Top 5 Benefits of a Good Inventory Management Strategy

Inventory management

Inventory management is a good practice for any company, regardless of your industry. If you are not keeping a watchful eye on your inventory or counting stock regularly, you are setting yourself up for potential inventory errors and challenges. Learn more about why implementing a good inventory management strategy will keep your inventory in check, and allow your business to thrive.

Improve the accuracy of inventory orders

Proper inventory management will help you figure out exactly how much inventory you need to have on-hand. This will help prevent product shortages and allow you to keep just enough inventory without having too much in the warehouse.

Leads to a more organised warehouse

If your warehouse is not organised, you will have a hard time managing your inventory. Many companies choose to optimise their warehouses by putting the highest selling products together and in easily accessible places in the warehouse. This, in turn, helps speed up the order fulfillment process and keeps customers happy.

Helps save time and money

Inventory management can have real-time and monetary benefits. By keeping track of which products you have on-hand or ordered, you save yourself the effort of having to do an inventory recount to ensure your records are accurate. A good inventory management strategy also helps you save money that could otherwise be wasted on slow-moving products.

Increases efficiency and productivity

Inventory management devices, such as barcode scanners and inventory management software, can help drastically improve your efficiency and productivity. These devices will help eliminate manual processes so your employees can focus on other – more important – areas of the business.

Keep your customers coming back for more

It’s a fact that good inventory management leads to what you are constantly striving for – repeat customers. If you want your hard-earned customers to come back for your products and services, you need to be able to meet customer demand quickly. Inventory management helps you meet this demand by allowing you to have the right products on-hand as soon as your customers need them.

These benefits are fantastic reasons to get your inventory management in order, however, if you feel you need help getting a handle on your inventory and keeping it run efficiently now and in the future, maybe its time to give Triumph Business Systems a call. Let us help you get control of your inventory and your business, so you can focus more time on what matters most.

How do I change stock item images?

Triumph is very powerful and efficient in the way it allows you change the image representing stock items.

First, go into the Stock Item Maintenance screen, then select the stock item from the list and double click on the image box. It will say “Double Click to Select Image” if the stock item has no image associated with it.

Select the required image from the Triumph/Images folder and click on the “Open” button.

The selected image should now be linked to the stock item.

Do note that the default recommended size for all thumbnail images for stock items, categories, stock groups and manufacturers is 160 x 160 pixels, or a similar ratio, i.e. square. Stock items can also have a more rectangular aspect but it is not recommended to go wider than 270 pixels wide x 160 pixels high or a similar ratio.

How do I add User Defined Columns to the POS Transaction Lookup?

The user defined columns feature in Triumph ERP allows you to store your own additional information. This is handy for information about master accounts or key transactions.

The ability to add user defined columns to a Point of Sale transaction lookup allows us the flexibility of filtering and looking up this additional information, making transactions easier and quicker to find.

First make sure that there are user defined columns set up for Point of Sale.

Go into Point of Sale and try to open a Point of Sale transaction, be it a Layby, Order, Quote, Parked Sale or Gift Voucher.

This will bring up the transaction lookup. You then right click on one of the fields and select “Field Chooser”.

You will then be able to see the user defined columns that were set up previously appear as selectable fields.

Drag the field that you want into the transaction lookup and you will be able to search or filter by it.

How do I add documents to the Stock Item Maintenance?

The stock item documents feature in Triumph ERP allows a user to add documents regarding the stock item like instruction manuals or warranty documents etc. This information can also be presented on the B2B eCommerce site if needed so customers can access them.

To add a document to a stock item, first go into Stock Item Maintenance (I-F-A) and bring up a stock item.

 

Go to the “Documents” tab and select “Local” for local files or “Web” for web/Internet based documents. In this example we link a local file.

Click on “Link” and a File Explorer window will pop up.

Select the document that you want to link to, e.g. from the ~\Triumph\images folder, click and “Open” the “Triumph Example.pdf” document.

The document will now be listed on the documents tab.

As an alternatively method of adding local documents, you can drag and drop one or more files from the Windows File Explorer onto the Documents grid.

The document can be opened by clicking on the “Open” button and printed by clicking on the “Print” button.

The linked document can also be displayed on your B2B eCommerce site by clicking on the eCommerce button and checking “eCommerce Document” and “Display Document”.

Important Note; for security reasons, local documents can only be displayed on the web if they are in the Triumph\images folder, or, in Triumph 6.1 and above, the Triumph\documents folder.

 

Customise how the document is displayed on the B2B eCommerce site by changing the display type, image, heading, description and tab label.

Adding a web document is very similar to adding a local document. However instead of having the file explorer appear when the “Link” button is pressed, you instead enter the URL for the web document. The easiest way to do this is simply cut and paste the URL address bar from your browser.

How do I export my transaction enquiries to Excel?

There are times when exporting your transaction enquiry to Excel is needed, be it for more advanced filtering, or for sophisticated calculations.

This can be done with a simple click in Triumph. The Excel Export button  is available in all Triumph transaction enquiries, be it in General Ledger, Debtors, Creditors, Inventory, Job Costing, etc.

In the below example, we will use the Stock Transaction Enquiry. Now let’s make a start.

  1. Open the Stock Transaction Enquiry via the Stock Item Maintenance (I-F-A).
  2. Click on the Excel Export transexcel2 button on the Stock Transaction Enquiry.
  3. This should open up Excel with the Transaction Enquiry information displayed.

Note: The Excel Export button exports a .csv file, so if your default program to open .csv files is not Excel, it will open it in the default program.

How to selectively hide costs in Stock Item Enquiry based on user security

There are often times where you do not wish staff to be able to see stock item costs. In these situations, it’s easy to give them restricted access to the Stock Item Enquiry option. This can then prevent them from seeing the cost of an item and also the associated transactions.

To hide the costs in Stock Item Enquiry (I-F-E), you need to set the access rights in Maintain User Group Security (S-M-S) for Stock Item Enquiry to “Modify”. This will prevent the costs from appearing in the enquiry.

You can also restrict a user from seeing the prices as well as the costs by setting their security level to Enquiry.

Severe restriction, i.e. no costs, prices or suppliers, based on Enquiry level security…

Partial restriction, i.e. no costs or suppliers, based on Modify level security…

No restriction, i.e. costs and supplier information included, based on Add and Full level security

Point of Sale

Note: If you have Point of Sale, you will need to select “Hide Costs” in Security Maintenance (P-F-S) to hide the costs in the Point of Sale’s stock item enquiry.