Any business will tell you that accurately maintaining stock levels through structured purchasing activities is one of the most vital aspects of successfully managing company operations. By ensuring the right stock is ordered, in the right quantities, for the right time, from the right suppliers and at the right price, businesses are able to keep fulfilment processes running smoothly, cash flow well controlled and profit margins retained.
However without the necessary resources available, many companies will resort to ordering stock out of habit rather than out of requirement. In most cases, this will simply be down to the fact that companies do not have the spare staff to systematically analyse current and upcoming sales orders in order to determine forecast future stock requirements correctly. The result of this is companies ordering on simply gut instinct, meaning their warehouse becomes over-stocked, popular items are left under-stocked and valuable company cash is poorly spent.
Already solving this problem is the OrderWise Purchasing module which allows companies to automatically identify stock demands from across all areas through the intelligent To Purchase Report. This report takes into account sales, current and desired stock levels, future forecasted demands and any manufacturing requirements for chosen stock locations, whilst also accounting for lead times, buffer times, work timescales and upcoming promotions. By using OrderWise’s comprehensive To Purchase Report, companies are able to dramatically reduce manual data gathering and analysis, saving valuable business time and money through accurate, more automated purchasing activities.
Now in version 11.2 of OrderWise, the level of automation available within the Purchasing Module has been further extended through the addition of several highly useful new features that enable purchasing activities to be further streamlined.
Automatically Generate Purchase Orders With Brand New Schedule Service
The first new addition is the ability for OrderWise users to now be able to create their purchase orders entirely automatically. For companies raising new purchase orders at a set time either daily, weekly, monthly or even quarterly, companies using OrderWise now have the ability to use the schedule service to automatically generate these purchase orders when required over a set time period.
When this new task is set up, OrderWise will automatically run The Purchase Report at the time specified by the user. If the additional option to create purchase orders is also enabled, OrderWise will also automatically create orders for stock based on the results of The Purchase Report. If businesses also raise purchase orders for certain suppliers at set periods, another option available to the scheduled task is all auto generate suppliers, which will allow purchase orders to be automatically generated for all suppliers that have the relevant setting enabled.
The flexibility of this new functionality means businesses can set up the scheduled service to run the purchase report or even create purchase orders entirely automatically at a time and in a manner suited to them. Not only that, but users can still be sure that the stock that is being automatically ordered is exactly what is required.
Choose Suppliers Brought Through To Purchase Report
Coinciding with this new schedule service functionality is the ability for users with a supplier stock feed linking into OrderWise to now prioritise which supplier are brought through to Purchase Reports based on their own preference and currently available stock. Many businesses will have suppliers that they prefer to buy certain goods from, most commonly due to prearranged discounts on bulk orders or generally lower costs. However if those suppliers do not have enough stock to fulfil all or part of the demand, businesses will want to ensure that the goods are ordered from their next preferred supplier in order for costs to be kept as low as possible or for the goods to arrive on time.
Facilitating this within OrderWise, users are now able to rank their suppliers and utilise this as the purchase report supplier selection method. To achieve this, users will firstly set their ranks within their variant records, with a new import data tool available to allow users to add this information quickly en-masse. Once these rankings are set, users can then use the new bring this supplier through to my Purchase Reports option to use supplier with stock by rank.
Once activated, the supplier which will be picked to fulfil demand for the purchase report line will be the highest ranking supplier who has stock to provide the requirements. Users also have the flexibility to split purchase report lines if they wish, should one supplier not be able to fulfil the full demand based on their current stock quantity. Where a line has been split or a single purchase order line will not fulfil the full demand requirement, a record will be added stating which quantities have been ordered from which suppliers. This will offer users full traceability as to what has been ordered, from whom and why that particular supplier was chosen.
With this new functionality, OrderWise users with a supplier stock feed active can save purchasing time by ensuring their preferred suppliers are always automatically selected for use when running the purchase report.
Unrivalled Automation of Purchase Order Creation
Thanks to the addition of these two great new features, businesses using OrderWise are presented with an even smarter and more intuitive method of generating their regular purchase orders. By being able to systematically select suppliers and automatically generate purchase orders based on intelligent analysis of stock requirements, users can ensure that purchasing activities are always conducted in an accurate, streamlined manner.
For more information on OrderWise and the Purchasing Module you can download the brochure or watch our videos.
To discuss your requirements in more detail contact us today on 01522 704083.