Inventory holding costs are the fees incurred for storing goods or inventory in a warehouse. Stored inventory is a liability that hits profit margins and increases businesses’ operating costs.
Rent for space, security, depreciation costs and insurance are among inventory holding costs.
As these costs increase, businesses must consider deploying demand planning and demand sensing. These tools can allow enterprises to maintain the optimum amount of stock.
GEP SMART is an AI-powered, cloud-native source-to-pay platform for direct and indirect procurement. GEP SMART offers comprehensive source-to-pay functionality in one user-friendly platform, inclusive of spend analysis, sourcing, contract management, supplier management, procure-to-pay, savings project management and savings tracking, invoicing and other related functionalities.
GEP NEXXE is a uniﬁed and comprehensive supply chain platform that provides end-to-end planning, visibility, execution and collaboration capabilities for today’s complex, global supply chains. Built on a foundation of data, artiﬁcial intelligence and cognitive technologies, GEP NEXXE helps enterprises digitally transform their supply chains and turn them into a competitive advantage.