Inventory Turns• Important Metric is: Inventory Turns• Deﬁnition: Number of Times the Average Inventory Investment is sold per year.• Average Inventory Turns Should be between 6 and 12 times per year.• Average Turns for our Clients is 5.24 turns.
6 Inventory Management BestPractices" Craig Harding, President of Direct Tech, Inc., provider of demand planning, inventory optimization, merchandise planning and analysis software. 1. Manage simple, consistent success metrics, such as fulﬁllment, turnover and gross margin return on investment.
6 Inventory Management BestPractices: Craig Harding2. Dedicate your business to accurate data. Garbage in still results in garbage out.
6 Inventory Management BestPractices3. Maintain the quality of communications between marketing, merchandising and buyers.
6 Inventory Management BestPractices: Craig Harding4. Apply top-down controls to align bottom-up item plans with budgets.
6 Inventory Management BestPractices: Craig Harding5. Reduce time from processes wherever possible.
6 Inventory Management BestPractices: Craig Harding6. Apply time against the 20 percent of your inventory problems that will deliver 80 percent of the beneﬁt.
…the RQ4 Tool BeltMIN/MAX Calculator END OF LIFE WRITE-OFF DO NOT ORDER LOCK MIN/MAX MASS INVENTORY EDITING MASS INVENTORY ADJUSTMENT TOOLS IMPORT/EXPORT MIN/MAX AGED SERIAL NUMBER WIDGET MANY OTHERS…
Min/Max Calculator" Period is critical: Best Practice " Accessories: 21 days " Phones: 14 days" Set Min Qty: " How many days from order to receipt of product" Set Max Qty: " How often do you wish to order product
Min/Max Location Type" Can narrow down search by store volume or size " Select A Stock Location to set min max for new products " This will pull up only those stores that are part of that location type
Min/Max Location Type" This will pull up only those stores that are part of that location type
Summary" RQ4 has introduced The Tool Belt to shave time from every work ﬂow." The Automated Ordering Process ensures you have the Ripe Apples at the right place at the right time." The reporting enhancements allow for detailed analysis: " new reports " new features within reports.