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Notes:
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Brainstorming on parts, items, and general inventory items. Done on day 2 of the February 2014 adilas training session. 2/26/14 Inventory: Goals, Features, Advantages, Benefits, Pros/Cons, Known/Unknown, Shortcomings What do we know? - PO’s – inventory comes in on PO’s - Vendor specific inventory – perfectly tied to that vendor, its own special… - ***Generic inventory*** - purchasing product from multiple vendors but selling it out as the same product or at one price, (if it’s going in a bin, same shelf, mixing, etc., run it as generic) - Different types of PO’s – 6 - In inventory, on order - Unit of Measurements – lowest common denominator – what are you selling it out at - Include/Do not include shipping in COGS - 5 decimal levels of accuracy – not required, but available - Cause & effects – payables, affecting inventories - Get it in – PO/inventory side – then we will pick it up on the Payables side – who do we owe? - Barcoding - RFID tags – Radio Frequency Identifier (higher cost) - Packaging - Potential backorders - Pre-ordering - Pay before receiving product - Shipping - Freight – different on financials than inventory pieces - Mini-manufacturing – making new products, buying in bulk – selling in singles - How am I selling my products out? - eCommerce - Open up brand new markets - Allow online bill paying - Recipes – bulk, group, kit, pre-set, flex… - Multiple pricing structures – tiered pricing structure (i.e. same item w/different pricing) - Interface for selling advanced add to cart, buttons, ??? - Services - Unlimited items - Migrating – find & replace, combining items - Data imports - Global mark-ups - Sales - Discounts - Promotions - Customer loyalty - Merchant processing - Gift cards - Planning – faster, consistency Shortcomings/Pains: - When to order? - Loss/shrinkages/damages/returns - Potential volume of inventory – can be really challenging to manage - Tradition, legacy, how it has been done - How will I enter everything into the system? - Lots of work getting inventory in… - Pro/con: Taxes - Education/training - Pro/con: Planning - Expiration dates Brainstorming on stock/units: Flavor of stock/units What do we know? - Serialized - Big ticket items - Individual Needs/Level – needs some love – what happens to THIS item - One by one - Vehicles - Trailers - RV’s - Campers - Planes - Boats - Buildings - Hotel/Rentals/etc. - Homes - Motor sports – motorcycles, sleds, rhinos, 4-wheelers, etc. - Firearms - Jewelry - ***Jobs*** - Job costing - Can contain subs - Can be sold - Sub buckets - Job histories - Can be tied to locations – tracked to different locations – mobility - 5 deep level categorizations: o Inventory type o Sub inventory type o Make o Model o Physical unit (with additional subs) - Sales tool – with some “haggle” ability built in – cost variables - 100 photos per stock unit - Manager’s checkbook – slush fund - Fictitious costing - Somewhat fixed items - Mixed items: almost between serialized & non-serialized items - Not a standalone item on invoices - Wholesale & manufacturing of stock/units - Stock units that product other stock/units – (manufacturing, harvesting) - Very powerful, very diverse, very functional - Documentation – media content, unlimited documentation, not just photos – add the design specs, the paperwork, contracts, etc. - Rentals – (stock/units to elements of time) - Reservations - Needing to attribute subs to individual pieces - Details – main What is possible? Features: Advantages: Benefits: Shortcomings: - They are big - Require a lot of data if you really want to play the game - Time intensive to sell – paperwork, financing, trade-ins, contracts, - Human error – to help with this, making things editable & tracking histories - Search multiple buckets – to get your data back out (pro/con) - Economic downturns – big ticket inventory can become very difficult - Education/training to be able to work with complicated/detailed items – associated permissions - High entry cost to serialized units - With more stock/units – potentially requires more people/space – money, employees, security - Taxes and random settings - Paperwork |