Read more

Topics: Business Intelligence Basics, Job Role - IT, business intelligence dashboards, data visualizations, Inventory Management, KPIs and metrics

When it comes to achieving success in manufacturing, the industry is way beyond the idea that data matters. Manufacturers and the decision-makers that run them understand the value of data and are turning to BI strategies and manufacturing KPIs in times of uncertainty. Leaders want to know how decisions on production runs, purchasing and the supply chain impact their financial KPIs faster than traditional reporting allows so they are looking to BI to provide this insight.

Read more

Topics: Industry - Manufacturing, Job Role - Finance, Job Role - Executive, Dynamic reporting, business intelligence dashboards, Inventory Management, KPIs and metrics

Inventory days formula is equivalent to the average number of days each item or SKU (stock keeping unit) is in the warehouse. Inventory days is an important inventory metric that measures how long a product is in storage before being sold. If the percentage is high, there may not be enough demand for it, the product might be too expensive or it's time to rethink how it's being promoted.

Read more

Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Industry - Retail, Job Role - Inventory/Operations, Inventory Management, KPIs and metrics

Lean warehouse management is key to the success of businesses that make, move or sell products. Conversely, poor inventory control results in overstock problems including theft, expiration, obsolescence, and diminished returns. Overstock means having too much stock in a warehouse that has not sold which increases storage costs and reduces working capital. To improve the management of your business and keep stock under control, it is worthwhile to manage inventory all in one system, creating a single source of truth for inventory management.

Read more

Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Job Role - Inventory/Operations, Inventory Management

With constant streams of data being collected by companies daily, planning for the future is no longer as mysterious as it once was. But it is not a matter of having data that makes forecasting easier; instead, it depends on how the many layers of data are collated and analyzed. When it comes to managing inventory with a software solution, it is critical to establish inventory metrics that drive success for the present and future — making projected inventory level a crucial area to monitor.

Read more

Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Job Role - Inventory/Operations, Inventory Management, KPIs and metrics

A CFO in a wholesaling business recently described dead stock as piles of cash in the corner of a warehouse that she can’t access. Dead stock are products that don’t sell and remain in the warehouse or are sent back to the warehouse from the retailer. Dead stock reduces cash flow that could be used to purchase new revenue-generating stock. It also takes up precious space that profitable products could occupy. Inventory management software strengths the success of reducing deadstock.

Read more

Topics: Industry - Wholesale Distribution, Job Role - Inventory/Operations, cross-selling, Inventory Management, KPIs and metrics

As businesses reopen and customers resume spending, it’s more important than ever to have a full understanding of your stock. Having on hand what customers want today is crucial, but being able to anticipate what they will want or need in the coming months can be challenging to predict. Fortunately, by utilizing your business data, you can master inventory calculations to prepare for the future.

Read more

Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Industry - Retail, Job Role - Inventory/Operations, Inventory Management, KPIs and metrics

Many businesses are adjusting demand forecasting due to the effects of the pandemic. Some products have increased in demand while others less so. It is important for companies that manage lots of products to evaluate how the impact of the disruptions, as well as the anticipated gradual recovery from its effects, should be applied to its measurement of inventory. By measuring stock on hand, over stock, under stock and dead stock regularly will help you be more in control of your inventory and supply products customers want.

Read more

Topics: Job Role - Inventory/Operations, business intelligence software, Inventory Management

To monitor the performance of its business, Whiting Holdings, an Australian steel distributor, consolidated all its financial, sales and inventory data into one platform. By harnessing technology and implementing data analytics, the finance team automates its month end and statutory reporting which helps get to the source of the data faster and make clear decisions.

Read more

Topics: Case Study, Job Role - Finance, Dynamic reporting, data analytics, data visualizations, Inventory Management