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How can you determine the best time to reorder inventory?

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Reordering inventory is a crucial decision for any import/export business. You want to avoid running out of stock and losing sales, but you also don't want to overstock and incur unnecessary costs. How can you find the optimal balance between demand and supply? Here are some tips to help you determine the best time to reorder inventory.

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1 Know your lead time

Lead time is the amount of time it takes from placing an order with your supplier to receiving the goods in your warehouse. It depends on various factors, such as the location of your supplier, the mode of transportation, the customs clearance process, and the availability of the products. You need to know your lead time accurately, so you can plan ahead and avoid delays or shortages. You can calculate your lead time by adding the supplier lead time, the transit time, the buffer time, and the receiving time.

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Tommy Agustinus

Associate SCM Manager Fresenius Kabi Indonesia
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Also consider another X factor, such as Red Sea crisis, since its really impact to sea shipment from Europe to Asian countries

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Tamara Alfred Abu Khader, CSCE,CIPP

Supply chain management|Logistics management|Procedures Development|Inventory Management|Project Management|Change Management|Warehouse Management|Sourcing Transportation|Vendor management|Stock management|Distribution
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Determining lead time involves understanding the time it takes for your suppliers to deliver inventory after an order is placed. how you can determine lead time: *asking supplier directly about their lead times for specific products or orders. * order histories analysis *Track Shipping and Delivery *Inventory Management Software *supplier agreement you can determine lead times more accurately and effectively plan your inventory replenishment strategies to meet customer demand while minimizing stockouts and disruptions

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2 Track your inventory levels

Inventory levels are the amount of stock you have on hand at any given time. You need to track your inventory levels regularly, so you can monitor your sales trends, your inventory turnover, and your safety stock. You can use various methods to track your inventory levels, such as manual counting, barcode scanning, RFID tagging, or inventory management software. You should also conduct periodic audits to verify the accuracy of your inventory records and identify any discrepancies or errors.

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Tamara Alfred Abu Khader, CSCE,CIPP

Supply chain management|Logistics management|Procedures Development|Inventory Management|Project Management|Change Management|Warehouse Management|Sourcing Transportation|Vendor management|Stock management|Distribution
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Tracking inventory levels is crucial for efficient inventory management and ensuring that you have the right amount of stock on hand to meet customer demand without overstocking *Establish a System * Centralized database *Barcode or RFID Technology *ABC Analysis *Forecasting and Demand Planning *Inventory turnover ratio *Reorder point By implementing these strategies and maintaining diligent inventory tracking practices, you can effectively manage your inventory levels, minimize stockouts, and improve overall operational efficiency.

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3 Use a reorder point formula

A reorder point formula is a mathematical equation that tells you when to place an order with your supplier based on your inventory levels, your lead time, and your demand. It helps you optimize your inventory replenishment and avoid stockouts or overstocking. The basic formula is:

Reorder point = (Average daily sales x Lead time) + Safety stock

You can adjust this formula to suit your specific business needs and goals. For example, you can factor in seasonal fluctuations, promotional campaigns, or supplier discounts.

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Tamara Alfred Abu Khader, CSCE,CIPP

Supply chain management|Logistics management|Procedures Development|Inventory Management|Project Management|Change Management|Warehouse Management|Sourcing Transportation|Vendor management|Stock management|Distribution
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The reorder point formula is a fundamental tool in inventory management that helps determine when to reorder inventory to avoid stockouts during the lead time. Determine the average daily demand for the product. Estimate the lead time for the product, which is the time it takes for the supplier to deliver the inventory after an order is placed. Calculate the lead time demand determine the safety stock level based on factors such as demand variability, supplier reliability, and desired service level Add the lead time demand and safety stock to calculate the reorder point.

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4 Evaluate your reorder frequency

Reorder frequency is the number of times you place an order with your supplier within a certain period, and it can have a major impact on your inventory costs, cash flow, and customer satisfaction. To find the best option for your business, you need to evaluate your reorder frequency. There are various strategies you can use for this, such as economic order quantity (EOQ), fixed order quantity (FOQ), fixed order interval (FOI), and vendor-managed inventory (VMI). With EOQ, you will be determining the optimal order size that minimizes your total inventory costs, including ordering costs and holding costs. FOQ involves setting a constant order size that is placed whenever your inventory level reaches the reorder point. FOI is a regular time interval between orders regardless of your inventory level. Lastly, VMI is a collaborative arrangement where your supplier monitors your inventory level and replenishes it as needed.

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5 Review your reorder performance

Reorder performance is the measure of how well you manage your inventory replenishment and meet customer demand. To evaluate your reorder performance, you should review various metrics, such as fill rate, stockout rate, inventory turnover ratio, and inventory carrying cost. These metrics can help you determine the best time to reorder inventory and optimize your import/export operations. Additionally, you can identify any areas for improvement to ensure that you are meeting customer demands.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Donnel K.

SUPPLY CHAIN, WAREHOUSING, LOGISTICS, FLEET, MANUFACTURING, CONSTRUCTION, COLD STORAGE
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Set a point of recalibration before reorder level to go back the drawing table and refresh you forecast base on current trend considering other factors from both demand and supply side. You should identify the Kairos moment then.

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How can you determine the best time to reorder inventory?

1

2

3

4

5

6

1 Know your lead time

2 Track your inventory levels

3 Use a reorder point formula

4 Evaluate your reorder frequency

5 Review your reorder performance

6 Here’s what else to consider

Import/Export Operations

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How can you determine the best time to reorder inventory?

1

2

3

4

5

6

1 Know your lead time

2 Track your inventory levels

3 Use a reorder point formula

4 Evaluate your reorder frequency

5 Review your reorder performance

6 Here’s what else to consider

Import/Export Operations

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