After all, stockouts cost retailers around $1 trillion every year. Regardless of the reason, there’s no denying going out of stock hurts your profits. Meaning, inventory shortages and other supply chain challenges (like long lead times) cause only 10-30% of stockouts. Upwards of 70-90% of stockouts are due to poor replenishment practices. But empty shelves also cost you money since unhappy customers may turn to your competitors. Stockouts frustrate your customers since they can’t get what they need right away. (No exception.)Īfter all, both stockouts and overstocking are bad for your bottom line. To keep your retail business running smoothly, you need to optimize your inventory. In fact, Cogsy spots purchasing trends long before a human ever could-helping you factor these trends into all your replenishment plans. Meaning, these automated workflows reduce errors so you can feel confident throughout the replenishment process.īetter yet, replenishment software can recognize emerging trends in consumer behavior that even the best human analysts and demand planner can miss. The good news is that replenishment software automatically manages, tracks, and updates your inventory data with minimal (or zero) effort on your part. And it basically guarantees stockouts and lost sales galore. This typo means you will be seriously understocked on that SKU. Let’s say a team member mistakenly typed 100 units for an upcoming order, but they should’ve written 1,000 units. But the tiniest errors can throw off the accuracy of your entire inventory purchasing plan. And unfortunately, manual replenishment processes are prone to human errors and inaccuracies.Įven the most experienced data entry pros will make mistakes from time to time. □ But why not see for yourself? Try Cogsy free for 14 days! Reduce error rate With a little help from this kind of automation, Cogsy merchants save an average of 20 hours a week-and that’s precious time to reinvest in growing your business. Cogsy’s ops software streamlines all kinds of inventory management activities like drafting purchase orders, managing stock alerts across multiple locations, demand forecasting, and much more. The top tools send you automated SMS or email alerts with everything you need to know. When you use replenishment software, you don’t have to think twice about when to reorder low-stock items (or question how many units you need to buy). This wastes a lot of valuable hours for you and your team.īut that’s where replenishment software comes to the rescue. When you rely on manual processes for replenishment, you wind up constantly staring down your inventory levels to figure out when it’s time to reorder.īut the right tools can help you automate your way out of all this clunky, tedious work.ĭepending on the size of your business, a manual inventory audit could take several days or weeks to complete. There’s no other way to say it: Manually monitoring your stock is a major time-suck. While that’s enough reason to invest in inventory replenishment software, retailers can take advantage of plenty of other benefits, like automating manual processes, reduced errors, and increased profits. We’ve already touched on one major advantage of this kind of tool: it removes a lot of the guesswork around replenishment. Why you need inventory replenishment software Like automatically sending replenishment alerts when a SKU hits a certain level, so you don’t have to babysit spreadsheets.įor one, automated inventory replenishment software lets you know exactly when to restock-thanks to those handy alerts.īut this software also recommends how much you should reorder to maintain the right inventory levels for your business. The “automated” element refers to fancy features that complete tasks on your behalf. Inventory replenishment software (or stock replenishment software) gives retailers visibility into their brand’s real-time stock levels, current demand, and incoming purchase orders. ![]() What is automated inventory replenishment software? Let’s take a closer look at all the benefits of automated replenishment software, plus a roundup of recommended tools. That way, you can make data-backed decisions when purchasing inventory.īut what makes replenishment software any good? What should you look for in a tool, and which software is considered top-of-the-line today? That’s because replenishment software tells you exactly when, what, and how much product you need to meet customer demand. ![]() Luckily, inventory replenishment software makes it easy to maintain optimal stock levels. No one likes guessing games-especially when it comes to inventory management. ![]() ![]() The right inventory replenishment software is the easiest way to maintain optimal stock levels.
0 Comments
Leave a Reply. |