inventory management
DESCRIPTION
TRANSCRIPT
Retail Management
THE INVENTORY MANAGEMENT GAME:
Using RQ4 To Win Kris Rogers & Jeff Wilson
Agenda
Introduction
Part I: New Features and Advanced Tools
Part II: Three-Step Automated Ordering Process:
Part III: Inventory Reports You Need to Know
Inventory is like an apple…
Why Do We Manage Inventory?
How Do We Know We Are Doing Well?
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.
What If We Do It Poorly?
6 Inventory Management Best Practices " 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 Best Practices: Craig Harding
2. Dedicate your business to accurate data. Garbage in still results in garbage out.
6 Inventory Management Best Practices
3. Maintain the quality of communications between marketing, merchandising and buyers.
6 Inventory Management Best Practices: Craig Harding
4. Apply top-down controls to align bottom-up item plans with budgets.
6 Inventory Management Best Practices: Craig Harding
5. Reduce time from processes wherever possible.
6 Inventory Management Best Practices: Craig Harding
6. Apply time against the 20 percent of your
inventory problems that will deliver 80 percent of the benefit.
How RQ4 Can Help…
…the RQ4 Tool Belt MIN/MAX Calculator
END OF LIFE
WRITE-OFF
LOCK MIN/MAX DO NOT ORDER
MASS INVENTORY EDITING MASS INVENTORY
ADJUSTMENT TOOLS IMPORT/EXPORT MIN/MAX
AGED SERIAL NUMBER WIDGET MANY OTHERS…
Did You Know…???
You Can Lock RQ4…
…To Lock RQ4 " Press Control & L to Lock RQ4
" Or Set Idle Time in Role Management
Part I: New Features and Advanced Tools
Aged Serial Number Status Widget
Aged Serial Number Status Widget
Aged Serial Number Status Widget
Aged Serialized Sales Status Report
Back Order ETA
Back Order ETA
Special Order
Write Off
Write Off – Quantity Adjustments
Write Off - Inventory Quantity Adjustment
Write Off - Inventory Quantity Adjustment
Discontinued
Discontinued
End Of Life
End Of Life
Do Not Order
Do Not Order: Purchase Order
No Sale
No Sale
Purchase Order Edit Field
Part II: Three Step Automated Ordering
Process
Three Step Automated Ordering Process
" Step 1: Set Min/Max
" Step 2: Stock Balancing: Auto Transfer In / Out
" Step 3: Auto Purchasing Report
Step 1: Set Min/Max
Product with Sales History We use the sales history in the Min/Max Pricing Report.
Min/Max Pricing Adjustments Report
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: Sales History
Min/Max: Adjusting Values
" Adjust Min or Max to a fixed value " Adjust Min and Max by % for Seasonality or
Promotions (can be positive or negative %) " Can set the Order column to a fixed number
Product with No History (New Product)
" Create the product in inventory
" Set Min/Max for first orders
" Lock Min/Max
Create New Product: Blackberry
• Right Click on Existing Blackberry Torch and Create Similar
Blackberry Torch 2: Fill in the Blanks
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
Min/Max for New Products
Lock Min/Max Settings
" Until you have history, you should lock min/max numbers
Step 2: Stock Balancing
Auto Transfer In | Auto Transfer Out
Auto Transfer In
• From All Stores to One Location
" Recalls: From All Stores to Corporate Location
New Transfer Request
Email Transfer Request
Auto Transfer Out
" From Warehouse to Locations " Between Locations
Creates Transfers: One per Store
Step 3: Auto Purchasing
Auto Ordering
Auto Ordering: One PO per Vendor
Auto-Generated Purchase Orders
Auto Ordering: Import
Did You Know…???
You Can Restrict Selling Into the
Negative…
Restrict Negative Selling
Part III: Reports You Need to Know
Inventory counts
Update Committed Count Sheet – Mass Edits
Did You Know…???
You Can Create Inventory Adjustment
Reason Codes
Inventory Adjustment Reason Code
Stale Inventory Report
Moving Products From Non-Sellable
Non Sellable Products Report
Moving Products To Non-Sellable
Non-Sellable Products Report
Sales History Report
Product Tracking Report
Accessory Products… OR
Lifecycle of One Serialized Product
Over Receiving Inventory Report
" allows you to see who is over receiving inventory
Product Imports
Regular Product, Non Stocked,
Vendor Rebate Master List
Regular Product Master List
Mass Price Change Now Available
Select Locations…
• Do Not Order, Back Order ETA • Special Order , EOL • And Write Off
Master List Also Includes:
Auto Ordering Report: Alternate Use
Auto Order Report: Alternate Use
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.
Latest RQ4 Enhancements are Proof that we are…
…WINNING!!!
The Inventory Management Game
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