SKU analysis helps you gauge the performance of the reusable containers in your supply chain, and helps you to find efficiencies and optimize the amount of inventory you keep on hand at any given time.
The term “SKU” is an acronym meaning “stock-keeping unit.” SKUs are product and service identification codes, and are often deployed as machine-readable barcodes, helping companies keep track of their inventory. They’re often critical for warehouses and product fulfillment centers, where they’re typically used to help companies determine what items are in stock and which items need to be reordered.
SKU analysis involves documenting where the SKU moves to, how quickly it moves from location to location and within a single location, how full the SKU is when it is used, and more. This gives companies a better insight as to how items are performing. This can be most critical for drop-ship items and purchased inventory, as it reveals the true cost of inventory that isn’t moving.
Analyzing the performance of SKUs lets you know which items are in higher demand, and you’re able to increase inventory for items that are performing well, and reduce the inventory for items that are performing poorly. Poorly-performing items can eat away at your resources, including time and money. Optimizing your inventory means keeping the right stock at the right time – and the ability to increase your efficiency and increase your revenues. The benefits gained by SKU analysis are obvious.
Wave Reaction can help you track your inventory from start to finish. Our cloud-based platform gives you the ability to trim down the problem areas, creating a more efficient and effective management program.
We’ve given some of the most trusted brands in the world a powerful way to manage their reusable container management program, and we can help take your company from good to great. Let us know how we can help you with SKU analysis and more.