One of the many great features of Microsoft Dynamics 365 Business Central is that it helps you efficiently and cost-effectively track your inventory. As with any new software application, it can be difficult to know where to start. Here is a bit of starter information about managing inventory with Business Central from Microsoft Dynamics 365. And, if at any point along the way you need a little help, feel free to contact us at Exigo Business Solutions in the Kansas City area.
Unlike a business that sells services, a business that sells products needs to make sure that it always has enough to sell and not a large stock of obsolete items. With effective inventory management, you avoid having angry customers going to your competitor when you run out of stock and you avoid the excessive cost of warehousing items that will probably never sell. When you manage inventory with a tool like Microsoft Dynamics 365 Business Central, you can fine-tune your management so that you reduce wasted warehouse space, engage in “just in time” ordering, drop shipping, and other effective and profitable inventory management measures.
Here is a process that will make managing inventory with Microsoft Dynamics easy. It breaks down into five parts:
• Reviewing aged inventory
• Checking the Top-Selling Items
• Confirm your inventory and your lead times
• Entering Purchase Invoices
• Predicting future inventory requirements
Do this by starting on the Business Central 365 dashboard. Simply scroll down until you find Aged Inventory.
Here is where you can find the items that you have had in stock more for 120 days or more. By tracking this aspect of your inventory, you can keep tabs on what is selling and making money for your company and what is costing you money as it sits on the shelf. Just click the bar on the graph for Over 120 Days and you will get the current list of aged items.
And, to get a sense of where your income is coming from, check the top-selling items in your inventory. Starting on the Dynamics 365 dashboard, go to the top of the screen and click Items. Then click Report, Inventory, Inventory Statistics, and Inventory Top 10.
When you can easily access both the top sellers and your aging inventory, you can stay on top of inventory management with Dynamics 365.
When you know what is selling well and what is not, you will find it easier to determine lead times for ordering. By managing inventory with Business Central from Microsoft Dynamics 365, you can make sure that you will not run out of fast-selling items and will not chronically overstock items that are not selling.
Use the Dynamics 365 search function for this task. In the upper-right corner of the screen, click the magnifying glass icon and then Purchase Advice.
In the Purchase Advice report, you will see how many of your top-sellers you should order along with how many are currently in stock.
When an item is running low in stock, you need to know not only how many to order but the lead time you will need to get replacements before you exhaust your inventory.
Use the Vendor/Purchases report to see the average cost of the items and lead times for each of your vendors.
This is an easy task in Dynamics 365 Business Central. Begin on the dashboard and click Vendors. Choose your Vendor and then click Purchase Invoice at the top of your screen. Just enter the vendor’s number and items purchased and then post the invoice.
Here is one of the places where Dynamics 365 Business Central really shines. The system lets you predict inventory needs into the future and not just now and based on current items in stock. Start on the dashboard and pick the Forecast dropdown menu on the right of the screen. This lets to toggle back and forth between Inventory Forecast and Sales view.
Business Central in Microsoft Dynamics 365 is a business intelligence solution for your inventory management. And, it includes unique business intelligence tools like Microsoft Power BI. You can use the inventory management tools to keep up with sales and optimize profits by effective inventory management.
If at any point along the way you need help, contact us at Exigo Business Solutions for help.
With Dynamics 365 on your side, you can set up systems for Low Stock Management, generating Return Merchandise Authorizations, Return to Supplier authorizations, and coordinate supplies between multiple warehouses.
The Dynamics 365 system lets you customize many reports to your business needs so that you can keep tabs on what you consider to be the most important issues in managing your inventory. Information displays in table format or as charts as you wish.
A great feature is the dashboard which offers very intuitive features and up to the minute access to your important inventory information.
If you want to streamline your business, quit wasting money on overstocked items and on lost sales, learn to manage your inventory with Dynamics 365 Business Central. If you need help deciding if this is the software solution for you or help implementing any part of this, contact us at Exigo Business Solutions for help.