When it comes to stock management and handling purchasing requirements, there are many different methods businesses will choose to adopt. While some businesses rely on a mixture of standard held stock levels with gut instinct to determine any extra that will be needed, other businesses will intelligently use their historical data in order to accurately predict what stock is required in order to avoid stock shortfalls or lost revenue through over-stocking. However even when using historical information to determine what stock should be purchased, there are occasions when manual intervention is required.
One common scenario where this can often be the case is when businesses have certain items that they always need to have stock. It may be that a customer will always place an order for a set quantity and the company needs to ensure they at least have that number in stock. On other occasions, businesses may just want to ensure they have a minimum quantity of certain items in stock at all times but then increase the quantity being ordered as historical data starts to show that sales of the product have grown. To cater for these scenarios and also eliminate the impact of any anomalies in historical data, businesses using past sales information to forecast stock requirements should ensure that they have an automated method of overriding this when necessary.
Even Greater Control Over Your Stock Requirements With Forecasting Override
OrderWise already provides users with flexible control over the forecasting methods used for each item in each stock location to calculate minimum and maximum stock holding levels. Options include Set quantity and Fixed usage (both of which are manually determined) or Constant usage and Variable usage. These latter two options are configured to look back over a user defined period and determine stock levels based previous sales over this time scale, with the ability to also take into account supplier lead times, seasonal peaks, upcoming promotions and much more. You can read more about OrderWise Stock Control HERE.
Now a new enhancement has been added in version 11.4 of OrderWise that now enables users to set a minimum quantity override. Regardless of the forecasting method being used within OrderWise Stock Control, businesses are now able to set a minimum stock quantity for each item and stock location, which will then override the minimum or maximum stock quantity calculated by their forecasting method if it is less than this set minimum.
With the addition of this great new functionality, businesses using OrderWise are now provided with even greater control over minimum and maximum stock levels for their items. By using historical data to accurately and automatically calculate what goods are required with override quantities then in place as a failsafe, users can ensure that their warehouse is always correctly stocked.
For more information on OrderWise including Stock Control, download our brochures or watch our videos.
To discuss your requirements in more detail contact us on 01522 704083.