LONDON--(BUSINESS WIRE)--Quantzig, a premier analytics solutions provider announces the completion of its recent article that explains the impact of an effective retail inventory management system on the business operations of small and medium-sized enterprises.
Talk to our analytics experts to learn how we can help you develop an inventory management system that scales with your retail business.
Inventory management refers to the effective handling of the inventory or stock that a company holds. In retail, inventory management deals with the flow of goods from the manufacturers to warehouses and from these facilities to ultimately the point of sale. As such, retail inventory management is a key aspect of supply chain management and enables businesses to control and oversee inventory, storage of inventory, and control the amount of product for sale. Rightly managing the inventory can help businesses have the right products in the right quantity and avoid products being out of stock or funds being tied up in excess stock.
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According to Quantzig’s inventory management experts, “Accurate forecasting is a vital element of inventory management for small businesses. The forecasted sales figures should be largely based on factors such as the historical sales figures, predicted economic growth, market trends, and the promotions and marketing efforts involved.”
Inventory Management Best Practices for SMEs
In this blog, we have discussed the techniques and best practices of inventory management for small business concerns:
- Undertake stock audits
- Fine-tune forecasting methods
- Deploy cloud-based stock management software
- Leverage drop shipping methodologies
- Focus on quality control
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Today the efficiency of a retail business solely depends on the retailer’s ability to provide the right goods to the consumer, in the right quality, and quantity. Hence, it’s quite evident that the entire process of retailing depends on an efficient inventory management system. Book a FREE solution demo to know how our inventory management solutions can help you drive an industry-wide transformation that focuses on improving productivity while catering to the dynamic needs of customers.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal