Fishbowl CMO Kirk Tanner returns in this week’s installment of Whiteboard Wednesday. We took a few weeks off for Christmas and New Year’s, but now we’re ready to share more insights into inventory management.
The last Whiteboard Wednesday explained how to calculate the true cost of goods and this time Kirk will cover how to optimize your safety stock.
Every business needs to keep a safety stock, which acts as a buffer so that you never run out of products. If you use inventory management software, you can set automatic reorder points to alert you whenever the number of products you have in stock reaches a certain low point and you need to order more.
Manually maintaining safety stock, on the other hand, is much more difficult, as Kirk explains in this video: