Need Some Assistance in Finding the Most Profitable Inventory?
Having the proper amount of the right inventory can significantly improve your company’s productivity. You need to identify fast and best-selling items before you decide to restock your inventories. But how can the most profitable inventory be determined?
The All-in-one Monitor to Spectate Your Grow
RMPro’s Open-to-Buy is an analytic tool which helps you decide what products are the best sellers, and what products should be purchased from a Vendor. It makes use of inventory which is still in-stock, sold in a period of time, along with its gross profit and aging, to give you a realistic glance at what types of products you should stock up on.
A Tool to Turn the Tables
Simply select a Vendor, select a period of time to account for, choose the properties to compare, add additional conditions and options, and view a list highlighting the Average Age, Average Cost, and Quantity of items both in-house and sold (compared together) and automatically calculate Gross Profit in both Dollar and Percent values, as well as estimated cycles per year, and a final point base to reflect the average ability to sell, using the history of your store(s).
This tool is used for both program and one-of-a-kind inventory, and allows you to directly place a purchase order, right after proper inventory is identified. Note that it can also be used to help you identify slow or bad selling inventory as well, by sorting in the opposite direction.
What Were Business Owners Doing Before Open-to-buy?
Not having a purchase management tool or system can have several negative impacts on an organization, including:
- Lack of Control: you may lack visibility and control over its procurement processes.
- Higher Costs: your organization may miss opportunities to negotiate better prices or take advantage of volume discounts.
- Poor Quality: Without a purchase management tool, an organization may struggle to identify and select high-quality suppliers or products. This can result in lower quality goods or services, which can harm the organization’s reputation and customer satisfaction.
- Compliance Issues: You may struggle to comply with relevant laws and regulations governing procurement processes.
- Inefficient Processes: you may have to rely on manual processes, which can be time-consuming, error-prone, and inefficient.
In summary, not having a purchase management tool like open-to-buy can result in increased costs, lower quality, compliance issues, and inefficient processes, all of which can harm an organization’s performance and profitability.
Open-to-buy has got you covered!
- Open-to-buy is a software solution designed to streamline and optimize purchasing processes in an organization. Some of the benefits of using purchase management tools include:
- Improved Efficiency: Purchase management tools automate the purchasing process, which saves time and minimizes errors. With an automated system, you can easily track orders, manage inventory, and generate reports, all of which can help to improve efficiency and productivity.
- Cost Savings: Purchase management tools can help organizations to reduce costs by enabling them to negotiate better prices with suppliers, identify cost-saving opportunities, and avoid over-ordering or under-ordering of goods and services.
- Better Visibility: Purchase management tools provide real-time visibility into purchasing activities, allowing organizations to monitor spending, identify trends, and make informed decisions.
- Increased Compliance: Purchase management tools help to ensure compliance with procurement policies and regulations, reducing the risk of fraud, waste, and abuse.
- Enhanced Supplier Management: Purchase management tools allow organizations to track supplier performance, manage contracts, and ensure timely delivery of goods and services, which can help to build stronger relationships with suppliers.
How Is Open-to-Buy Helping?
Measuring before managing is an essential step in any management process. Here are some reasons why measuring is important before managing:
- Understanding the Current State
- Identifying the Root Cause
- Establishing Benchmarks
- Making Informed Decisions
- Tracking Performance
Measuring before managing is essential because it provides an accurate understanding of the current state, identifies root causes, establishes benchmarks, enables informed decision-making, and tracks performance over time. By measuring before managing, we can ensure that we are making data-driven decisions that lead to improved outcomes.