Leveraging Technology for Better Inventory Management

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Business Development | Product Management | SCM

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Jeeven Joseph from Zoho Inventory talks about the massive benefits of automated inventory management and emerging technological trends allowing businesses to enhance efficiency and stay competitive.

Key Takeaways from Jeeven:

Importance of Demand Forecasting: Accurate demand forecasting starts with analyzing historical data and adjusting for market changes to avoid overstocking or understocking.

Market Trends and Customer Feedback: Monitoring market trends and customer feedback helps business owners understand which products are likely to sell more, allowing them to adjust their inventory and pricing strategies accordingly.

The Role of Alternate Suppliers: Having alternate suppliers is crucial for maintaining inventory levels, especially if a primary supplier faces issues. It ensures a steady supply of products and mitigates risks associated with supplier dependencies.

Better Inventory Management: Zoho Inventory can manage orders, track inventory at a detailed level, and integrate with various platforms like Shopify and Amazon. This integration provides a centralized dashboard for managing sales across multiple platforms, simplifying the inventory management process for businesses.Common Inventory Mistakes: Overstocking and understocking are common errors small businesses make, particularly during the holiday season. Accurate demand forecasting will help avoid these issues.

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Episode 29