Separating Your Metrics and KPIs: What They Are and How They Differ?
When discussing analytics, the terms metrics and KPIs (Key Performance Indicators) are often treated interchangeably, however, they should both be approached differently because both can have a huge impact on how your business strategy is designed and implemented, as well as impact your inventory reporting. Metrics are a quantifiable measure of tac ... Read More
November 18, 2019 inventory reportingGoal Setting: Looking to the future of your business
Goal setting is an important aspect of both your personal and professional life. You might have personal athletic pursuits and goals of buying a house. When it comes to your professional life, you might be reaching for managerial roles or be seeking that yearly bonus. In order to reach your goals, they need to be […] ... Read More
November 15, 2019 business challenges, business growth, inventory reportingWhy It Counts to Know the Cycle Time of Your Business’ Inventory Stock
Cycle time is all about the delivery speed of a product or service to the market or customer. To help you on your way, this article explains what cycle time is, the significance a shorter cycle time can have for businesses, and once you have got this down, we broaden your horizons on how to […] ... Read More
November 12, 2019 inventory reportingHow well did your business migrate to the cloud? Use KPIs to answer this question
Cloud adoption is becoming more mainstream, with businesses from every sector migrating over and enjoying the benefits of cloud software. However, as with anything, it does not come without challenges. And the cost of these need to be counted in the overall decision about its efficacy. First things first, how do you decide which company […] ... Read More
November 8, 2019 cloud inventory management, cloud-based software, inventory reportingAged Inventory Reports: What are they and how do they impact inventory control?
Aged inventory generally refers to inventory stock that has been held for longer than six months usually due to low consumption or slow sales. Aged inventory is not an overnight occurrence however, any surplus of inventory stock is both costing you money and restricting your cashflow. Aged inventory reports Aged inventory reports are documents that ... Read More
October 30, 2019 inventory control, inventory cost, inventory reportingDeciphering 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 software5 Major Consequences of Poor-quality Data and How to Avoid it
Data often gets pushed back on that never-ending to-do list as other day-to-day business operations take priority. However, your business’s information is only as good as the data you use behind it. The five major consequences of poor-quality data are: Poor decision-making Business inefficiencies Mistrust Missed opportinities Lost revenue LetR ... Read More
October 5, 2019 business efficiency, data accuracy, data analysis, data hygiene, inventory reportingHow 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, profitability