One of the most critical and time-consuming aspects of retail and distribution is managing the stock. You want to sell the products in stock, but you also need to ensure that you have sufficient stock to meet variable demand. You must have real-time control and visibility of your stock in order to respond to market requirements and remain competitive.
Therefore, controlling stock levels and cost of stock purchases is essential to keep your business moving forward. Inventory is like cash! Having a tight grip on your stock levels helps you improve the efficiency of your logistics and reduce operational costs. For many businesses, inventory is a significant part of their working capital. So optimized stock levels have a huge impact on their financing costs.
SocrateBI`s new module - „Inventory and Stock Analysis Module” (ISAM) - enables retailers and distributors to analyze in minutes volumes of transactional data and gain vital intelligence on essential areas such as sales trends, stocks and inventory management, in order to help your business grow. With ISAM, you will be able to gain a better insight into inventory levels, stocks and sales performance, providing the best selection of products and services that customers like and want. This insight is giving decision makers a better understanding of sales trends, in order to improve product sales and profitability.
ISAM`s excellent reporting and analytical features allow you to analyze lots of data, in an easy and intuitive way, and to make critical inquiries at different levels, supporting your decisions with efficacy. The module includes a series of important reports, such as: Average quantity sold for days with stock, Date of Last Sale for Products with Stock = 0 in the last 30 days, Item Sales vs. Stock, Products with Stock without Sales, etc. And, there is a report template included, allowing the user to select his own attributes, metrics and filters that will appear in the final report.
Below are the most significant benefits of using SocrateBI ISAM module:
- allows you to focus quickly on those areas that result in profit by giving you the ability to monitor stock products without sales, in order to avoid financial blockages due to purchasing of products difficult to sell.
- allows you to more effectively monitor and manage inventory levels, so that you will be able to identify revenue enhancement and cost reduction opportunities.
- improved sales and gross margins, by having each store or warehouse stocked with the right combination of products, at the right time.
- improved merchandising decisions, that help you more proactively serve your customers.
The ISAM module was added to the already existing SocrateBI`s modules launched in November 2011: FRAM (Financial Reporting Analysis Module), PCAM (Project Controlling Analysis Module) and SCAM (Sales and Customer Analysis Module).
BITSoftware`s Business Intelligence solution – SocrateBI -, is developed having as a base the MicroStrategy platform, MicroStrategy being the largest independent provider of Business Intelligence solutions in the world. SocrateBI allows organizations to run packaged analytics directly from Socrate ERP, or, due to its open interfaces and connectors, analysis can be done also using the information available in other ERP systems.