{"id":5224,"date":"2016-01-24T17:22:00","date_gmt":"2016-01-24T17:22:00","guid":{"rendered":"http:\/\/www.targetintegration.com\/knowledgement\/?p=5224"},"modified":"2016-01-24T17:22:00","modified_gmt":"2016-01-24T17:22:00","slug":"selling-fooddrinks-what-is-your-inventory-management-strategy","status":"publish","type":"post","link":"https:\/\/targetintegration.com\/en_gb\/selling-fooddrinks-what-is-your-inventory-management-strategy\/","title":{"rendered":"Selling Food\/Drinks? What is your Inventory Management Strategy?"},"content":{"rendered":"<p>Inventory management; these two words have the potential to make or break a business.\u00a0Especially, if your business involves perishable products like food that needs to take safety\u00a0concerns as well, you need the best possible methods to manage and distribute them.<\/p>\n<p>So how do you plan to manage your inventory? It for sure cannot go haphazardly and you\u00a0cannot just let it go the way it is going currently. How do you base your decisions and how do\u00a0you plan to implement a rigid approach?<\/p>\n<blockquote><p>Together with this don&#8217;t forget to read our article on FEFO, FIFO &amp; LIFO &#8211; Which one is the best strategy for your business?<\/p><\/blockquote>\n<p>Let have a look on a few stats:<\/p>\n<ul>\n<li>About 44.65% of consumers inspect the expiration dates of products they consume<\/li>\n<li>Around 49% Customers think expiration dates are important but they consider it to be the responsibility of the retailer<\/li>\n<li>Only 6% of consumers don\u2019t bother about the expiration dates<\/li>\n<\/ul>\n<p>This clearly shows\u00a0that food products must reach the customers way before they reach their expiration dates. And the\u00a0most proven method to make this possible is by following the FEFO (First Expire First Out) distribution model. First\u00a0Expired First Out model makes sure the items that are first approaching their expiry dates are\u00a0shipped out first making sure customers get what they expect and nothing goes waste.<\/p>\n<p>FEFO is essentially the best way for dealing with food products. By issuing the lots that have\u00a0the oldest expiry dates, the quality of the delivered products is made consistent and optimal.<\/p>\n<p>This method is also applied in many other industries like medicine and chemical where\u00a0the expiry date is very critical.<\/p>\n<p>While the most natural method that food distributors follow is to deliver the first in products\u00a0first out (FIFO), it may not be applicable in all cases. About 27% of consumers find\u00a0themselves looking at expired groceries and food items on the store shelves. About 9% of\u00a0consumers report that they find expired food on a weekly basis. This clearly shows the failure\u00a0of FIFO method to deliver food products as expected by the consumers.<\/p>\n<p>This is because food\u00a0that arrives first gets delivered first and the material moves along a single direction without\u00a0any regards to the expiry dates. Food items could be shipped from any location and have\u00a0differing shelf life periods. If this factor is not taken into account, the distribution process\u00a0becomes not so efficient and products get delivered either too soon or too late and lot of\u00a0food gets wasted.<\/p>\n<p>With concerns for food safety and reduction in food losses rising all over the world, the rules\u00a0and regulations that dictating the expiry condition have also grown tighter. But many a times,\u00a0food distributors have less to no idea on how expiry dates are marked and how exactly the\u00a0temperature and environmental conditions can impact these date values.<\/p>\n<p>The FEFO makes sure to take the following\u00a0factors into consideration as opposed to the\u00a0FIFO:<\/p>\n<ul>\n<li>Temperature control and monitoring<\/li>\n<li>Temperature variance while in storage, truck, or reefer container are considered<\/li>\n<li>The effects of temperature on shelf life period are considered<\/li>\n<\/ul>\n<p>A proper Inventory management gives priority to remaining shelf life rather than simple transit\u00a0time and storage times.<\/p>\n<p>Also, about 40% of Consumers are seen to be accepting food products that are about two\u00a0days from their date of expiration. This again ascertains the fact that it is the remaining shelf\u00a0life period that matters and hence distributors must make sure they make use of all possible\u00a0ways to ensure it is taken care of effectively.<\/p>\n<p>If you are not already taking advantage of FEFO and your system is not equipped to look after the expiry dates, then contact us by sending an email to <a href=\"mailto:info@targetintegration.com\" target=\"_blank\" rel=\"noopener\">info@targetintegration.com <\/a>and we will be happy to help you.<\/p>","protected":false},"excerpt":{"rendered":"<p>Inventory management; these two words have the potential to make or break a business.\u00a0Especially, if your business involves perishable products&#8230;<\/p>","protected":false},"author":4,"featured_media":5228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[71,95,91,275,245],"class_list":["post-5224","post","type-post","status-publish","has-post-thumbnail","hentry","category-article","tag-cloud-erp","tag-enterprise-resource-planning","tag-erp","tag-stock-management-system","tag-warehouse-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Selling Food\/Drinks? 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