Inventory Well-Being in QAD
Inventory accuracy is one of the most important data points in an ERP system. In order to use your ERP effectively, the system relies on inventory records to be accurate. When your inventory records are inaccurate you may agree to due dates that are inaccurate leading to poor customer satisfaction or even misstate your financial statements because you show incorrect assets. As you can see there are many reasons that it is crucial to keep your inventory records accurate and QAD provides tools to help with that.
Cycle counting is an important, recurring process that will help maintain good, accurate records. Item costs play a large roll in classifying items to determine how often they should be counted, and cost rolls to ensure that parent items are costed correctly. Many companies use the item’s cost to determine what class the item should be in. If the item has no costs it may not be assigned a class and will not be included properly during cycle count activities. This will lead to inaccurate inventory records and possibly material misstatements on your financial records. Ensuring a well-developed costing process and review of items without classes will help greatly reduce this risk.
QAD Action Centers:
QAD Action Centers are dashboards on roles in the system. These dashboards will show real-time data related to the role that can help to monitor Key Performance Indicators (KPIs) and make informed decisions for the business. Browses and QAD’s Financial Report Writer (FRW) can be used to build visualizations that appear on these dashboards to make the user’s job easier. The data on these dashboards are pulled in real-time from QAD’s database to provide up-to-date information to help identify issues and respond quickly.
Inventory Data Health Action Center:
QAD’s Inventory Data Health Action Center is a great tool that can be used to review your inventory’s health and make decisions on what actions should be taken to improve accuracy.
Many companies will assign a buyer/planner to items indicating who is responsible for managing inventory of that item and also for managing that item’s data. This buyer/planner should continuously review the items that they are responsible for to ensure accuracy within the item’s data and inventory records.
Within the Action Center you can view items that inventory records but no cost by buyer/planner and site. This is helpful if a single buyer/planner wants to focus on one site in a multi-site environment where they may be responsible for inventory/items in multiple sites. This way they can focus on one site, gather all the information needed to form a plan to improve accuracy and get in contact with the right people to follow through on the plan for that site.
You can also view this information by item-type and site. This is helpful when there is one person or one department responsible for certain item types so they can filter to only view what is important to them when reviewing inventory data health.
We are here to help with any of inventory health concerns. QAD software partnered with Logan Consulting implementation services can help you achieve a solution that meets your company’s needs. Please do not hesitate to contact Logan Consulting to discuss your current processes or to explore other ways we may choose to work together.
Logan Consulting is a professional services firm committed to helping businesses improve business processes to get the most from their ERP investments.
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