Inventory Days on Hand (DOH): Meaning, Formula, Calculation
In addition, having a purchase management app to track the supplier’s excellence, generate timely reorders, and can help make instant inwards from anywhere allows serving consumers better without any delays. Knowing the metrics that help evaluate the suppliers’ excellence, the next in line to be understood is ‘Inventory.’ When 5 products are counted in any retail outlet, there are high chances that 2 would include a stock discrepancy. Ideally, with technology, you can track, forecast, plan and automate the activities like daily reordering, transfer in-out, and control out of stock with ease backed by analysis. To succeed in today’s competitive market, it is crucial to understand the consumer base and treat them exceptionally well for long-lasting customer relationships and retention. When your cash becomes invisible, it usually ends up in two places, • You must have invested in products with less demand that stays stagnant as dead-stocks • You must have invested suddenly by procuring items from suppliers who sell at a higher margin due to an unprecedented stockout However, not to worry, you can maximize sales with the minimum inventory available by knowing the exact reorder points, procuring the right quantity, and at the right time with automation!
ERP & Process Management
Point of Sale (POS)
Supply Chain Management