Inventory Replenishment by Product Variants
The Inventory Replenishment by Product Variants report is designed to help you effectively manage your inventory levels and plan for replenishment. With this report, you can gain insights into the stock on hand for each product variant and make data-driven decisions to ensure optimal inventory levels. This guide will walk you through the steps to access and interpret the report, as well as provide an understanding of the metrics and data it presents.
Step 1: Accessing the Inventory Replenishment by Product Variants Report
To access the Inventory Replenishment by Product Variants report, follow these steps:
Navigate to the Assisty dashboard.
Go to the Report Library section.
Click on "Product Replenishment" and select "Inventory Replenishment by Product Variants."
Step 2: Selecting the Date Range
In the report, you will have the option to select a specific date range to calculate the historical sales data. Click on the calendar icon located at the top left of the report to choose the desired date range. This allows you to analyze the inventory performance and make informed decisions based on the selected timeframe.
Step 3: Understanding the Report Metrics
The Inventory Replenishment by Product Variants report provides valuable metrics and insights to guide your inventory replenishment decisions. Here are the key metrics presented in the report:
Current Stock on Hand: This metric represents the quantity of inventory available for each product variant at the time of viewing the report. It reflects the stock level you currently have in your inventory.
Average Daily Units Sold: This metric calculates the average number of units sold per day for each product variant, based on the selected date range. It helps you understand the average rate of sales for each variant.
Total Units Sold: This metric shows the total number of units sold for each product variant within the selected date range. It provides an overview of the overall sales performance of each variant.
Replenishment Quantity: This metric suggests the recommended quantity to replenish for each product variant. It takes into account factors such as current stock on hand, average daily units sold, and the desired inventory coverage period.
Inventory Value: This metric represents the total value of inventory for each product variant. It is calculated based on the current stock on hand and the cost associated with each unit.
Retail Value: This metric reflects the total retail value of the inventory for each product variant. It is derived from the current stock on hand and the retail price assigned to each unit.
Step 4: Interpreting the Data Forecast
The report also provides a data forecast for each product variant, projecting the inventory performance for one week, two weeks, three weeks, and four weeks into the future. This forecast helps you visualize the potential stock levels and plan your inventory replenishment strategy accordingly.
The Inventory Replenishment by Product Variants report empowers you to make data-driven decisions for effective inventory management. By understanding the current stock on hand, average daily units sold, replenishment quantities, and other valuable metrics, you can optimize your inventory levels, minimize stockouts, and improve your overall business performance.
Updated on: 12/07/2023