Having the exact amount of stock to supply demand becomes easier than it was 20 years ago with computers, bar codes etc. but still can be the difference between success and failure
With inexpensive tools, this is no longer out of reach for smaller businesses. My tools of choice are Microsoft Power BI, SQL databases/CSV sources and R scripts for running forecasts of hundreds of items quickly. For example, for a client with 4000 items, my R script essentially says "read the data and for each item, try to fit a trend + seasonality model, check the accuracy, if it's bad, give me a moving average."
Thanks - this was a good refresher as I'm trying to find a remote inventory management job after 14 years of running a small service based business. Do you know of any online sources that have "dummy" sales & inventory table that you can analyze and manipulate?
I'll be launching a private community soon to discuss the topics I post to TH-cam. If you would like to receive notification of when it's launched (very soon!), feel free to sign up for my newsletter to receive more information. You'll be able to ask questions of me and other members to share ideas and knowledge. academy.numericalinsights.com/62112814-b325-43af-938a-ceaf007d4276
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Having the exact amount of stock to supply demand becomes easier than it was 20 years ago with computers, bar codes etc. but still can be the difference between success and failure
With inexpensive tools, this is no longer out of reach for smaller businesses. My tools of choice are Microsoft Power BI, SQL databases/CSV sources and R scripts for running forecasts of hundreds of items quickly.
For example, for a client with 4000 items, my R script essentially says "read the data and for each item, try to fit a trend + seasonality model, check the accuracy, if it's bad, give me a moving average."
Thanks - this was a good refresher as I'm trying to find a remote inventory management job after 14 years of running a small service based business. Do you know of any online sources that have "dummy" sales & inventory table that you can analyze and manipulate?
An inventory turns refresher is coming next.
I'll be launching a private community soon to discuss the topics I post to TH-cam. If you would like to receive notification of when it's launched (very soon!), feel free to sign up for my newsletter to receive more information. You'll be able to ask questions of me and other members to share ideas and knowledge. academy.numericalinsights.com/62112814-b325-43af-938a-ceaf007d4276