Deciphering the difference Between KPIs and Metrics
KPIs and metrics are a few of the buzzwords floating around businesses these days but what’s the real difference between the two? They are important when it comes to reporting on your business performance and success. Let’s figure out the difference between them. We’ll try to keep it simple so you can decipher what a […] ... Read More
October 25, 2019 inventory reporting, inventory softwareHow to Track and Benchmark Your Success into Cloud Adoption
So you’ve removed the obstacles to implementing cloud apps and have migrated onto the cloud — you want to know how it’s going. How can you tell if the benefits outweigh the costs? Generally speaking, migrating into cloud-based technologies gives you a platform to grow with technology and seek previously unattainable opportunities. If you want ... Read More
October 3, 2019 cloud inventory management, cloud-based, cloud-based software, inventory reporting, software as a serviceDIFOT: A Metric of Supplier Performance
Delivery In Full On Time, or DIFOT, is a metric used to analyse how accurate and efficient your supply chain is. Your supply chain is the very lifeblood of your business. Without it functioning correctly, your supplies may not arrive in the correct amount or the correct timeframe, severely compromising your ability to meet your […] ... Read More
September 23, 2019 inventory reporting, supplier management, supplier relationship, suppliersHow to Set Meaningful Assessments and Key Performance Indicators
It’s important to take the right steps when setting Key Performance Indicators (KPIs) to ensure they are meaningful and deliberate to help improve business performance. To achieve meaningful KPIs you must first have a clear understanding of the difference between KPIs and targets. Key performance indicators KPIs help businesses to understand how ... Read More
September 20, 2019 inventory control, inventory reportingUsing Key Performance Indicators to Benchmark The Success of Cloud Software Adoption
Businesses and organisations are embracing cloud technology to help drive innovation for the delivery of operational efficiencies and to drive better customer relationships. Cloud-based software solutions help to increase productivity through a single integrated data site. Moving to the cloud will deliver many advantages, but to get the full benefi ... Read More
September 19, 2019 change management, cloud inventory management, cloud-based software, inventory reporting5 Signs You’re Using a Great BI Dashboard
Data has never now than ever been more readily accessible. With the sheer amount of data, it is important that best practices are adopted to ensure businesses are making the right sense out of it all. A business intelligence dashboard (BI dashboard) is an information management tool that uses visualisations to display the status of […] ... Read More
September 14, 2019 data analysis, inventory reportingHow to Tell if Your Suppliers are Underperforming
Not all suppliers are created equal: some are better at providing low-cost goods, while others are great at customisation. Some suppliers have optimised for fast-shipping times, and some suppliers focus on high-quality materials. Regardless of whether you make, manage or move products, suppliers are a vital part of your company’s success. Without ... Read More
September 12, 2019 inventory reporting, supplier management, supplier relationshipWhy Sales Reports are Important to Inventory Management
When managing your inventory, you are always looking for ways to optimise and improve your operations. Trying to keep healthy levels of inventory without overstocking or understocking is a difficult practice that most inventory businesses experience. Having inventory stock go in either direction can be a costly exercise. This can lead to greater pr ... Read More
September 9, 2019 inventory control, inventory management, inventory reportingEvery Product Business Needs to Know About DIFOT
Every successful business manager knows the importance of tracking metrics and KPIs like sales, expenditure, cash flow and sales patterns. In the same way, business owners should be tracking the extent to which every order is fulfilled accurately and on time. Failing to do so can have dire consequences for customer satisfaction and the success [&he ... Read More
September 5, 2019 business performance, inventory reporting, order fulfillmentThe Benefits and Limitations of a Business Intelligence Dashboard
A business intelligence dashboard is an information management tool, that uses data visualisation technology to analyse and display information visually in a practical and useful way. It can be used across a multitude of functional areas within an organisation and is a useful tool for helping to measure performance and for managing inventory contro ... Read More
August 31, 2019 data analysis, inventory control, inventory reporting, real-time reportingHow To Ensure Best Practice Use Of Your Business Intelligence Dashboards
Business intelligence dashboards (BI dashboards) are a technological approach to analysing and presenting information visually in a practical and actionable way. BI dashboard design combines charts and graphs on a single screen to give readers a clear picture of the business data they are assessing. Understanding how to use business intelligence to ... Read More
August 27, 2019 inventory management, inventory reporting, real-time reportingInventory Backorders And Their Impact On Inventory Control
Effective inventory control is a balancing act between reducing the costs of holding too much inventory stock with the need to maintain enough stock to meet customer demand. Stockouts in many cases lead to lost sales and customer dissatisfaction but what if there is a customer order that cannot be immediately filled but for which […] ... Read More
August 20, 2019 back order, cloud-based software, inventory control, inventory management, inventory management software, inventory reportingThe Basics of Business Intelligence Dashboards
If you’re an inventory manager or a business owner, having data about the way your business runs can be a game-changer. However, gathering data is only part of the equation. Collating and analysing a wealth of information can be a tedious challenge, especially in the face of insurmountable piles of data. These issues are common […] ... Read More
August 19, 2019 business growth, business success, inventory reporting, real-time reportingLet’s Talk About Delivery In Full and On Time
If you’re involved in the manufacturing or distribution business, you’ll know how important it is to deliver to your customers on time. When a product lands into a customer’s hands on time, this leads to greater customer satisfaction. On the other hand, if a product is late, a customer can become disgruntled and brand loyalty […] ... Read More
August 17, 2019 customer satisfaction, inventory reporting, order fulfillment, supplier relationship, suppliers, supply chain7 Ways to Improve Your Company’s Data Quality for Better Decision Making
If you were asked what your company’s most important assets were, you might reel off a list of the essentials such as sites, equipment, inventory stock and employees. However, what often gets overlooked, and increasingly becoming one of the most valuable assets, is company data. Data-driven decisions are not a fleeting business trend but rather [ ... Read More
July 29, 2019 accurate data, intuitive data, inventory management, inventory reportingThe 6 Essentials of Writing Better Business Reports
Any successful business owner will know how important it is to get their business reports right. Business reports such as annual reports are a great way to enable business owners to communicate key information between companies and with shareholders and customers alike. But getting the report right is essential. In this article, we explain how [&he ... Read More
July 27, 2019 inventory reporting, profitabilityUnderstanding How Aged Inventory Impacts Your Warehouse
Being able to understand the journey of your inventory stock and what it entails is a key part of inventory management. It’s also good to see if your inventory gets stuck on a part of its journey, Most often it pauses on the warehouse shelves. When you have a build-up of aged inventory in your […] ... Read More
July 26, 2019 inventory control, inventory management, inventory reporting, inventory stockWhy Poor Quality Data is Hurting Your Business
Data is one of the most powerful components of a business. Information gathering and information sharing can help shape the direction of a business, and it can support both staff and customers. Data is undoubtedly a very formative part of any business and a phenomenally important asset. With data, your business can make better decisions […] ... Read More
July 8, 2019 accurate data, clean data, inventory control, inventory management, inventory reportingThe Data Cleansing Process: Cleaning Up Bad Data
Many organisations invest considerable time and money to implement data collection systems but then fail to continuously monitor and manage the data they collect. Having considerable volumes of data can be counterproductive and does not mean that it is of relevance or value to your business. Reliable data provides better customer insight to ensure ... Read More
July 2, 2019 clean data, inventory control, inventory management, inventory reporting, stock takeTelltale Signs You Are Using Bad Data
In this digital age where technology and software solutions gather and track billions of pieces of information, data is king. Data provides detailed information on which business can base decisions and it enables them to provide their customers with personalised tailored experiences. However, as organisations increase investment in the technology f ... Read More
July 1, 2019 accurate data, clean data, data accuracy, inventory control, inventory management, inventory reportingInventory Reporting: Creating a Great Business Report
Great business reports need to be clear and well-structured. Before writing your report, you need to be clear on your brief, who the report is being written for and why. What action are you asking the reader to take? Is it decision-making based on the information presented, requesting an agreement to recommendations made or some […] ... Read More
June 27, 2019 inventory control, inventory management, inventory reporting, real-time inventoryThe Relationship Between Cashflow and Inventory Control
How you manage your inventory will directly impact the cashflow of your small business and when you fail to effectively manage stock you are putting your business at a disadvantage. Why? Because your cash is tied up in that very stock. The correlation between inventory control and cashflow is largely determined by the levels of […] ... Read More
December 3, 2018 inventory accounting, inventory control, inventory reporting