LOOSE LEAF INVENTORY MANAGEMENT
Everyone knows the frustration of a client who orders a Dry Age Rump Steak but there aren’t any in the fridge or when suddenly there are no burger-buns at the Burgers’ place. With the inventory management feature and the live availability indicator, you can leave these horror situations in the past.
due to better product utilization calculations.
of storehouses in different places.
How many are left in stock?
over the happening in the different locations
Improvements by using Inventory Management
More happy clients due to better serving
One of the features is the live inventory level indicator. It displays on the mobile POS System devices how many pieces of the cake are left. This way they can directly suggest an alternative, in case the cake has been sold out. The best part of it is that this feature is available for free in the basic software version!
Receipts connected to the inventory
You can add the receipts as well as the nutrition information to the dishes on your menu. This way the inventory level is being reduced automatically after placing an order. And the best part is – you can display the nutrition values on the bill.
React Faster and navigate easier
Thanks to the live availability indicator you can easily coordinate the preparation of some meals and drinks. This way you prevent pilling up ready orders and shortages in the production stage in the kitchen.
.. you need more inventory management?
No Problem – Loose Leaf systems offers you an expert version as well.
Better storehouse Coordination
The inventory management feature allows you to add more storehouses to your system. For example, if you own a club you can display all of the bars with their own inventory levels. Each order is then going to reduce this level.
Reports hold you up to date with your inventories. Moreover, thresholds allow you to place an automatic order when this specific amount is reached. This way there is no need for you to think about replenishment – Loose Leaf systems is taking care of it!
How does it function?
Find out how do you profit from the use of automated inventory management!
Loose Leaf Inventory management is the supervision of noncapitalized assets -- or Loose Leaf Inventory -- and stock items. As a component of supply chain management, Loose Leaf Inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale. A key function of Loose Leaf Inventory management is to keep a detailed record of each new or returned product as it enters or leaves a warehouse or point of sale.
Organizations from small to large businesses can make use of Loose Leaf Inventory management to track their flow of goods. There are numerous Loose Leaf Inventory management techniques, and using the right one can lead to providing the correct goods at the correct amount, place and time.
Loose Leaf Inventory control is a separate area of Loose Leaf Inventory management that is concerned with minimizing the total cost of Loose Leaf Inventory, while maximizing the ability to provide customers with products in a timely manner. In some countries, the two terms are used synonymously.
Why is Loose Leaf Inventory management important?
Effective Loose Leaf Inventory management enables businesses to balance the amount of Loose Leaf Inventory they have coming in and going out. The better a business controls its Loose Leaf Inventory, the more money it can save in business operations.
A business that has too much stock has overstock. Overstocked businesses have money tied up in Loose Leaf Inventory, limiting cash flow and potentially creating a budget deficit. This overstocked Loose Leaf Inventory, which is also called dead stock, will often sit in storage, unable to be sold, and eat into a business's profit margin.
But if a business doesn't have enough Loose Leaf Inventory, it can negatively affect customer service. Lack of Loose Leaf Inventory means that a business may lose sales. Telling customers they don't have something, and continually backordering items, can cause customers to take their business elsewhere.
An Loose Leaf Inventory management system can help businesses strike the balance between being under- and overstocked for optimal efficiency and profitability.
The Loose Leaf Inventory management process
Loose Leaf Inventory management is a complex process, particularly for larger organizations, but the basics are essentially the same, regardless of the organization's size or type. In Loose Leaf Inventory management, goods are delivered in the receiving area of a warehouse -- typically, in the form of raw materials or components -- and are put into stock areas or onto shelves.
Compared to larger organizations with more physical space, in smaller companies, the goods may go directly to the stock area instead of a receiving location. If the business is a wholesale distributor, the goods may be finished products, rather than raw materials or components. Unfinished goods are then pulled from the stock areas and moved to production facilities where they are made into finished goods. The finished goods may be returned to stock areas where they are held prior to shipment, or they may be shipped directly to customers.
Loose Leaf Inventory management uses a variety of data to keep track of the goods as they move through the process, including lot numbers, serial numbers, cost of goods, quantity of goods and the dates when they move through the process.
Loose Leaf Inventory management systems
Loose Leaf Inventory management software systems generally began as simple spreadsheets that track the quantities of goods in a warehouse but have become more complex since. Loose Leaf Inventory management software can now go several layers deep and integrate with accounting and enterprise resource planning (ERP) systems. The systems keep track of goods in Loose Leaf Inventory, sometimes across several warehouse locations. Loose Leaf Inventory management software can also be used to calculate costs -- often in multiple currencies -- so accounting systems always have an accurate assessment of the value of the goods.
Some Loose Leaf Inventory management software systems are designed for large enterprises and can be heavily customized for the particular requirements of an organization. Large systems were traditionally run on premises but are now also deployed in public cloud, private cloud and hybrid cloud environments. Small and midsize companies typically don't need such complex and costly systems, and they often rely on standalone Loose Leaf Inventory management products, generally through software as a service (SaaS) applications.
Loose Leaf Inventory management cycle
Loose Leaf Inventory management software helps businesses track Loose Leaf Inventory, so purchasing departments know what they need to order and sales teams know what is available to sell.
Loose Leaf Inventory management techniques
Loose Leaf Inventory management uses several methodologies to keep the right amount of goods on hand to fulfill customer demand and operate profitably. This task is particularly complex when organizations need to deal with thousands of stock-keeping units (SKUs) that can span multiple warehouses. The methodologies include:
Stock review, which is the simplest Loose Leaf Inventory management methodology and is, generally, more appealing to smaller businesses. Stock review involves a regular analysis of stock on hand versus projected future needs. It primarily uses manual effort, although there can be automated stock review to define minimum stock levels that then enables regular Loose Leaf Inventory inspections and reordering of supplies to meet the minimum levels. Stock review can provide a measure of control over the Loose Leaf Inventory management process, but it can be labor-intensive and prone to errors.
Just-in-time (JIT) methodology, in which products arrive as they are ordered by customers and is based on analyzing customer behavior. This approach involves researching buying patterns, seasonal demand and location-based factors that present an accurate picture of which goods are needed at certain times and places. The advantage of JIT is customer demand can be met without needing to keep large quantities of products on hand and in close to real time. However, the risks include misreading the market demand or having distribution problems with suppliers, which can lead to out-of-stock issues.
ABC analysis methodology, which classifies Loose Leaf Inventory into three categories that represent the Loose Leaf Inventory values and cost significance of the goods. Category A represents high-value and low-quantity goods, category B represents moderate-value and moderate-quantity goods, and category C represents low-value and high-quantity goods. Each category can be managed separately by an Loose Leaf Inventory management system. It's important to know which items are the best sellers to keep enough buffer stock on hand. For example, more expensive category A items may take longer to sell, but they may not need to be kept in large quantities. One of the advantages of ABC analysis is that it provides better control over high-value goods, but a disadvantage is that it can require a considerable amount of resources to continually analyze the Loose Leaf Inventory levels of all the categories.
Economic order quantity (EOQ) methodology, in which a formula determines the optimal time to reorder Loose Leaf Inventory in a warehouse management system. The goal here is to identify the largest number of products to order at any given time. This, in turn, frees up money that would otherwise be tied up in excess Loose Leaf Inventory and minimizes costs.
Minimum order quantity (MOQ) methodology, in which the smallest amount of product a supplier is willing to sell is determined. If a business can't purchase the minimum, the supplier won't sell it to them. This method benefits suppliers, enabling them to quickly get rid of Loose Leaf Inventory while weeding out bargain shoppers.
First in, first out (FIFO) methodology, in which the oldest Loose Leaf Inventory is sold first to help keep Loose Leaf Inventory fresh. This is an especially important method for businesses dealing with perishable products that will spoil if they aren't sold within a specific time period. It also prevents items from becoming obsolete before a business has the chance to sell them. This typically means keeping older merchandise at the front of shelves and moving new items to the back.
Last in, first out (LIFO) methodology, in which the newest Loose Leaf Inventory is typically recorded as sold first. This is a good practice when inflation is an issue and prices are rising. Because the newest Loose Leaf Inventory has the highest cost of production, selling it before older Loose Leaf Inventory means lower profits and less taxable income. LIFO also means the lower cost of older products left on the shelves is what's reported as Loose Leaf Inventory. However, this is a difficult technique to put into practice, as older items that sit around have a chance of becoming obsolete or perishing.
Safety stock methodology, in which a business sets aside Loose Leaf Inventory in case of an emergency. The safety stock approach also provides a signal that it's time to reorder merchandise before dipping into the safety stock. It's a good idea for businesses to work safety stock into their warehouse management strategy in case their supply chain is disrupted.
Loose Leaf Inventory management vs. Loose Leaf Inventory control
Both Loose Leaf Inventory management and Loose Leaf Inventory control are essential to running a successful direct sales and channel operation. Loose Leaf Inventory management is the overall strategy to ensure adequate Loose Leaf Inventory, and Loose Leaf Inventory control encompasses the processes and tools used to track existing Loose Leaf Inventory. Businesses may choose to use an Loose Leaf Inventory control system on its own but will benefit from using both together. Here are the essential differences:
Loose Leaf Inventory management
Loose Leaf Inventory management is a strategy that ensures businesses always have the right amount of Loose Leaf Inventory at the right time and in the right place. Loose Leaf Inventory management tools enable businesses to:
calculate safety stock;
calculate reorder points;
accomplish demand planning and forecasting;
identify obsolete items;
optimize warehouse layout; and
identify fill rate percentage.
Loose Leaf Inventory control
Loose Leaf Inventory control addresses Loose Leaf Inventory already in a business's possession. It works at the transactional layer of an ERP system and enables businesses to:
receive Loose Leaf Inventory;
process interbranch transfers;
pack and ship stock;
process customer invoices; and
process supplier purchase orders.
This was last updated in February 2021
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