Inventory Management is the process through which inventory is maintained in order to meet the demand of a company’s goods. A great inventory management system will tell a company exactly how many items they have on hand so that they can prevent shortages or surpluses, both of which can incur costs. Shortages will cause delays […]
What is Inventory Expiration and Why Does it Matter? Inventory expiration refers to product that an organization can no longer sell. It is often referred to as “obsolete”, “excess” or “dead” inventory. Inventory usually expires after it reaches the end of its sales cycle. Naturally, expired stock is a financial loss for an organization. Not […]
Reducing inventory write-offs is one of the most effective strategies for improving your Triple Bottom Line (TBL). The TBL, or 3P model, stands for people, planet and profit. By improving on any of these elements you will see a positive impact on all three. Reducing inventory write-offs helps to improve each of these elements in […]
Inventory write-offs can have a significant impact on a company’s financial statements and bottom line. These write-offs occur when a company has excess or obsolete inventory that cannot be sold and must be written off as a loss. This not only results in a decrease in profits but also ties up valuable capital that could […]
Inventory write-offs can have a significant impact on a company’s bottom line. A write-off is when a business takes an expense or loss that cannot be used as a deduction against income to reduce taxes. This can occur when inventory is damaged, stolen, lost, or simply becomes obsolete due to changing customer preferences. In this […]
Expiry dates are a major concern for food supply chains. Without proper tracking, companies can lose money as expired food is discarded and must be replaced. Fortunately, data can help mitigate this issue. By leveraging data-driven analysis and insights, businesses can more accurately forecast demand and prevent unnecessary losses due to expiry. Let’s look at […]
