How to Boost the Efficiency of 3 Popular Inventory Management Techniques
Retail businesses depend on effective and efficient inventory management techniques as one of the last steps of the supply chain. To strike the perfect balance of meeting consumer demands without having excess inventory, retailers have to determine which techniques work best for them. Several popular inventory management strategies exist, although the most widely practiced are the push, pull, and hybrid methods. Here’s what businesses should know about these strategies and how the right material handling equipment can improve their efficiency. The Push The push technique is all about anticipating and meeting the demand for a certain product and stocking retail locations accordingly. For example, a home goods store might keep plenty of colorful outdoor lights in stock during the holiday season but not during the summer months. Since this inventory strategy relies on forecasting the demand for products and stocking them on a tight timeline, efficiency-boosting equipment ...