Inventory Stock Analytics

Helps manage stock levels effectively by identifying items to reorder, ensuring a smooth flow of materials and minimizing waste.

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 metric, 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.

• Metrics and Description
• Calculated fields
• Benefits and Advantages
• Inventory Stock Analytics short video tour

Inventory Stock Analytics is designed to present below metrics and description

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

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.

Inventory Stock Analytics short video tour