The Beer Supply Chain in 2021 and Beyond
Beer — it’s been a staple in many cultures for thousands of years and is still one of the world’s most popular drinks. From paddock to pint, an intricate set of systems and processes are undertaken to place that frothy cold brew in your hand. Each link in the beer supply chain comes with its […] ... Read More
January 12, 2021 beer, brewery inventory management, brewery software, inventory reportingHow to Calculate Inventory Turnover
Inventory management is a critical function of any business, with drastic implications on profit margins. Stock the right goods at the right levels and you can reduce carrying costs, mitigate the risk of shrinkage and still please customers. Get it wrong and those risks climb. Inventory turnover is a key formula that’s often discussed in [&hellip ... Read More
January 6, 2021 inventory management, inventory management software, inventory reportingHow to Calculate Average Inventory – The Complete Guide
Calculating average inventory is an extremely important part of your overall inventory strategy because it is the basis of knowing how much stock you should have on hand. In this article, we’ll explain the average inventory and show you how to calculate it with examples. We’ll also shed some light on Economic Order Quantity and [&hellip ... Read More
December 10, 2020 inventory management, inventory management software, inventory reporting, stock controlSupply Chain Risk Management in 2021 and Beyond
What is supply chain risk management? Supply chain risk management is the process of identifying and managing issues within a supply chain. In practice, organisations take a co‐ordinated approach to managing both daily challenges and unique risks in the supply chain, typically using a supplier management software solution. The objective of supply ... Read More
December 8, 2020 inventory reporting, risk management, supply chain, supply chain challenges, supply chain management, supply chain riskThe Reorder Point Formula: Everything You Need to Know
The more your business grows the more difficult it is to maintain ideal stock levels across your products. Setting a reorder point for your most important SKUs helps you determine when to replenish your stock, so that you have neither too much nor too little of any given item. A carefully calculated reorder point is […] ... Read More
December 3, 2020 inventory metrics, inventory reporting, stock reorderWhat is SKU? A complete guide to Stock Keeping Units
SKU codes are everywhere – built into sales and inventory management platforms, and broken down line-by-line in all sorts of inventory report. Here’s everything you wanted to know about the meaning of SKU but were afraid to ask. What is SKU? So what does SKU mean? SKU stands for Stock Keeping Unit – and while […] ... Read More
December 1, 2020 inventory metrics, inventory reporting, SKUHow to calculate safety stock – with formulas and examples
To calculate safety stock, work out your average daily use for a product and multiply it by its average lead time – how long it takes, in days, to arrive once you place an order. Then subtract this number from your maximum daily use times your maximum lead time. The result is the safety stock […] ... Read More
November 27, 2020 accurate inventory, excess inventory, inventory management, inventory metrics, inventory reporting, safety stockHow to Calculate Ending Inventory – The Complete Guide
Calculating ending inventory at the end of a financial year can be a challenge. It’s a time when you’re likely juggling between creating inventory reports and fulfilling end of year sales. This article simplifies those ending inventory challenges by looking at: The ending inventory formula Why ending inventory is one of the essential fi ... Read More
November 25, 2020 inventory reporting, inventory valuation, inventory valueReally hate running inventory reports? You need to read this
Inventory reporting is the pits, right? The pits, as in, no one has ever said “I wish my inventory reporting wasn’t over for this month!” Or “I really fought to keep inventory reporting in my role – I love that part.” And especially not “What I really like is when the boss asks for whole […] ... Read More
July 24, 2020 BI, business intelligence, inventory reportingWhy We Think The Just In Time Supply Chain Isn’t Broken
As governments and hospitals work to stamp out Covid-19, manufacturers are also struggling to manage the virus’ impact on their supply chains. Many are quick to blame just in time supply chains for their lack of components and raw materials. Is the lean system and the broader just in time supply chain system at fault, […] ... Read More
May 11, 2020 Covid-19, inventory reporting, JIT, just-in-time, manufacturing, Manufacturing productivity, push and pull production, supply chainBuilding Recession-beating Supply Chain Resilience & Agility
Confronted with a pandemic, we’ve seen global supply chains struggle to cope with the consequences of isolation and work-from-home orders. The outbreak has completely changed buying behaviours and patterns. In many industries, demand has dropped off substantially or moved online. With recession looming in several economies we thought it timely to ... Read More
April 21, 2020 Covid-19, inventory reporting, manufacturing, supply chain challenges, supply chain managementRecommendations for Managing Supply Chain Risks and Challenges
Globalisation means that our supply chains are more entwined and complex than ever. When a global disruption like the ongoing Covid-19 virus outbreak happens, its impact will be felt on both social and economic levels. Disruptions in the supply chain The Covid-19 outbreak is having a major impact on global supply chains, especially as governments [ ... Read More
March 4, 2020 Covid-19, inventory reporting, supply chain, supply chain challenges, supply chain riskBusiness Reporting and Business Intelligence: What’s the difference?
Business reporting and business intelligence (BI) are often referred to interchangeably, but the two are not the same. Both are designed to serve specific business purposes and should be viewed in terms of the purpose they serve. Business reports give a snapshot of a specific business period and many factors must be considered when preparing [&hell ... Read More
March 3, 2020 inventory reporting, real-time reportingHow Do You Distinguish Between Reporting and BI?
Reporting and Business Intelligence (BI) are both incredibly vital tools for your business and each has a strong suit. In this article, we explain the difference between the two, in what contexts they are both respectively useful and how to ensure the data underpinning them both is of a high and reliable standard. Reporting Reporting […] ... Read More
February 27, 2020 inventory reportingCashflow Best Practices For Inventory Managers and Business Owners
To help your business become more financially free it pays to keep close attention to cashflow (among many other metrics and KPIs). While most businesses have this staunch focus on profits, cashflow is equally as important to focus on. Profitable businesses generally have positive cashflows, and a great deal of that depends largely on attention [&h ... Read More
February 24, 2020 inventory reporting4 Business Reports to Steer Your Business in the Right Direction
When a company is going from strength to strength, it can sometimes be difficult not to get caught up in the successful wave of action, of accepting orders, celebrating increased demand, fulfilling orders and reaping more success. But investing the time to analyse each business function and creating business reports allows a business to measure [&h ... Read More
January 20, 2020 inventory reportingBusiness Intelligence: The key to better decision making
Decision making in any area of life or business is best done with all the pertinent facts on hand so that it can be informed and trusted. In the world of business, these facts are termed business intelligence and it provides a meaningful platform from which a company can formulate accurate and beneficial decisions to […] ... Read More
January 14, 2020 BI, business intelligence, inventory reporting, real-time dataThe Necessity of Tracking Average Order Value
Owners of small businesses don’t always see the need to track and record every piece of information when the business is just starting out. While this may be the case while the business is reasonably new and you are still building your customer base, as the business begins to grow these things will become more […] ... Read More
January 9, 2020 inventory reporting, sales orders, sales revenue3 Top Tips for Choosing the Right Business Intelligence Tools
Data is omnipresent — it’s everywhere we look and intertwined in everything we work with. The biggest obstacle that companies face is how to make sense of all this data! If you have mountains of data but aren’t able to decipher what it means, then what’s the point? Data can be an invaluable resource if […] ... Read More
January 8, 2020 BI, business intelligence, inventory reportingAverage Order Value: What Is It and Why Is It Important?
Average Order Value (AOV) is a metric that helps retailers understand their customers’ purchasing behaviours. An average order value tracks the average dollar amount spent every time a customer places an order. Like with all other key metrics, AOVs can be tracked over any time period, but most companies prefer to monitor their AOVs as [&helli ... Read More
January 6, 2020 inventory reporting, pricing strategy, retail, sales ordersHow Business Managers Can Hack Decision-Making
Business Intelligence (BI) helps companies with rich data resources to make informed strategic decisions, improving operational efficiency and business productivity. While systems such as Business intelligence can help different aspects in a company, here we take a look at the main benefits of business intelligence that helps businesses grow by enh ... Read More
December 13, 2019 business intelligence, inventory reportingA Comprehensive Checklist for Choosing the Right BI Tool
Many businesses understand the importance of data. However, with the sheer amount of data flowing in, how do companies make better sense of this information? Without the correct Business Intelligence tool, businesses will have a difficult time finding a usable piece of data. To enhance your prospects of extracting useful information from large chun ... Read More
December 11, 2019 BI, business intelligence, cloud-based, inventory reporting