February 2023 Webinar Highlights
Optimizing inventory levels and recession-proofing the supply chain was the focus – and featured solution – of the second of 3 February 2023 webinars hosted by Accounting Business Solutions by JCS in collaboration with Sage and Netstock.
Dedicated to showing attendees how to take back control of their inventory, the webinar Sage Inventory Advisor webinar, presented by Warren Owen of Netstock, showed attendees how to manage and plan the right inventory levels even during volatile times.
Supply Chain Risks
Beginning with an overview of the risks and challenges, the webinar pointed out the two primary types of risks manufacturing and distribution companies are facing: Supply Risk – whereby the supplier delivers late and less than requested – and Demand Risk – which appears when actual demand exceeds forecast demand.
Supply Chain Challenges
While unique in their company profiles, all attendees shared the same challenge – balancing ever-changing supply with customer orders. This becomes more complicated because, as Owen pointed out, “there is usually a disconnect within the business that causes them to hold inventory.”
But, courtesy of Sage, Accounting Business Solutions by JCS, and Netstock, attendees discovered how to dissolve this challenge while boosting profitability and customer satisfaction.
“The solution lies in a manufacturing or distribution company’s ability to drive smarter inventory decisions with data in their Sage ERP,” said Rick O’Hara of JCS.
Being able to efficiently do this involves the data relative to all 3 key players – suppliers, the warehouse, and customers.
At this point in the webinar, attendees were given an overview of Sage Inventory Advisor’s inherent key concepts:
- Supplier Performance
- Projecting Replenishment
- Distribution Requirements Planning
- Inventory Classification and Policy
- Distribution Requirements Planning
- Inventory Strategy/Projection
How does Sage Inventory Advisor from Netstock solve the supply chain inventory risks and management challenges?
By seamlessly integrating with leading Sage ERP systems including Sage 100 and Sage 300, Inventory Advisor levels the playing field. In effect, the supply chain challenges faced by businesses in the past few years such as trade wars, shipments stuck in transit, and covid, have made inventory an unfair game.
The challenge for inventory planners is to be able to identify, plan around, and mitigate supply chain risks – which is precisely what Inventory Advisor avails. By automatically ingesting date, inventory optimizations are rapidly delivered.
This is accomplished through a risk methodology that incorporates a financial strategy and a sales & marketing strategy; applying these strategies against inventory risk can determine the best inventory management for the company.
The Benefits of Sage Inventory Advisor
The deliverables inherent in Sage Inventory Advisor by Netstock are synonymous with the benefits which result in:
- Increased visibility of stock KPIs, classifications, and supplier performance for data-driven decision-making
- Improved fill rate
- Reduction of stockouts and increase in sales
- Improved fill rate by up to 15%Ability to optimize stock so cash tied up in excess inventory is released and excess inventory is reduced by up to 35%
- Efficient ordering; the time spent on planning, forecasting, and ordering is reduced by up to 70%
- Improvement in forecast accuracy by up to 50%
By the conclusion of the webinar, it was apparent to all attendees that Sage Inventory Advisor encompasses supply performance so users can easily see items with various lead times. Of particular relevance is that the system is forward looking so if anything changes, it will recalculate.
To get started – or to further explore if Sage Inventory Advisor is the right fit at the right time for your company – reach out to JCS to set up a Discovery Call, then take the next steps toward scheduling a demo tailored to your business.
Call (800) 475-1047 or complete and submit the Contact form today!
Learn more about how Sage is accelerating manufacturing and distribution companies’ efficiency, productivity, and growth by reading the highlights of the February 14 webinar – Sage Operations Management – and the February 16 webinar SPS Commerce.
Then, Save the Dates and plan to attend our “Inside/Outside Sales CRM Software Tools” webinars:
Tuesday, May 16: Sage CRM for Inside/Outside Sales
Wednesday, May 17: Sage 100 Salesforce Integration
Thursday, May 18: Sage 100 Commission Structure