available warehouse space, need for specific items, and more. Contact us today to learn more about how we can help you improve your inventory management strategies.