Frequently Asked Questions
How to improve inventory planning?
With the help of inventory management software, retailers can analyze inventory data to improve inefficiencies, adapt inventory plans in real-time, and learn from demand trends for future inventory planning. Skubana’s software helps business owners simplify their inventory management (regardless of how complex their operations are), and supports ecommerce brands with their inventory planning at every stage.
Do I need technology to plan my inventory?
While you can certainly conduct inventory planning by hand, using technology makes the entire process much less time-consuming and more accurate overall. Software solutions are typically equipped with automations to facilitate inventory planning, and include features that encourage optimization and organization among your various selling channels or warehouse locations.
What are inventory planning techniques?
Some of today’s most popular inventory planning techniques are: economic order quantity (EOQ), minimum order quantity (MOQ), just-in-time (JIT), and ABC analysis. Each technique offers its own benefits, though some may align with your business needs better than others; many companies use a few different methods in tandem with one another, as well.
What are the types of inventory?
The three main types of inventory are raw materials, work-in-progress (WIP) items, and finished goods. Although there are other kinds of inventory on the market, these three categories are the most popular or prevalent, and can be found on a company’s official financial accounts.