Sometimes products get out of stock when customers want to purchase them. This occurs in both retail and wholesale scenarios. In the retail context, it happens at the point of sale (POS): consumers come to the warehouse to make purchases and are told there is no available stock. Consequently, for wholesalers, it occurs when retailers want to make purchases, but due to some circumstances, the wholesalers need help to meet the demands. 

Some of the common cause that KatPen INV has looked into include:

Poor forecasting

Supplier performance issue

Volatile demand

Unreliable data

Broken communication 

Human error

We have also looked into ways of preventing stock-outs by use of the best inventory management software. They include:

Keeping clean data

Inventory management software helps to ensure that data on all goods are well-tracked. That includes the inflow and outflow of goods. This is done by providing the products with serial numbers or bar codes. The cost of goods, quality of goods, the dates, and the process in which they move is also recorded.

Align promotions and special offers

Inventory management software helps ensure that promotions, marketing, and in-store operations are well aligned. The team must ensure that they satisfy the retailer’s demand.

Multiple location planning

Available stock must be prioritized to the locations where it is required most. Shipping time for the products has to be factored in. The next priority is adjusting the baseline demand and safety stock strategy for open locations. The data has to be available to all the branches for easy delivery to ensure that the sales and purchases are well recorded in case of any adjustment.

Good lead time and supplier information

The lead time in inventory management involves when an order is placed to replenish and when the order is received. This helps a company to ensure proper maintenance of the product cycle they have decided upon.

Proper demand forecasting

Companies must use actionable and accurate data sources, such as historical buying patterns and likely future demand, to predict needed stock levels. Accurate forecasting ensures businesses have enough products to fulfill customer orders.

Katpen INV is one of the web apps that Katpen Innotech Solutions has for the community market. Your company needs a well-developed point of sales to enhance proper business operations. 

Contact us and get all your stock-out problems solved immediately.

*Katpen INV is one of the products of KatPen Innotech Solutions