Aging stock products
The Aging Stock Products report in Assisty allows you to track and manage inventory items that have been in stock for an extended period. By monitoring aging stock, you can take proactive measures to optimize inventory turnover, reduce carrying costs, and make informed decisions to improve your business's efficiency. This guide will walk you through the steps to access and utilize the Aging Stock Products report effectively.
Step 1: Accessing the Aging Stock Products Report
Log in to your Assisty account.
Navigate to the Report Library section.
Select the "Inventory Control" category.
Choose the "Aging Stock Products" report.
Step 2: Understanding the Aging Stock Products Report
The Aging Stock Products report displays inventory items that have been in stock for an extended period based on their last received date.
The report provides valuable insights into aging stock products, including:
Current Inventory Quantity: The quantity of the product that is currently in stock.
Last Received Date: The date when the product was last received into inventory.
Aged Days: The total number of days that have passed since the product's last received date.
Step 3: Analyzing the Aging Stock Products Report
Review the Aging Stock Products report to identify products that have been in stock for a significant period.
Pay attention to products with a high number of aged days, as they may require closer examination and potential action.
Use the data provided in the report to assess the impact of aging stock on your business, such as tying up capital, occupying valuable storage space, and potentially incurring carrying costs.
Step 4: Taking Action based on Aging Stock Products Analysis
Evaluate the aging stock products and consider the following actions:
Inventory Optimization: Assess the inventory levels of aging stock products and consider reducing quantities to free up space and minimize carrying costs.
Sales and Promotions: Develop strategies to promote and sell aging stock products, such as offering discounts, bundling options, or targeted marketing campaigns.
Product Rotation: Implement a first-in, first-out (FIFO) approach to ensure older inventory is utilized or sold before newer stock.
Supplier Communication: Engage with suppliers to discuss aging stock products, explore options for returns, exchanges, or renegotiation of terms to mitigate inventory risks.
By utilizing the Aging Stock Products report in Assisty, you can identify and manage inventory items that have been in stock for an extended period. This information empowers you to take data-driven actions to optimize inventory, implement sales strategies, improve product rotation, and make strategic decisions that contribute to the overall success of your business.
Updated on: 12/07/2023