Inventory Management
Optimizing your price to equal it’s value can have a huge effect on your company’s success. After finding this, everything becomes easier. Using the right price for every item will enable more effective growth from sales and marketing, sparking additional growth and profitability.
Price Optimization is a blend of using data from your customers and the market to find the most effective price point for your product or service that will maximize sales and profitability. The optimum price point is where a business is meeting their objectives. These objectives may comprise of profit margins, customer growth, or any other measurable value, or a mixture of more than one objective.
Optimizing your inventory to determine how much inventory to have and when to have it is critical in meeting the needs of your customers and business. Surely, having to much or not enough inventory will lead to a slower return from an investment to a profit or lost revenue. Three of the most popular methods for optimizing your inventory is accomplished using Demand Forecasting, a rigid inventory policy, or a replenishment based for of a sale.
