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      Inventory Stock Analytics

      You can understand about Inventory Stock Analytics

      Inventory Analytics is designed to help your team understand 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 need 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
      Total Stocked This KPI gives us the total quantity of the stock.
      Stock Available Metric to understand the quantity of stock that is available.

      Quantity to be Reordered

      (Scheduled & Pending)

      		 Metric to understand the quantity to reorder for scheduled and pending services.

      Estimated Reordering Cost

      (Scheduled & Pending)

      		 Metric to understand the estimated reordered cost to complete scheduled and 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 item name, available qty, required qty, and reorder cost.

      Items to Reorder for Services that are Pending( * Avail Qty After Performing Schedule Services)

      Provides you with a list of items that need to be reordered to complete services that are pending. 

      Listed with informative fields like item, 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 for Scheduled Services

      Provides you with a list of items that are `in stock`, for the scheduled services.

      Inventory Stock Metrics

      A 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 > Available Qty)

      Here are the business constraints that are applied.

      1. Only active Items are considered.

      2. Non Inventory items are not considered.

      Filters

      Using filters you can analyze by applying various search criteria, here are the available filters

      Category → Material → Material Type → Stock Availability

      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 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 Stockouts 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.

      Top 8 reasons why you would need Inventory Stock Analytics for your Organization

      • Improved inventory accuracy: By analyzing data on inventory levels and sales patterns, businesses can gain a more accurate picture of their inventory levels, reducing the risk of overstocking or stockouts.
      • Increased efficiency: By optimizing inventory levels, businesses can reduce the amount of time and money spent on managing inventory, freeing up resources for other areas of the business.
      • Better customer service: By ensuring that products are always in stock, businesses can improve customer satisfaction and loyalty.
      • Reduced costs: By minimizing the amount of excess inventory, businesses can reduce the costs associated with carrying inventory, such as storage and handling fees.
      • Inventory Management: This will be used to track inventory levels and ensure that inventory levels are maintained at optimal levels. This analysis can help identify areas where inventory levels are too high or too low and where adjustments need to be made.
      • Stock aging analysis: Analyzing inventory to identify slow-moving or obsolete items and take action to reduce inventory levels.
      • Inventory turnover rate: Analyzing the rate at which inventory is sold and restocked to optimize inventory levels and reduce carrying costs.
      • Safety stock levels: Analyzing inventory levels and usage patterns to determine appropriate safety stock levels and reduce stockouts.