Did you know you can set all of your company's inventory Min/Max settings in seconds?
"Clients are impressed with this functionality because they can avoid a process that used to take hours to figure out," says iQmetrix Customer Success Manager Keith Nelson.
"By using the Min/Max Calculator you can set your minimum quantities and maximum quantities based on your sales history for each item and/or location, and you can do this all at once and in seconds."
Here's what you need to do:
- Go to the Min/Max Pricing Adjustments Report. Select your whole company as the location in the report parameters. Then set the category for which you want to set the min/max settings.
- Set the vendors you want to use. Then set the Show dropdown combo box to all.
- Next, select a sales history date range from which you would like to base your number. Setting the period is important because if you select a date range for a slow week you may end up with min/max quantities that are too low and you could run out of stock.
Note: A good rule of thumb is to base it off of last month’s sales history or even the last 3-month sales history. This does not apply to every product in your inventory (e.g. new phones your company has just received). Since items like these have a limited sales history, they must be set manually set until some history has accumulated.
- Next, set the “Set Min QTY = Daily Avg x” to the number of days it takes for orders to arrive once they have been placed. Then set “Set Max Qty = Daily Avg x” to the number of days between orders. So, if you order once a week, you can put 7 days in that field.
- Then Click the Calculate button. The system will then calculate what your minimum and maximum quantities should be, based on your previous sales history of those products. Then Save and you are done. Once you get this process down, you can regularly revise these numbers in a matter of seconds.
To read more RQ4 tips like these, visit iQmetrix’s new Support & Community site…
Check out iQmetrix’s brand-new Support & Community site!
The new Support & Community site puts all the RQ4 support and community discussions in one place. It consolidates our RQ4 help files, client suggestions and discussion forums into a single system, making it easy for users to find the information they need.
*Please note: The new site is only available to users updated to RQ4 version 4.1.4.
To access the new Support & Community site:
- First-time login: You must go through RQ4 to access the Support & Community site.
- Go to the Support tab in the upper-right corner and click on Community & Support.
- After that: You can access the Support & Community site from any device, using the following URL: http://support.iQmetrix.com
If you have any questions, please contact your CSM directly.
A note for IT administrators:
To grant all employees access the RQ4 Support & Community site, please ensure to whitelist the URL: http://support.iQmetrix.com