The Importance Of Inventory Planning

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 implement inventory 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_at_smartpoint.in

10

• Thank you