{"id":4617,"date":"2020-05-19T15:03:11","date_gmt":"2020-05-19T13:03:11","guid":{"rendered":"https:\/\/www.sysfinpro.co.za\/?p=4617"},"modified":"2021-06-10T08:27:35","modified_gmt":"2021-06-10T06:27:35","slug":"how-to-improve-inventory-management","status":"publish","type":"post","link":"https:\/\/www.sysfinpro.com\/index.php\/how-to-improve-inventory-management\/","title":{"rendered":"KB20200519\/02: Sage 200 Evolution Tip &#038; Trick &#8211; How to Improve Inventory Management"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Loss of sales and escalating costs make poor inventory management a major problem.<\/p>\n\n\n\n<p class=\"has-normal-font-size\">Not having enough stock results in stock-outs. Orders come in, you don\u2019t have the items the customer wants, and then a scramble ensues to expedite higher-priced replenishment. Even worse, you may lose the sale to a competitor who has the desired stock available. Stock-outs carry opportunity costs: the opportunity to sell at the best price and the opportunity to sell at all.&nbsp;<\/p>\n\n\n\n<p class=\"has-normal-font-size\">On the other hand, holding excess stock carries costs because the inventory you stock has to be warehoused, insured, secured against shrinkage, depreciated and taxed as an asset. Excess items generally cost the business an additional 25% to 50% per year. Excess stock carries opportunity costs as well: The working capital tied up in unsold inventory is unavailable for other purposes.<\/p>\n\n\n\n<p class=\"has-normal-font-size\">Improving inventory management requires improving command of your warehouse operations and the physical stock inside it.<\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\"><strong>Here are four things you can work on right away that will improve your inventory management: <\/strong><\/h3>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"370\" height=\"336\" src=\"https:\/\/www.sysfinpro.co.za\/wp-content\/uploads\/2020\/05\/Capture-1.png\" alt=\"\" class=\"wp-image-4626\" srcset=\"https:\/\/www.sysfinpro.com\/wp-content\/uploads\/2020\/05\/Capture-1.png 370w, https:\/\/www.sysfinpro.com\/wp-content\/uploads\/2020\/05\/Capture-1-300x272.png 300w\" sizes=\"auto, (max-width: 370px) 100vw, 370px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"372\" height=\"341\" src=\"https:\/\/www.sysfinpro.co.za\/wp-content\/uploads\/2020\/05\/Capture-2.png\" alt=\"\" class=\"wp-image-4627\" srcset=\"https:\/\/www.sysfinpro.com\/wp-content\/uploads\/2020\/05\/Capture-2.png 372w, https:\/\/www.sysfinpro.com\/wp-content\/uploads\/2020\/05\/Capture-2-300x275.png 300w\" sizes=\"auto, (max-width: 372px) 100vw, 372px\" \/><\/figure><\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\"><strong>For further information please email&nbsp;<a href=\"mailto:info@sysfinpro.co.za\">info@sysfinpro.co.za<\/a>&nbsp;or call us on +27 12 880 0258<\/strong><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Loss of sales and escalating costs make poor inventory management a major problem. Not having enough stock results in stock-outs. Orders come in, you don\u2019t have the items the customer wants, and then a scramble ensues to expedite higher-priced replenishment. Even worse, you may lose the sale to a competitor who has the desired stock [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","footnotes":""},"categories":[51,56],"tags":[],"class_list":["post-4617","post","type-post","status-publish","format-standard","hentry","category-erp","category-200evo"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"qubely_featured_image_url":null,"qubely_author":{"display_name":"SysFinPro","author_link":"https:\/\/www.sysfinpro.com\/index.php\/author\/sysfinpro\/"},"qubely_comment":0,"qubely_category":"<a href=\"https:\/\/www.sysfinpro.com\/index.php\/category\/erp\/\" rel=\"category tag\">ERP<\/a> <a href=\"https:\/\/www.sysfinpro.com\/index.php\/category\/erp\/200evo\/\" rel=\"category tag\">Sage 200 Evolution<\/a>","qubely_excerpt":"Loss of sales and escalating costs make poor inventory management a major problem. Not having enough stock results in stock-outs. Orders come in, you don\u2019t have the items the customer wants, and then a scramble ensues to expedite higher-priced replenishment. Even worse, you may lose the sale to a competitor who has the desired stock&hellip;","featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","qubely_landscape":"","qubely_portrait":"","qubely_thumbnail":""},"post_excerpt_stackable_v2":"<p>Loss of sales and escalating costs make poor inventory management a major problem. Not having enough stock results in stock-outs. Orders come in, you don\u2019t have the items the customer wants, and then a scramble ensues to expedite higher-priced replenishment. Even worse, you may lose the sale to a competitor who has the desired stock available. Stock-outs carry opportunity costs: the opportunity to sell at the best price and the opportunity to sell at all.&nbsp; On the other hand, holding excess stock carries costs because the inventory you stock has to be warehoused, insured, secured against shrinkage, depreciated and taxed&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/www.sysfinpro.com\/index.php\/category\/erp\/\" rel=\"category tag\">ERP<\/a>, <a href=\"https:\/\/www.sysfinpro.com\/index.php\/category\/erp\/200evo\/\" rel=\"category tag\">Sage 200 Evolution<\/a>","author_info_v2":{"name":"SysFinPro","url":"https:\/\/www.sysfinpro.com\/index.php\/author\/sysfinpro\/"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KB20200519\/02: Sage 200 Evolution Tip &amp; Trick - How to Improve Inventory Management - SysFinPro (Pty) Ltd.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sysfinpro.com\/index.php\/how-to-improve-inventory-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KB20200519\/02: Sage 200 Evolution Tip &amp; Trick - How to Improve Inventory Management - SysFinPro (Pty) Ltd.\" \/>\n<meta property=\"og:description\" content=\"Loss of sales and escalating costs make poor inventory management a major problem. 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