RQ Retail Management: Connecting the Inventory Dots

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This session will hone in on key inventory features many clients aren’t using, including: inventory settings, product attributes, inventory statues, discounting best practices. We will also highlight some lesser known but AMAZING inventory reports to show slow moving stock, best practice on ordering and advanced BI inventory reporting– why they matter, why sharing those numbers will change staff behavior. This session will also include “best kept expert inventory secrets” from clients, as well as insight on partner programs that work for them.

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RQ Retail Management: Connecting the Inventory Dots

  1. 1. Connecting the Inventory Dots Kris Rogers and Nick Palazzo
  2. 2. Agenda •  New Features, Settings, and Security •  Best Practices •  Inventory Counts •  Discounting •  Consignment Inventory •  Amazing Reports
  3. 3. New Features
  4. 4. New Feature #1 Duplicate IMEI/ESN No More
  5. 5. New Feature #2 Non Revenue Product A little helpful addition
  6. 6. New Feature #3 PO Warning Helpful heads-up
  7. 7. New Warning to prevent bad data! We are implementing a warning to prevent clients from scanning an IMEI/ESN or barcode into the cost or quantity fields. v4.16
  8. 8. New Feature #4 Count Sheet Modified Column Last Modified
  9. 9. New Features •  •  •  •  Duplicate IMEI/ESN NRP Sku PO Warning Count Sheet Modified Column
  10. 10. Important Settings
  11. 11. Important Setting #1 Vendor Order Policy Ground rules
  12. 12. Important Setting #2 Restrict Selling into the Negative I can’t sell something I don’t have
  13. 13. POS Defaults - Sales Restrict ability to sell into negative QTY.
  14. 14. Important Setting #3 Restrict Product RMA to Original Vendor Life is Good
  15. 15. Limit Rejected RMAs
  16. 16. Important Setting #4 Location Types Retail Location Type A, B, C etc…
  17. 17. Great News! Location Type column is added to the Min/Max Pricing Report – v4.16
  18. 18. Important Settings •  •  •  •  Vendor Order Policy Selling into Negative QTY Restrict RMA to Original Vendor Location Types
  19. 19. Security Settings
  20. 20. Security Setting #1 Do you want to complete this order? YES
  21. 21. Complete Purchase Order
  22. 22. Security Setting #2 Receiving a Purchase Order Hide the “Receive All” Button
  23. 23. Ha-ha, Can't see it now
  24. 24. Security Setting #3 “Sorry, when I completed the transfer I clicked - Receive All”
  25. 25. Force the products to be reviewed
  26. 26. Security Settings •  •  •  Complete Purchase Order Receive Purchase Order Receive Transfer
  27. 27. Best Practices
  28. 28. Best Practice #1 Inventory Counts
  29. 29. Why Count?
  30. 30. < 1 a month +29% Average $800 location Per month 1-3 times month -23% 1-3 times a week -48% >1 a day -57%
  31. 31. Count Sheet Count Sheet generated for multiple categories
  32. 32. RQmobile Inventory
  33. 33. Who uses blind inventory counts today?
  34. 34. Best Practice #2 Discounting
  35. 35. What’s the big Deal? Answer: Product Cost
  36. 36. Device Cost 2013: $420 2010: $282 33%
  37. 37. Accessory Cost 2013: $11.39 2010: $5.51 107%
  38. 38. Discountable Floor Pricing Coupons Discounting Sale Price Max PAW Disc
  39. 39. We want to know – WHY? Discount reason codes that mean something •  Price Match – "Enter Store Name" •  Wrong Price – "How do you know" •  Employee Discount – 1 per month
  40. 40. Team Approach
  41. 41. Best Practice #3 Consignment Inventory
  42. 42. Only 21% use consignment
  43. 43. Track your Demo Devices What to consider… " Consignment Module " Inventory Counts " Auto Ordering Report
  44. 44. “Include Consignment items in the Auto Ordering Report Virtual Quantity” UNCHECK this box!
  45. 45. Who uses the consignment module today?
  46. 46. Best Practices •  Inventory Counts •  Discounting •  Consignment Inventory
  47. 47. Amazing Reports
  48. 48. Report #1 Min / Max Report
  49. 49. Use the Min Max for Auto Ordering
  50. 50. Speaking of Auto Ordering… For those NOT using the Auto Order Report
  51. 51. Consider the Auto Order report to SAVE time
  52. 52. Report #2 Inventory Aging
  53. 53. Report #3 Stale Inventory
  54. 54. Additional Report Options Business Intelligence Inventory Reports
  55. 55. BI Inventory Canned Reports Dead Stock Order Forecast Stock On Hand Stock Out
  56. 56. Dead Stock Report
  57. 57. Stock on Hand Report
  58. 58. One last topic
  59. 59. Release Notes
  60. 60. iQmetrix.com | 1.866.iQmetrix © 2011 iQmetrix. All right reserved. iQmetrix, the iQmetrix logo, RQ4 and other trademarks, service marks, and designs referenced in this material are the exclusive property of iQmetrix Software Development Corp. and/or its subsidiaries.

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