{"id":7021,"date":"2023-05-29T11:07:39","date_gmt":"2023-05-29T09:07:39","guid":{"rendered":"https:\/\/www.sysfinpro.com\/?p=7021"},"modified":"2023-05-29T11:16:47","modified_gmt":"2023-05-29T09:16:47","slug":"kb20210706-01-sage-200-evolution-4-things-you-can-work-on-to-improve-your-inventory-management","status":"publish","type":"post","link":"https:\/\/www.sysfinpro.com\/index.php\/kb20210706-01-sage-200-evolution-4-things-you-can-work-on-to-improve-your-inventory-management\/","title":{"rendered":"KB20230531\/01: Sage 200 Evolution &#8211; 4 Things you can work on to improve your Inventory Management."},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><a href=\"https:\/\/www.sysfinpro.com\/wp-content\/uploads\/2021\/06\/200-Evolution.png\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.sysfinpro.com\/wp-content\/uploads\/2021\/06\/200-Evolution.png\" alt=\"\" class=\"wp-image-6734\" width=\"488\" height=\"122\" srcset=\"https:\/\/www.sysfinpro.com\/wp-content\/uploads\/2021\/06\/200-Evolution.png 1024w, https:\/\/www.sysfinpro.com\/wp-content\/uploads\/2021\/06\/200-Evolution-300x75.png 300w, https:\/\/www.sysfinpro.com\/wp-content\/uploads\/2021\/06\/200-Evolution-768x193.png 768w\" sizes=\"auto, (max-width: 488px) 100vw, 488px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-left has-palette-color-1-color has-text-color\" style=\"font-size:clamp(16.293px, 1.018rem + ((1vw - 3.2px) * 0.68), 25px);px\"><strong>Inventory Management<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left has-palette-color-1-color has-text-color has-medium-font-size\">Loss of sales and escalating costs make poor inventory management a major problem.<\/p>\n\n\n\n<p class=\"has-text-align-left has-palette-color-1-color has-text-color has-medium-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, or possibly even worse, you 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-text-align-left has-palette-color-1-color has-text-color has-medium-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-text-align-left has-palette-color-1-color has-text-color has-medium-font-size\">Improving inventory management requires improving command of your warehouse operations and the physical stock inside it.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-left has-palette-color-2-color has-text-color\" style=\"font-size:clamp(16.293px, 1.018rem + ((1vw - 3.2px) * 0.68), 25px);px\"><strong>Below are four things you can work on right away that will improve your inventory management:<\/strong><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-left has-palette-color-2-color has-text-color has-medium-font-size\"><strong>1) Evaluate your current practices.<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left has-palette-color-2-color has-text-color has-medium-font-size\">Before you can make improvements, take an overall look at your current practices. Effective inventory management is purpose-driven. Understanding what each link in the chain does and its purpose allows you to hone in on the specific aspects of your system that need improvement. Try consulting with other members of your team to identify potential problem areas and start there.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-palette-color-2-color has-text-color has-medium-font-size\"><strong>2) Perform routine stock reviews.<\/strong><\/p>\n\n\n\n<p class=\"has-palette-color-2-color has-text-color has-medium-font-size\">A major part of inventory management is simply knowing the quantity of each item you have in stock. Tracking what you bought against what you sold will not give you the full picture. Items can get lost, stolen or damaged after they enter the warehouse and this is unavoidable. Quite often, lost items go unreported until the right person takes notice. Solve this problem by routinely reviewing your physical inventory for accuracy with your records.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-left has-palette-color-2-color has-text-color has-medium-font-size\"><strong>3) Systematise stock replenishment.<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left has-palette-color-2-color has-text-color has-medium-font-size\">Having a system in place for restocking your inventory ensures that you will never be completely out of stock. It is crucial for the smooth flow of product during busy periods. If the stock of an item falls below a certain number, get the order in. Systematising the replenishment process avoids having a lapse in product availability between the time you order and receive the shipment.&nbsp;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-left has-palette-color-2-color has-text-color has-medium-font-size\"><strong>4) Learn customer behaviour.<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left has-palette-color-2-color has-text-color has-medium-font-size\">Start keeping track of how often you restock certain items and try to identify any trends or patterns. There may be seasonal or other outside factors that affect your product flow, depending on your industry. Be aware of the periods when customers order more and when they order less. Having a solid grip on customer behaviour allows you to stay ahead of the dry spells and mad rushes so you can work on maintaining the right inventory balance at all times.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Inventory Management 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, or possibly even worse, you lose the sale to a competitor who has [&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-7021","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":"Inventory Management 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, or possibly even worse, you lose the sale to a competitor who has&hellip;","featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","qubely_landscape":"","qubely_portrait":"","qubely_thumbnail":""},"post_excerpt_stackable_v2":"<p>Inventory Management 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, or possibly even worse, you 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,&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>KB20230531\/01: Sage 200 Evolution - 4 Things you can work on to improve your 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\/kb20210706-01-sage-200-evolution-4-things-you-can-work-on-to-improve-your-inventory-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KB20230531\/01: Sage 200 Evolution - 4 Things you can work on to improve your Inventory Management. - SysFinPro (Pty) Ltd.\" \/>\n<meta property=\"og:description\" content=\"Inventory Management Loss of sales and escalating costs make poor inventory management a major problem. 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