Inventory Management Process
When we think about ‘Inventory Management’ as a subject, there are two questions which ideally comes in our mind:
- How much revenue can we generate with the available stocks?
- How much of working capital have we blocked in the available inventory?
Of course, the questions won’t end here as this is a vast subject and every organization wants to have controls over the flow of inventory due to obvious reasons. To name a few, the fact of closely managing and controlling our inventory leads to better service levels & direct expenditures with not just fulfilling customer demand but also balancing the cost of carrying the inventory.
Better profitability can be achieved with a seamless inventory management process within our enterprise. Speaking about the process part, the best combination to get an optimum solution will be by introducing some vital KPIs that could help us foresee the impact on the flow of inventory, cost, and revenue.
Manage your inventory better with ValQ for Power BI
In the current situation, we can leverage our data to identify the bottlenecks and focus on facilitating stock movement at the right time. However, it is equally important to choose the right tool which helps us understand the data story better. Something that helps us to build a virtual ‘Inventory Planning and Control’ process that replicates our business needs to make the best decision.
Using ValQ, Modern Visual Planning for Microsoft Power BI, we can Visualize, Plan, Simulate, and Analyze any planning process. It is so intuitive that it allows planners, analysts, and decision-makers to make decisions on-the-fly.
Stay tuned for our next blog which will focus more on important KPIs that help to put the right controls on Inventory Planning activities.
Check out our Webinar on Inventory Planning & Control using Microsoft Power BI
Webinar dated 26th Feb-2020 (Asia Pacific). Click here to watch replay.
Webinar dated 27th Feb-2020 (US and Other Regions). Click here to watch replay.