Inventory Analytics is designed to help your team understand about materials that are In stock, out of stock and items to reorder.

Best-in-class inventory management practices don’t guess how much stock to buy, and they keep a steady flow of raw materials, work-in-progress items, and finished goods.

One of the significant KPI, Inventory analytics offers is that you can easily understand the Material(s) that needs to be Reordered, so that you can complete services that are scheduled or Pending.

This helps you to focus on business execution seamlessly. You can quickly export the list that needs to be reordered.

Inventory management is all about having the right items on hand at the right time to meet customer demand while controlling costs and minimizing waste and loss.

Inventory Stock Analytics is designed to present below KPIs and Insights

KPI

Insights

Estimated Reordering Cost for scheduled services

Metrics to understand Estimated Reordered Cost To complete Scheduled Services.

Estimated Reordering Cost for pending services

Metrics to understand Estimated Reordered Cost To complete Pending Services.

Top 5 Inventory Items by Usage

To understand the most used Material.You can watch and ensure keep these items always in stock at your warehouse.

Inv. Stock Availability

To understand your warehouse by Items that are `In stock` vs `Out of Stock` vs Items to `Reorder`

Items to Reorder for Services that are Scheduled

Provides you with a list of items that need to be Reordered to complete Services that are Scheduled.

Listed with informative fields like ItemName, Available Qty, Required Qty, and Reorder Cost.

Items to Reorder for Services that are Pending

Provides you with a list of items that need to be Reordered to complete Services that are Pending.

Listed with informative fields like ItemName, Available Qty, Required Qty, and Reorder Cost

Inventory Items that are Out of Stock

Provides you with a list of items that are `Out of Stock`.

Inventory Items that are In Stock

Provides you with a list of items that are `In of Stock`.

Material Resource Metrics

Detailed metrics Report helps you to understand your Inventory item very well.

Calculation

Total Stocked = This is a sum of all the entries in your inventory stock table. Inventory Stock records can be created from Purchase Orders (Inventory Stock or for Job), Bills and or Manual entries

Stock Available = Total Stocked - Total Usage (completed Services)

Qty to be Reordered = The minimum amount of inventory before more inventory needs to be ordered to complete Scheduled and Pending Services

Estimated Reordering Cost For Scheduled and Pending = Reordering Qty For Scheduled and Pending * Unit Price

ReorderCost = (QtyToReorderForServices * UnitCost)

Out Of Stock = (AvailableQty = 0)

In Stock = (AvailableQty >= QtyRequiredForServices )

To Reorder = (QtyRequiredForServices > AvailableQty)

Here are the business constraints that are applied.

  1. Only active Items are considered.

  2. Non Inventory items are not considered.

Importance of Inventory Stock Analytics & Benefits

The primary purpose of inventory management is to ensure there are enough materials to meet demand without creating overstock or excess inventory.

In general, A robust inventory management system helps maintain the right mix of stock and quantities and at the best carrying costs. It’ll help you ensure you never have too much or too little on hand.

Accurate inventory management is key to running a successful product business. Tracking stock regularly can help avoid stock errors and other problems. The following are the benefits of strong inventory management:

  • Better Inventory Accuracy: With solid inventory management, you know what’s in stock and order only the amount of inventory you need to meet demand.

  • Reduced Risk of Overselling: Inventory management helps track what’s in stock and what’s on back-order, so you don’t oversell products.

  • Cost Savings: Stock costs money until it sells. Carrying costs include storage handling and transportation fees, insurance, and employee salaries. Inventory is also at risk of theft, loss from natural disasters, or obsolescence.

  • Avoiding Stock outs and Excess Stock: Better planning and management help a business minimize the number of days, if any, that an item is out of stock and avoid carrying too much inventory.

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