Dynamic Purchasing and Replenishment
Centralized Purchasing and Replenishment
Finale Inventory’s purchasing and replenishment capability will reduce risk and make smarter and faster restock forecasting purchasing decisions with consolidated data, dynamic reorder calculations, and automated purchase order creation.
Purchasing is one of the most critical and challenging tasks in any retail organization. You want to make customers happy by stocking the products that match their demand while meeting your company’s financial targets.
If you over-purchase, then you’ll have inventory taking up real estate in your warehouse and tying precious dollars that could be have reinvested elsewhere. If you purchase too little, then you’ll miss sales opportunities by stocking out and frustrating customers in the process.
Easily track your purchase orders in one central location. Avoid using your email inbox to look up past purchase orders. Finale Inventory allows you to easily create purchase orders online and email them to your suppliers. With our cloud-based system, access your purchase orders from anywhere. We save supplier contact information and historical transactions so you can access them when you need them.
Restock forecasting: Leverage sales velocity to dynamically calculate reorder points
Running out of a stock is a sure way to hinder your growth, and Finale has several ways to create reorder points to let you know when products should be ordered. The simplest method of inventory control reordering is the “Min/Max” reordering is set-up with two static inputs.
The “Min” value represents a stock level that triggers a reorder and the “Max” value represents a new targeted stock level following the reorder. This reordering method is ideal there product sales are predictable and for customer who want a simple configuration to assist with reordering.
With the advanced restock forecasting capability using product sales velocity data, customers can go beyond the static min/max reordering method and set-up sophisticated dynamic reordering points to make smart dynamic purchasing decisions.
Leveraging the sales velocity of a product, Finale will automatically calculate dynamic reorder points based on your inputs – supplier lead time, desired safety stock, and expected sales growth — to make smarter, faster purchasing decisions.
If you have multiple warehouses, Finale can be configured to dynamically calculate independent reordering thresholds for each product at each specific location.
The purchasing and replenishment capability will constantly keep track of your stock and alert you when product stock at a specific location goes below the threshold. With a couple mouse clicks, Finale will automatically create a purchase order for your suppliers .
Learn how Pat Bianchi, COO of a medium-sized multichannel retailing company, was able to shave his reorder process from hours to literally seconds using the reorder functionality.
Receive Partial Shipments
In practice, partial shipments are common in the warehouse, and you need to continue to receiving stock to keep your business moving. Your business should not grind to a halt to due to a limitation in the inventory management software.
If your supplier did not send you the complete order, Finale allows you to receive a partial shipment from suppliers and create backorders for reconciliation at a later date.
Maintain per supplier information for each product
For companies that purchase the same product from multiplier suppliers, Finale removes the added complexity and makes it easy to create purchase orders as supplier price and supplier part number is stored for each vendor. Avoid awkward situations and delays by having incorrect information on the purchase order.
Always have a handle on your product costs
Even with cost fluctuations, with Finale’ sophisticated average unit cost algorithm, you’ll always know how much you’re spending for each product. Understanding the cost of each product will allow you to gain insight the gross margin of your sales.
Understanding your costs and how your suppliers are performing will give you the leverage you need to drive down spend as you grow. It will also help you better understand the timing of important purchasing decisions.
Sync your purchase orders to QuickBooks
Avoid typing the same data in two different locations. Finale Inventory has been designed to manage your stock and integrate in real time directly with your QuickBooks / QuickBooks Online accounting system.
Assign products to multiple location and sub-locations
If you have multiple locations, easily allocate your incoming inventory to a specific warehouse or sub-location within a warehouse. Once you initially set the allocation, you’re one click away from knowing where your stock is at all times. Many customers leverage the integrated turnkey mobile barcode scanner solution to expedite receiving products.
Assigning lot ID / serial numbers / batch numbers to incoming shipments
The inventory management system has advanced functionality allowing companies to track lot ids or serial numbers for incoming shipments. The lot id or batch number can be assigned to one or more units that are produced or purchased on the same or various dates and possibly have an expiration date. Many common examples include manufacturing date, batch identification, expiration date, serial number, and manufacturer location.
User Permissions for Purchasing and Replenishment
Do you have many users needing access to Finale? No problem. Set your permissions so a select few can access the purchasing and replenishment module and create purchase orders.