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When it comes to effectively managing purchasing activities, it is essential to understand which items are selling and which items aren’t. Without visibility of this information, purchasing staff can quickly fall into habitual spending that results in stock locations becoming over or under stocked. For example, businesses may continue to purchase items in high volume that once sold well, but now only shifts a couple of units a year.
By not monitoring sales volumes, businesses will soon find themselves spending valuable funds on items that remain unsold, whilst also understocking on popular items that causes sales opportunities to be missed. Both of these factors together will ultimately have a negative impact on annual sales figures and revenue. Therefore, it is important for purchasing staff to keep track of sales data so that they can order the necessary quantities and save money by buying only the right amount of stock.
With OrderWise Purchasing, businesses are already offered numerous usage methods to help monitor and maintain accurate stock levels for their products based on sales history. By applying these methods and then running the intuitive Purchase Report that recommends the quantities purchasing staff should be ordering to fulfil demand and replenish levels in each location, OrderWise users can ensure purchasing activities are always managed effectively.
Now extending the capabilities of the Purchase Report, this month an extra column has been added within this report which shows the total number of sales an item has had over the last 12 months. With this information to hand, companies working on the constant usage method or manually maintaining their minimum and maximum stock levels can ensure staff are making informed purchasing decisions based on recent sales history.
Through this additional visibility, OrderWise users can now quickly determine their purchasing requirements with the added insight into the number of sales made for each item in the last year. This further helps companies to ensure that goods aren’t being over or under stocked and only the right quantities are being purchased, helping profitability to be fully maximised.
To discuss how OrderWise can help your business maintain accurate stock levels year-round, contact us on 01522 704083.
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