Inventory optimisation for fewer stock-outs, less excess inventory, and smarter ordering
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Small and medium-sized businesses face numerous inventory challenges, and they rarely have the correct tools to solve these problems. Most commonly, these businesses suffer from:
- Inefficient ordering processes - You compile the required data from reports and extracts, create a forecast incorporating seasonality and trends, calculate the level of safety or buffer stock, factor in current stock on hand and outstanding transactions, and incorporate supplier ordering constraints such as minimum order quantities, order multiples and minimum order values – all this to create order recommendations that may be based on out-of-date information by the time you are finished.
- Stock-outs - Running out of stock is terrible for your business. When your customer wants to buy a product from you and you don’t have it, you risk losing the sale, losing the whole shopping basket, and losing your customer for good.
- Costly excess inventory - Holding too much inventory in your warehouse is a major problem that continues to cost you money: you have to warehouse it and insure it, it depreciates over time, it can be broken or stolen, and you keep counting it each time you do a stock take. When you have too much invested in inventory, you do not have the cash to invest in items that are stocking out.
It's an unfortunate reality that many of the small and medium-sized businesses we talk to deal with all three issues. NETSTOCK provides a solution to these common stumbling blocks, giving you a visibility into your inventory that you've never had before.
So how does NETSTOCK do it?
More efficient ordering
With the click of a button, NETSTOCK will recommend an order quantity for all products from a supplier that need to be ordered today. The order schedule provides sufficient detail for a quick review of the order recommendation, with drill-through to much more detail.
As changes are made to the recommended order quantities, the order summary provides instant feedback on total order value, order units, volumetrics and weight.
Once the order review is complete, click the Download button to send the purchase order directly to your ERP. No more order capture mistakes. More efficient and accurate!
The dashboard KPI tracks your service levels, stock-outs and potential stock-outs. Now you can monitor whether the actions that you are taking are having an ongoing positive impact on your business.
The exception lists highlight the worst offenders in each category, enabling you to focus on those items that are having the biggest impact on your business. You can hone in on those items that are:
- Selling much more than the forecast, prior to them becoming stock-outs.
- Stocked out right now, and try to get them back into stock as soon as possible.
- Predicted to stock-out before you can get more stock in, so that you can action them to avoid a costly stock-out.
Reduce excess inventory
The dashboard KPI tracks your inventory value, level of excess stock and surplus orders (where you currently have too much on order).
The exception lists highlight the worst offenders in each category, enabling you to focus on those items that are having the biggest impact on your business. You can hone in on those items that:
- Are selling much less than the forecast, before they end up with excess.
- Have the most excess, so you can put plans in place to target a reduction.
- Have too much on order and will become excess stock when the order arrives, enabling you to cancel, split or delay the order, or reduce the order quantity.
Want to find out more about NETSTOCK?
To learn more, please contact us directly or click the button below to watch a demo now. After watching a brief introduction, the online demo asks you to select the features of NETSTOCK that are most important to you, enabling you to decide what you see.