Supply and demand are what drives the entire supply chain industry, netting billions of dollars every year. When it’s your job to be on the supply side of things, you’ll notice that customer demand often includes seasonal stock. Seasonal stock can make up part of your supply chain, or you might specialize in the providing of seasonal goods. How can seasonal inventory be managed for year-round supply? Read more below to find out how managing seasonal inventory can be more effectively handled if you’re in the supply business.
Managing Seasonal Inventory
Managing seasonal inventory is a combination of things. A company should:
- Store seasonal stock properly
- Control the storage environment
- Order seasonal stock on a rotational schedule
- Have an alternative supplier’s list for seasonal inventory
What’s Seasonal Inventory?
Seasonal inventory describes any stock, produce, or products that are only available or viable for a specific part of the year. The definition of seasonal inventory is a very broad scope. Many types of products are considered seasonal. However, the same can count for packed products with limited availability.
The most important thing to remember with seasonal stock is to ensure that it can be available throughout the year. For instance, a company might have to find a reliable supply – and focus on effective storage and transport methods to make seasonal inventory available.
Managing Seasonal Inventory Stock
Seasonal stock should be effectively controlled. It tells you (1) what’s available, (2) when that’s going to run out. It seems like an easy task; however, many inexperienced or small business supply companies fail at making the right predictions for their seasonal stock levels.
Control stock with the use of effective inventory management software monitoring systems. Intelligent systems use AI to keep a closer eye on stock on behalf – and this could make a good addition to your company if you’re having trouble.
Always order seasonal stock in good time. The use of an AI inventory control system (described above) can make it easier. The system tips off the user whenever stock is running low and some can even be set to automatic order fulfillment of the most necessary things. However, when you aren’t actively storing seasonal inventory, remember to place your orders at the right time or you’ll risk running low.
Why will companies choose to work with one supply chain provider rather than their competitor? Often, the answer to this question is reliable stock. If you want to succeed, aim to be the most reliable provider out there. For instance, knowing where to get emergency stock for seasonal items. If your own stocks run dry or there’s a supply problem in a pinch, make sure you can call up a trusted colleague in the supply business. Why? It’s about being reliable, even when there’s an emergency. In short, as a supply chain company, that’s how you stand out.
Depending on the type of seasonal stock you intend to store, temperature can be one of the most important factors to keep in mind. In fact, many seasonal stocks can be dependent on temperature remaining constant for ideal conditions. Control temperature with the use of monitoring systems, just like you would when it comes to stock inventory itself.
Moisture can be a killer for stock left in storage. It almost goes without saying that any moisture should be kept far away from any possibility of moisture getting near it. Where there’s moisture, there can be mold – and there is a huge risk for your stock going bad. It’s more likely when stock is left under improper storage conditions, but freak accidents have also happened. If moisture is a problem, save stock as quickly as you can. After that, assess why the problem happened in the first place, and adjust.
Most seasonal things you could think to put into storage can be destroyed by factors like excess heat or moisture. It is important that you don’t forget about light. The majority of seasonal products should be stored in dark places. However, there are some rare exceptions to this rule. How can you approach light the right way? The answer is an intelligent monitoring system for stock that might go into storage to keep it good for the rest of the year.
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