Santa Claus runs a pretty tight ship. Many songs have been sung about him riding his sleigh all over the world and delivering xmas gifts down chimneys to delight little kids. But where are the songs about the elves in Santa's workshop?
Especially those managing inventory to ensure little Sarah gets the bicycle she asked for and not the bracelet. Every time someone asks me why Inventory Management is important, I can't think of a way to answer without using Santa's workshop as an example.
So many inventory management concepts can be explained using Santa's business model. Each year, Santa gets thousands of orders in the form of letters from kids. How does he fulfill all these orders without running out of stock? Having been in the christmas business for years and years, Santa and his elves have perfected inventory forecasting.
They know the reorder points for all the toys and gifts in their inventory and they know exactly how much safety stock to keep in hand so they don't run out. 'Out-of-stock' is not an option when your business is all about fulfilling the hopes and dreams of little kids!
So, if you think about it, smart inventory management by Santa's elves is what saves Christmas every year. And this is why inventory management is crucial. It doesn't get the glory it deserves, but it really is the backbone of every business that wants to sell its products successfully. So how does one learn about inventory management quickly and make it their competitive advantage?
Don't worry - you don’t need to go out and read textbook after textbook to master inventory management concepts. Instead, grab a cuppa, put some reading music on and block 30 minutes off your calendar. Then click here to download our new eBook Inventory Management: Everything you need to know.
When you’re done, drop us a line in the comments section to tell us what you liked, and what you didn’t like. So we can work on continuously bringing you the information you need to succeed.
So what’s new?
Some of you may remember our eBook Inventory Management: Getting Started. If you haven’t read it yet and you’re new to the inventory management game, do give it a shot! It’s a 10 minute read and a good precursor to Everything you need to know. We introduced lots of concepts in Getting Started, ranging from safety stock, to inventory costs, and even a couple of metrics to get you started. But we wanted to take these concepts a step forward and show you the impact they have on your business and decision making. We wrote this eBook to help you answer the following questions:
- What shopping cart solution is right for my business?
- How much should I spend on carrying costs? And what’s carrying costs anyway?
- What’s my return on investment and how do I calculate it?
- Why should I move to the cloud?
We’ve also introduced more crucial inventory management concepts such as:
- What’s a SKU and how do I name one?
- What do I do with my slower-moving items?
- What’s dead stock and how do I get rid of it?
- What fulfillment options do I have?
We put this eBook together with three main objectives in mind:
- We want to provide you with the information you need for a healthy inventory so that you’ll be able to enjoy always having just the right amount of stock to keep your customers satisfied.
- We want to share tips on how to tackle issues that’ll clog up your inventory like dead stock and help you manage operational costs.
- We want to share interesting insights we’ve gained along the way… like what to do with the long tail of inventory and how much time businesses like you can save with inventory management software!
If there’s anything else you’d like to know that we’ve missed out, drop us a comment, and we’ll roll up our sleeves and get down to it!
Download the eBook here!
Ho Ho Ho!