Netstock’s inventory management trends for 2024

Welcome to our first edition for 2024! Get ready for a dose of inventory excitement – from AI adventures to real-world success stories. We've got the trends, and a helpful case study from The Little Potato Company. Grab your cup of coffee, sit back, and enjoy the read!

What to expect from the supply chain in 2024

1. A change in spending habits

In 2024, businesses are reevaluating spending habits. Eric Chicoine , VP of Global Sales, notes a return to sensible investing. Rising interest rates urge a more cautious approach. Netstock suggests smart decisions facilitated by software tools and ongoing inventory policy reviews.

Netstock’s approach: Netstock takes a customer-centric approach, aiming to understand your unique position in the inventory management journey. The focus is on uncovering and supporting your current inventory maturity level and planning journey.

2. Utilizing AI in Learning & Development

Judith Zietsman , Global Learning & Development Manager, emphasizes applying inventory management knowledge. In 2024, AI points users to needed information, reducing time and effort.

Netstock’s approach: By obtaining the Netstock Inventory Management Concepts Certification, you’ll stay up-to-date with inventory management trends and further develop your expertise.

3. Mitigating security risks and cyberattacks

AI impacts security positively and negatively. Yolande Gething , IT Security and Risk Manager, highlights AI's role in sophisticated cyberattacks.

Netstock’s approach: Netstock continues to improve security controls and overall security posture with ISO 27001 certification to provide comprehensive security assurance.

4. Digital twinning and real-time data

Spencer James , Vice President of Technology, discusses digital twinning's impact on inventory management.

Netstock’s approach: By tracking industry trends, Netstock enhances your inventory management experience with the transformational power of AI, fostering a collaborative environment and encouraging continuous learning.

5. Using data to predict future outcomes

Ryan Bavery , VP of Product Management, sees AI as an intermediary for data cleansing.

Netstock’s approach: Netstock is committed to bringing complex supply chain concepts into an easy-to-use solution. Pivot Forecasting? and Opportunity Engine? help businesses forecast, anticipate problems, and provide recommendations in real-time.

6. Increased collaboration between departments

Jefferson Barr , CMO, notes the need for collaboration amid supply chain disruptions.

Netstock’s approach: Marketing campaigns are recognized as valuable sources of data for supply chain planning. Netstock emphasizes collaborative forecasting and leveraging data, technology, and agile strategies to navigate challenges.

To see a full list of our trends, read more here .

Case Study: The Little Potato Company

Discover how The Little Potato Company optimized their inventory management with Netstock, achieving over 8% improvement in their fill rate. From reducing excess inventory to enhancing supply chain visibility, this case study showcases the real impact of strategic inventory management.

• Return on Investment (ROI): They slashed excess inventory costs, making every investment count.
• Integration and functionality: Netstock's solutions seamlessly integrated with Microsoft Dynamics NAV (later upgraded to Microsoft Dynamics Business Central).
• What’s next? TLPC plans to adopt the finite capacity planning functionality found in Netstock. “This will give us a full 360-degree supply chain planning solution and allow us to manage our production plants better. Efficiency is key, especially in the food industry.”

Read the full case study here and find out how Netstock can help YOU!

Businesses can stay ahead of inventory management trends by adapting spending habits, embracing AI in learning, prioritizing security, harnessing real-time data, utilizing predictive analysis, and fostering cross-functional collaboration. Keep an eye out for our next newsletter editions to transform your approach to inventory management. Embrace the trends shaping 2024 and propel your business towards success!