Inventory planning involves forecasting demand and deciding exactly how much inventory and when to order. Inventory management planning is an integral part of a company’s supply chain management strategy, alongside order management, accounting, warehouse operations, and customer management. However, having too much inventory is damaging to a healthy cash flow and holds business growth as the money tied up in excessive inventory can’t be invested in other areas of the business. Holding inventory is unavoidable as it allows organizations to operate continuously. Inventory represents often the biggest part of a retail business’s assets – up to 80% of cash is usually tied up in inventory. It’s time to end shoddy inventory planning and ensure that our businesses are streamlined for the future. What questions should you be asking yourself? What planning method is right for your business?īy the end of this article you’ll be able to answer all of these questions and then some. From what it actually is, to the best technology for the job. This article will cover everything a fast growing e-commerce retailer needs to know about inventory planning. Whatever your growing business looks like right now, pinning down a successful inventory plan and management strategy is essential for your future security and success.Įfficient inventory planning and assortment planning offers a fast route to reduced costs tied up in dead inventory, optimized product mix, happier customers, and increased revenue and profit.īut despite the business-critical importance of proper inventory planning, all too many businesses today are not doing everything in their power to plan appropriately. Plus, sudden market shifts can add an extra layer of complexity to your inventory planning. You may have a large database of customers or be looking to scale up operations in the near future. You may be operating across multiple online sales channels as well as physical stores in various locations. For medium to large e-commerce brands and wholesalers, inventory planning comes with additional complexity.
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