Paul North, Managing Director, illuminis Insight Software
Hello and thank you for watching this short video.
My name is Paul North and I’m the Founder and MD of Illuminis Insight Software, home of the illuminis business intelligence solution for SMEs.
Today I want to talk about some of the ways you can use business intelligence software to help manage your stock so as to maximise your ability to meet demand for your goods and services without tying up your cash in overstocks.
So there are a couple of obvious reports that you’re probably keeping an occasional eye on, but without Business Intelligence software these can be really quite onerous to keep up to date.
The first of these is the “run rate” report – in other words, over any period that makes sense for your business, a report showing how demand for each of your products is going. Match this to your current stock holding and you can create estimates of how many months, or weeks, or perhaps even days of stock you are holding. Match that with lead times and buying decisions become simple.
Here’s an example where we can see how many days of supply we currently have in stock for each item. Remember this is available with just a click or two at any time.
Now run rate is good for managing ongoing stock levels but the other report I want to mention is the one that highlights slow and non-moving items.
Just about any business with a warehouse is holding items that are gathering dust – and maybe have been doing so for years. Creating a straightforward stock valuation report which highlights the last time the item was sold is a quick way of finding this stock.
At the end of the day, warehouse space costs money and I’ve seen more than one business moving premises to get more storage space and sticking a load of dusty stock in the removals lorries.
By quickly and easily identifying such stock you can make strategic decisions to sell as clearance items or maybe just get it to the recycling centre
So if you would like to know more about how you can use your data to better manage your stock then do take a look at the illuminis business intelligence solution.
Our offering to SMEs is unique: for a single monthly fee we give you a one stop shop for SME reporting, combining excellent, easy to use software with specialist advice and support which is always on tap.
I’d love to give you a quick demo and show you how you too can have this reporting, at a level you really didn’t think possible at this price.
Email me or visit our website and get in touch. Thank you
How can we help you?
If any of this rings a bell or touches a nerve please do get in touch with us for a no obligation chat.