This guide by Zoho is a great run-through of how to avoid putting yourself in an ‘out-of-stock’ situation by reviewing the calculations of the safety stock formula.
Re-order point is a fantastic tool for inventory control. It helps you to order items at the right time, which not only is a systematic approach but also, a good measure to cut down on the holding cost.
Zoho Inventory helps you to set re-order points for different items. Attach a re-order point based on the past trend and get notified automatically when the stock level reaches this point.
Here is the table of contents for this guide:
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- John’s dilemma
- Calculating the average demand
- Finding out the variability in demand
- Determining lead time and its variability
- Assigning Z-Score
- Calculating the re-order point
- Automate re-order point notifications
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