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The Importance Of Inventory Planning

Purchasing stock that customers want<br>Acquiring items in adequate numbers<br>Ensuring timely delivery of products<br>Sales strategy<br>Allocating sufficient storage space for items

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The Importance Of Inventory Planning

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  1. The Importance Of Inventory Planning

  2. Challenges of purchasing inventory • Purchasing stock that customers want • Acquiring items in adequate numbers • Ensuring timely delivery of products • Sales strategy • Allocating sufficient storage space for items

  3. What is inventory planning • Inventory planning is the process of determining what products to purchase, how many of them to order, and at what time to place the order. • Inventory planning is the solution to tackle inventory acquisition challenges. • This process is crucial to circumvent operational adversities and ensure smooth retail business continuity.

  4. Advantages of inventory planning • Improvement in sales • Efficient use of storage space • Higher customer satisfaction • Better cash flow • Prevent the accumulation of surplus and deadstock

  5. How to implementinventory planning • Economic Order Quantity (EOQ) This method emphasizes three factors: order costs, demand rate, and holding costs. It uses the formula EOQ = Square root of [2(order costs)(demand rate)] / holding costs • Minimum Order Quantity (MOQ) The MOQ inventory planning method is a conservative strategy to purchase stock. It requires retailers to assess current demand, historical data, and holding costs to determine the minimum number of products to purchase from suppliers and manufacturers.

  6. How to implement inventory planning • FIFO The First In First Out method is simple and straightforward. It prevents inventory from expiring, minimizing financial loss. By this method, retailers must arrange products they purchase first at the front of shelves. • Set reorder points Setting reorder points eliminate delays in acquiring stock. To use this method, retailers must factor in the unit of items they sell daily and the time it takes to restock them. The method also advices retailers to keep safety stock.

  7. SmartPOS - the leading retail management software • SmartPOS is a holistic retail management system • It has several modules for overseeing inventory, customers, employees, sales, promotions, and more • The inventory management feature in SmartPOS provides cutting-edge tools for inventory planning • SmartPOS can automate critical inventory management tasks such as repurchasing inventory

  8. Why purchase SmartPOS? • User-friendly • Secure • Cloud-based • Feature-loaded • Easily scalable • Customizable

  9. How to purchase SmartPOS • Visit our site https://smartposwebcom/ to learn more • Call our office in India at +91-44-6672888 or at +91-7010989830 • Call our office in Germany at +49 (0)40 609 410 932 • Alternatively, you can email us at info@smartpoint.in

  10. Thank you

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