Opportunity to improve inventory management disciplines
One of the major reasons that many organizations purchase an enterprise system such as Sage is to improve upon the disciplines that are employed in the management of their inventory.
Having too much inventory or too little or getting the inventory too early or too late can have a major impact on the balance sheet, profitability, order fulfillment rate, and customer satisfaction index of the organization.
We at xkzero are interested in making sure you are making the best decisions as it relates to the management of your inventory position by using all the available tools in the system.
Increase Inventory Usage Visibility with Stock History Inquiry
To that end one inquiry in the system that I want to make sure you are aware of is the Stock History inquiry which is found under Stock > Inquiries > Products > Stock History.
How can this inquiry be helpful to you?
- It can be used to help determine selling patterns/trends for your finished goods so that forecasts and budgets can be adjusted to meet the changing needs of the marketplace
- A purchasing manager will use this inquiry to identify raw materials whose usage is trending up or down so that adjustments to the contracts can be made to avoid stockouts or excess inventory situations.
- Salesmen can use this inquiry to identify items whose shipments have greatly fallen off so they can investigate with their clients the reasons for the change in demand (i.e. sourcing items from another supplier, lower price alternative product now in the marketplace, etc).
- Stock managers can use this trend analysis as a basis for changing the EOQ and safety stock levels for the product.
By clicking on the Criteria button in the right-hand panel you can specify additional parameters including if you want the average or variance metrics included and if you want to see the periodic and/or annual results.
Note also by clicking on the Graph options in the right-hand panel you can generate trend graphs right from the system over any specified date range.
This is one of the many useful tools available to you in the Sage system. Please contact us for more information on how xkzero can help you use your Sage software to optimize your business.