{"id":8730,"date":"2020-09-17T09:17:00","date_gmt":"2020-09-17T16:17:00","guid":{"rendered":"https:\/\/www.qad.com\/blog\/?p=8730"},"modified":"2020-09-17T09:17:00","modified_gmt":"2020-09-17T16:17:00","slug":"actionable-insights-purchasing-inventory-effectiveness","status":"publish","type":"post","link":"https:\/\/www.qad.com\/blog\/2020\/09\/actionable-insights-purchasing-inventory-effectiveness","title":{"rendered":"Actionable Insights: Purchasing Inventory Effectiveness"},"content":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;8732&#8243; img_size=&#8221;full&#8221;][vc_column_text]<i><span style=\"font-weight: 400;\">In our previous <\/span><\/i><a href=\"https:\/\/www.qad.com\/blog\/2020\/08\/actionable-insights-equipment-cost\"><i><span style=\"font-weight: 400;\">Actionable Insights blog<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, we discussed the Equipment Cost Action Center. Next, we will provide an overview of the Purchasing Inventory Effectiveness Action Center as well as the associated key performance indicators (KPIs).<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Inventory is one of the most important assets a manufacturing company has to manage. Keeping inventory levels as low as possible without affecting productivity is an effective way to trim costs. Most companies acquire inventory to meet forecasted or planned demand, but plans and reality don\u2019t always match up, which can leave the company with excess inventory or shortages. Inventory can also become obsolete when products change or are replaced by newer models that require different components. And inventory can become defective, either from damage during transportation, storage or simply through degradation over time. Whatever the cause, excess, obsolete or defective inventory is a big drain on profitability, and companies who understand this will monitor and manage their inventory effectiveness.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">QAD Adaptive ERP includes the Purchasing Inventory Effectiveness Action Center to help companies monitor their <\/span><a href=\"https:\/\/www.qad.com\/blog\/2020\/06\/actionable-insights-inventory-data-health\"><span style=\"font-weight: 400;\">inventory health<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">KPIs on the Purchasing Inventory Effectiveness Action Center<\/span><\/h2>\n<p><a href=\"https:\/\/www.qad.com\/blog\/2019\/07\/actionable-insights-qad-action-centers-overview\/\"><span style=\"font-weight: 400;\">QAD Action Centers<\/span><\/a><span style=\"font-weight: 400;\"> provide analytics to help both managers and users monitor metrics and KPIs. KPI highlights for the Purchasing Effectiveness Action Center include:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Obsolete and Excess Inventory Ratio by Item<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This is a bar chart that shows the worst performing items in terms of excess or defective inventory. The calculation compares the count of obsolete and defective items to the total count of items. The higher the ratio, the worse the item\u2019s performance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Obsolete and defective items should normally make up a small portion of the on-hand inventory, so knowing which items have the worst performance allows the manager to take steps to improve performance by curtailing future purchases, selling excess inventory, or scrapping defective items. A higher reserve against obsolete inventory can mask the problem, but at a cost of reducing the company\u2019s profit.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Obsolete and Excess Inventory Ratio by Buyer-Planner<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This is a combination of a bar chart and a line chart that highlights the ratio of obsolete and defective inventory to total inventory on hand managed by each buyer-planner. This visual may help to identify buyer-planners with a better handle on buying policies and processes. In many cases, it may make sense to identify this buyer-planner\u2019s best practices and ensure that they become standard procedures for all buyer-planners. Depending on how items are assigned to buyer-planners, it may also show commodities where the buying policies are inappropriate for current usage patterns, or if the assignment is by product line, it may highlight ineffective product life-cycle management. This graph can be skewed by high usage items which may have a large quantity on hand, so it is best to look at the ratios rather than inventory numbers. It can also be helpful when used in conjunction with the following chart, Obsolete and Excess Inventory Value by Buyer-Planner.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Obsolete and Excess Inventory Value by Buyer-Planner<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Similar to the graph above, this chart shows the ratio of obsolete and excess inventory to total inventory measured by value rather than quantity. Like the chart above, this can highlight buyer-planners whose processes produce superior results so that those processes can become standard procedures. It may also highlight items or commodities where buying policies should be adjusted. High value items can skew this chart, so it is best used with items of similar value or when only the ratio is used, rather than absolute numbers or the amplitude of the graph across planners.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Each of the mentioned KPIs can be filtered by two selector widgets.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Select Buyer-Planner(s)<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This selector widget enables the viewer to focus on one or more buyer-planners and the status of their assigned items\u2019 inventory.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Select Items<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This selector widget allows managers to focus on specific items of interest to monitor the excess and obsolete inventory. This can be useful for reviewing high value items or items that are likely to become obsolete due to upcoming product changes.<\/span>[\/vc_column_text][vc_single_image image=&#8221;8731&#8243; img_size=&#8221;full&#8221;][vc_column_text]<\/p>\n<h2><span style=\"font-weight: 400;\">The Importance of the Purchasing Inventory Effectiveness Action Center<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Minimizing excess, obsolete, and defective items is of critical importance to a company\u2019s profitability as well as to ensure that available funds are used to purchase the most needed items. With many <\/span><a target=\"_blank\" href=\"https:\/\/www.qad.com\/what-is-erp\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">ERP<\/span><\/a><span style=\"font-weight: 400;\"> systems, identifying excess and obsolete inventory is a difficult and cumbersome process, often requiring spreadsheets or manual calculations. The Purchasing Inventory Effectiveness Action Center eliminates this cumbersome process. It also provides an objective way to measure the performance of buyer-planners across commodities or product lines by using ratios rather than absolute values or on hand quantities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All manufacturers must be aware of their inventory purchasing effectiveness to maximize profitability, and the QAD Purchasing Inventory Effectiveness Action Center is an important tool to help in this critical function. <\/span><a target=\"_blank\" href=\"https:\/\/www.qad.com\/cloud-erp\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">QAD Adaptive ERP<\/span><\/a><span style=\"font-weight: 400;\"> provides the necessary insight to ensure that buyer-planners, inventory replenishment policies, inventory reserves and product lifecycle policies are optimized for maximum profitability.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Which KPIs and metrics are most important to your organization? Learn more about QAD\u2019s predefined and highly customizable <\/span><\/i><a href=\"https:\/\/www.qad.com\/blog\/tag\/action-center\/\"><i><span style=\"font-weight: 400;\">Action Centers<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> as well as best practices for each.<\/span><\/i>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;8732&#8243; img_size=&#8221;full&#8221;][vc_column_text]In our previous Actionable Insights blog, we discussed the Equipment Cost Action Center. Next, we will provide an overview of the Purchasing Inventory Effectiveness Action Center as well as the associated key performance indicators (KPIs). Inventory is one of the most important assets a manufacturing company has to manage. Keeping inventory levels as [&hellip;]<\/p>\n","protected":false},"author":90,"featured_media":8732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[182,199],"tags":[908,1161,1244,1104,814,1372,923,1048,1371],"class_list":["post-8730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-manufacturing-trends","tag-action-center","tag-adaptive","tag-buyer-planner","tag-insights","tag-inventory-effectiveness","tag-inventory-investment","tag-profitability","tag-purchasing","tag-purchasing-inventory"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Actionable Insights: Purchasing Inventory Effectiveness | QAD Blog<\/title>\n<meta name=\"description\" content=\"Overview of QAD Purchasing Inventory Effectiveness Action Center. 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