Dive - Inventory Control Processes for Sales Associates
Episode 22 Duration: 19 minutes
Join host Mike Hernandez as he reveals how inventory control processes form the operational heartbeat of convenience stores ensuring efficient operations and customer demand fulfillment. Learn the inventory replenishment process through assessing current inventory, forecasting demand, setting reorder points, and maintaining safety stock, master ABC analysis for product prioritization based on business importance, calculate reorder points and safety stock with practical formulas, and participate in group activities that apply classification skills to real-world product management.
Episode Overview
Master essential inventory control elements:
- Inventory replenishment process
- Current inventory assessment
- Demand forecasting techniques
- Reorder point calculation
- ABC analysis mastery
Introduction: Store Heartbeat
Learn the foundation:
- Inventory control crucialness
- Efficient operation assurance
- Customer demand meeting
- Well-managed smoothness
- Problem prevention importance
Part 1: The Inventory Replenishment Process
Develop understanding through:
- Fully-stocked shelf goal
- Process mechanism understanding
- Current inventory assessment
- Demand forecasting implementation
- Reorder point establishment
Assessing Current Inventory Excellence
Master techniques for:
- Store snapshot taking
- Right balance maintenance
- Product availability assurance
- Regular check vitality
- Current understanding priority
Real-World Typical Day Scenario
Create systems through example:
- Various product shelves
- Snacks to household essentials
- Customer availability reliance
- Ready access expectation
- Shopping frustration prevention
Regular Check Importance
Implement strategies for:
- Unknown low-running prevention
- Empty space avoidance
- Customer frustration elimination
- Shopping-elsewhere prevention
- Overstocking capital tie-up
Stock Check Implementation
Establish protocols for:
- Physical counting process
- Shelf quantity verification
- Storage area assessment
- Expiration date checking
- Display neatness assurance
Real-World Snack Aisle Example
Develop approaches through example:
- Chip bag counting
- Expiration date verification
- Freshness assurance
- Neat display maintenance
- Discrepancy identification
Quality Maintenance Focus
Master techniques for:
- Damaged item noticing
- Spill addressing
- Prompt response
- Best appearance assurance
- Excellent experience provision
Forecasting Demand Mastery
Create systems for:
- Historical data utilization
- Market trend analysis
- Sales prediction accuracy
- Customer demand meeting
- Overstocking avoidance
Real-World Bottled Water Scenario
Implement strategies through example:
- Popular brand presence
- Sufficient stock assurance
- Cash tie-up prevention
- Summer demand increase
- Temperature-based purchasing
Forecasting Importance Understanding
Establish protocols for:
- Year-round consideration
- Peak demand preparation
- Stockout frustration prevention
- Cooler month adjustment
- Valuable resource optimization
Effective Forecasting Strategy
Develop approaches for:
- Sales data analysis
- Pattern and trend identification
- Morning rush recognition
- Coffee increase planning
- Stock timing optimization
Market Trend Integration
Master techniques for:
- Significant role recognition
- Health drink popularity
- Wellness community awareness
- Introduction decision making
- Informed staying importance
Future Prediction Balance
Create systems for:
- Customer satisfaction maintenance
- Want-when-needed availability
- Resource efficiency management
- Stockout avoidance
- Overstock prevention
Reorder Points Excellence
Implement strategies for:
- Critical aspect understanding
- Inventory level identification
- Order placement timing
- Stockout prevention
- Early warning system
Real-World Potato Chips Example
Establish protocols through example:
- Popular snack recognition
- Shelf-flying observation
- Customer disappointment avoidance
- 50-bags daily average
- 20-bag reorder point
Reorder Point Strategy
Develop approaches for:
- Safety cushion provision
- Last-bag waiting avoidance
- Customer disappointment prevention
- Proactive availability assurance
- Product availability guarantee
Reorder Point Calculation
Master techniques for:
- Non-arbitrary number setting
- Sales data analysis
- Delivery time consideration
- Supplier factor inclusion
- Balance achievement
Traffic Signal Analogy
Create systems for:
- Green-to-yellow transition
- Action signal recognition
- Stockout prevention
- Customer love maintenance
- Efficient management balance
Safety Stock Mastery
Implement strategies for:
- Safety net understanding
- Extra inventory buffer
- Unexpected situation preparation
- Sales forecast exceeding
- Restocking delay coverage
Real-World Summer Weekend Scenario
Establish protocols through example:
- Beautiful weather setting
- Bustling customer activity
- 100-bottle forecast
- Local event surprise
- Increased demand recognition
Safety Stock Application
Develop approaches for:
- Unforeseen spike safeguarding
- Supplier delay protection
- Seamless demand meeting
- Customer disappointment avoidance
- Extra buffer provision
Safety Stock Level Setting
Master techniques for:
- Demand variability consideration
- Supplier lead time evaluation
- Product criticality assessment
- Excess stockpiling avoidance
- Consistent provision assurance
Emergency Stash Analogy
Create systems for:
- Umbrella comparison
- Cloudy day preparation
- Unexpected rain readiness
- Fluctuation weathering
- Supply uncertainty handling
Part 2: Inventory Control Methods
Implement strategies for:
- Several method understanding
- ABC analysis utilization
- Product prioritization
- Business importance recognition
- Close monitoring implementation
Category A: High-Value Items
Establish protocols for:
