Adapting to the Future with Young Talent
I recently attended a conference in the United States where experts sitting on a panel were asked for their opinions on the future of our industry. Everyone gave various thoughts on what could happen and on how things were going to change. Many were uncertain about what changes would occur, but they were all certain that there would be change — and that this change would be large, would happen fast and would take place soon.
Accurate Order Cycles are Critical to Effective Inventory Management
To avoid stock outs, you must reorder products when you still have enough stock remaining in inventory to satisfy customer demand during the anticipated lead time.You also might want to keep some safety stock just in case you sell more than you forecast or the replenishment shipment is delayed.The result is the “order point” formula