In November, we published a blog post, Increase Your Sales with Better Inventory Management which quickly became one of our most popular posts and brought in a number of questions.
We took the questions we received and expanded the original blog post into an extended white paper covering the ideas in more depth.
In this white paper we cover:
- How to perform “ABC” inventory analysis and how to apply it in your business, with an appropriate stock strategy for each class of items.
- Identify key metrics to track for your supplier performance and about supplier scorecards.
- How to negotiate better deals with suppliers using your data
- How to evaluate and optimize your re-ordering strategy by optimizing the right parts of your workflow.
The ideas and approaches are explained in detail and can be performed manually or with help of inventory management software. Here is a sample from the white paper:
Closely monitor your supplier performance. There are many metrics beyond the cost of goods that can make a difference between a profitable partner and a supplier that undermines your business. At minimum, you need to track the following metrics:
- Percentage of purchase orders are being delivered complete (PO QTY vs QTY delivered)
- Invoiced items versus delivered items
- Ordered price versus invoiced price
- Promised versus actual delivery date
- Additional costs that crop up on invoices versus original purchase orders
Just tracking these few metrics will enable you to identify suppliers that need extra attention.
If you’re looking for more of what’s covered, check out <a href="https://www.monsooncommerce cialis online overnight delivery.com/2015/11/increase-sales-inventory-management/”>the original post and download the white paper today.