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To ensure customer satisfaction and steady business growth, it is imperative to have quality control processes. But you probably won’t—at least, not at first. The top sellers by orders will clearly show what items you need to have in your inventory so that your business and potential revenue doesn't get affected negatively and retail analytics software will help you automate your processes and track massive volumes of information, which is critical in this competitive industry. When you need to reduce your cost of carrying inventory, it’s important to reduce your inventory by eliminating obsolete, slow-moving, or dead stock inventory. “…KPIs … Within each section, we will define the specific, standard inventory KPI, tell you how it’s calculated (inventory KPI formulas), and what it each metric tells you about your stock, processes, or sales. It is good to optimize space, as well as streamline order fulfillment. Formula: Units sold ÷ (Units sold + On-hand inventory). Inventory metrics can be common to different industries, and it is no surprise that you can identify one as a logistic KPI, but also see it listed as a retail KPI for instance. B-items: valuable but with a medium priority. Especially in online retailing, where consumers can access massive amounts of products with a few clicks. But it’s essential to be able to put a quantifiable number in … For the purposes of this post, we’ll look at the important KPIs that relate to inventory management, and how to measure them. The use of online BI tools to set up and track the right inventory metrics they need is a must-do in order to spot out and catch any opportunity as they arise, and conversely, identify problems to fix as soon as possible. Definition: Shows how well you stock products that customers demand. Share. Knowing the rate at which your stock is received and becomes ready to sell will help you identify any deficiencies that are occurring in your warehouse, so they can be addressed quickly. One note before we get started: there are many, many articles out there describing key warehouse metrics. KPIs not only provide an … While many are good, few of them do the one important thing: Organize those metrics in a way that is meaningful. Formula: (# of Items Returned) ÷ (Total # of Items Shipped). In our example above, we can immediately spot that tobacco has the highest average time to sell, followed by personal care, household care, and, finally, food and beverages. This helps managers identify monthly increases in inventory against falling sales. Copyright © 2017 - 2020 SkuNexus LLC. Inventory Turnover Ratio. In our inventory KPI example illustrated above, you can see that the end of the working week has the highest percentage of out of stock rates. Especially in the FMCG industry, where laws related to food safety and management need to be carefully respected in order to avoid potential legal bottlenecks. Key performance indicators (KPIs) in inventory management are metrics that help you monitor and make decisions about your stock. You may start to recognize patterns and trends, but also bottlenecks and inconsistencies. Formula: # of Orders Delivered On Time ÷ Total # of Orders. This KPI tells your ability to pay your obligations in the short-term, … They focus on a specific area and goals in order to spot trends and identify weaknesses. Let’s take a look at each section individually in this inventory KPI list. Days of inventory on-hold tells you the average amount of time it takes for you to sell your inventory … Since both cost factor and customer experience are essential in inventory management and for any business, let’s have a look at the top 10 promising inventory KPIs that cater to these two areas. Key performance indicators (KPIs) are a set of performance measurements that demonstrate how effectively an organization is achieving key objectives. When the number is high, it may indicate that your inventory movement is inefficient. To see how you can benefit from BI software, simply try out our 14-day free trial! When your on time order percentage is low, you will likely experience customer service issues and dissatisfied customers. Within each section, we will define the specific, standard inventory KPI, tell you how it’s calculated (inventory KPI formulas), and what it each metric tells you about your stock, processes, or sales. It is one metric helpful to evaluate the overstock, that will also tell you whether your company is able to face unexpected situations. This metric will also help spot issues related to shipping, receiving, or accounting. Examples of current assets are cash, inventory and accounts receivables. When we look at some facts and figures, we find out that for retail, inventory is accurate only 63% of the time on average, or that 88% of supply chain managers estimate that they could reduce inventory levels by more than 5% with improved processes and technology. However, the optimum days to sell inventory varies depending on the industry you’re in. GMROI is a bit intimidating, but it is one of the most important metrics you can use in your store. What it means: This KPI tells you how much stock you have on average during a specific time frame. The higher the number the better. All these challenges can be avoided by introducing appropriate inventory management KPIs. Definition: The percentage representing cents per dollar that is spent on inventory overhead each year. Our groundbreaking open source order management software will blow your mind. In this case, the point is to monitor this rate and identify when and what is missing. Inventory … But to understand those aspects, you have to have some way of measuring the performance of different areas of your business. Besides, a satisfied customer often refers you to friends and relatives, an act much more powerful than any witty advertisement you can make. In this article, we will take a closer look at the inventory management: what are the performance indicator that can help, how to choose them, and outline some inventory metrics examples as well as best practices. If you dig deeper into the data on the left, you can … So it would be helpful to outline not just which metrics to use but also whyyou need each one and how those metrics line up with your warehouse layo… To find more examples and templates, take a look at our other logistics dashboards. Sample sales KPIs and metrics. By performing regular cycle counts, equipping yourself with electronic tags will make the work easier and provide you with data needed to compare your physical inventory to the electronic record of it. Another KPI that can make or break your warehouse is the efficiency of your receiving area; don’t ignore it for other seemingly more important areas of the warehouse. The inventory manager has a lot of responsibilities and must act as an air traffic controller. By giving you clear milestones to hit every week, month, quarter, or year, they help greatly in eliminating the guesswork. To be successful in this position, it is important to have extended knowledge of the supply chain principles – but it is today equally important to have strong analytic skills. This is one of the KPIs for inventory control that will provide you with useful information about your storing processes and give you more information on how to develop your procurement strategies. To make it easy, we’ve broken them down into three sections: sales, receiving, and operational KPIs. Inventory KPI examples couldn't be complete without the average time to sell. Overview. The aim is to keep your inventory flow in and out, in a relatively consistent manner. In the matter, data analysis and dashboard designer software is a precious ally. This technique can be a bit trickier for manufacturers because as we stated earlier, you need data on trends to have enough stocks for retailers. This metric is designed to avoid spikes or random drops in inventory and keep a relatively constant flow of stock in and out, based on the business’s needs. If you sell large ticket items, they typically move slower than lower-priced products. For example, a low inventory turnover spurs you to track down a reason and helps you improve inventory … Definition: The percentage of units sold during a specific time period. It’s often measured against the turnover rate of industry averages. Warehouse KPI Examples #3: Carrying costs The longer inventory stays in the warehouse, the more it costs a business. Now that we’ve reviewed the basic anatomy of a KPI, here are 27 examples of common KPI sources we see organizations use to measure the performance of their plans: Examples of Sales KPIs 1. Definition: How efficient your process for receiving stock is. Combined with the inventory turnover or the carrying costs of inventory, it will give you a better picture of the financial stability of your business, but also help to define the direction you want to take (like selling your entire inventory as quickly as possible or not). When your put-away process is efficient, your lead time is significantly lower. Answers to these questions and more are essential to understanding all the aspects of your business and its continued growth. One of the most critical inventory KPI metrics, the carrying cost of inventory, will show you the total of all expenses that occur when storing unsold goods. Measuring the warehousing costs is no piece of cake – this is why you should proceed to do it meticulously and not omit or forget any. Start monitoring ASAP, and if you find that some of your metrics are not where they should be, schedule a demo of our order management system to track your stock across your organization in a single inventory management KPI dashboard. Last but not least, quality control is of utmost importance for any business, and should be implemented as early as possible. By using key performance indicators (KPIs) to track and manage inventory, businesses can improve purchasing and production processes, cash flow and profitability. That's why having online dashboard software that covers multiple touchpoints and enables retailers to have a clear overview of their inventory management is crucial in our consumer-faced world. Conversely, if you have too little stock, you may run out, which is the number one thing not to do for retailers. Sales KPIs That way, you will be able to decrease the restocking and strive to achieve a higher number of new orders with the goal of keeping your business going. Inventory turnover is an important indicator of the efficiency of your supply chain, the quality and demand of the inventory … Formula: The time taken for received inventory to be put away and ready to pick. Which strategies are contributing to the increase in your sales and revenue? Definition: The percentage of inventory that is listed in records but is not physically in the actual inventory. Keeping an eye on your orders' status in real-time will enable your team to act promptly to any potential negative occurrence. Any serious company that wants to increase revenue and profits, needs to evaluate demand and act accordingly, meaning keep products on shelves, visibly accessible, and easy to reach. Inventory management KPIs are important because they are used to track warehouse performance and how inventory is ordered, managed, and commissioned. This makes sense since food and beverages have shorter freshness longevity and they need to be replaced more often than appliances, for example. This KPI helps you avoid spikes or unanticipated drops in inventory. Examples of your current liabilities are debt and account payables. Your business will best benefit from JIT if you are an eCommerce company, or if you build customized products such as jewelry, furniture, luxury cars, etc; but also as a service-based business (events, food, garage, etc). Key performance indicator (KPI) is a measurable value that shows the progress of a company’s business goals. We have explained what is inventory management performance, provided examples, best practices and finalized with dashboards where all those pieces can come together to tell an efficient story that will enable you to optimize your inventory management processes, and deliver invaluable results year after year. This inventory KPI is also oriented towards finances. What it means: This KPI, when excessive, may mean that you have a problem with inventory damage, theft, miscounting, or supplier fraud (when a supplier bills for more products than it sends), and that a thorough investigation should be performed. Data consolidation and analysis is simple, thanks to the intuitive drag and drop interface. This is a KPI for inventory management that connects your business with your customers. Advisors and business owners can adopt several universally accepted inventory management ratios and KPIs (Key Performance Indicators) to help them monitor business.. To analyze the financial perspective of your collected information in more detail, we suggest you take a look at our page focused on business intelligence in finance. Reporting Frequency – Different KPIs may have different reporting needs, but a good rule to follow is to report on them at least monthly. Let’s be honest: It would be great if you tracked all of these metrics. To be specific, you can see afternoons have a particular spike that will enable you to solve these issues and prepare for the future much better. He should effectively collaborate with his peers to coordinate and guide processes together so that they get optimized inventory results. If your inventory management efforts don't seem to be bearing fruit, it's time to take a closer look at inventory management key performance indicators (KPIs… What is it that is making your online store a success? This is an inventory KPI that can make or break your business: if you do not have in stock what you sell online on your eCommerce platform, for instance, can considerably harm your business. Inventory metrics example actual vs target KPIs report . Definition: The average amount of time it takes to sell the inventory it holds. JIT means that you only buy what you need from a vendor when you get an order from a customer. Inventory turns: The number of times a years all inventory is sold. If you start losing large amounts of sales because of this metric, your whole business can suffer so it's of utmost importance to put the on-shelf availability on the list of key inventory metrics to measure regularly. Inventory Management KPIs to Track. What it means: This KPI tells you how much of your inventory is being returned to you, allowing you to identify any patterns of issues (defective or malfunctioning products, inferior quality products, etc.). What it means: This KPI tells you how your efficiently your inventory is moving. In inventory management, KPIs matter because they offer information about turnover, sales, demand, costs, process success, relationships and more. If you use correct key performance indicators (KPIs), it is easy to effectively manage your stock to ensure good cash flow, measure the impact of your inventory … You can calculate it by dividing the costs of goods sold by the average inventory. Your average inventory shouldn’t have unexplained drops or spikes. What it means: The stock to sales ratio will help you keep your inventory at optimum levels. As a general rule of thumb: the higher, the better. This inventory management KPI is crucial to monitor accurately at all times since it will show you if your production should be increased or decreased to keep the balance between income and expenses. When the weeks on-hand is high, it means that your inventory is not moving efficiently, which results in a lower profitability due to storage fees and tied up capital. The Just in Time is another inventory management technique that helps with the cash flow management for retailers. Retail is another industry that heavily relies on inventory availability metrics and optimal management in order to increase revenue and profits. In an ideal scenario, the time to sell should be as low as possible. What it means: This KPI tells you how effective your put-away process is. These inventory metrics and other key performance indicators (KPIs) can tell you right away how a business defines itself, conveying the trends most important to the company. The third is the most important, since data is useless without an actionable understanding of it. The 10 Essential SaaS Trends You Should Watch Out For In 2021, Top 10 Analytics And Business Intelligence Buzzwords For 2021, Top 10 IT & Technology Buzzwords You Won’t Be Able To Avoid In 2021, A-items: best-selling products with the highest priority. Definition: A ratio that shows how many times inventory was sold and replaced during a specific time period. A higher back order rate tells you that your forecasting is inefficient or your inventory management needs work. You can easily track KPIs using inventory … The Inventory Turnover KPI measures how many times a year your organization is able to sell its entire inventory. Monitoring Supply Chain KPIs … A low or dropping inventory to sales ratio. In our inventory KPI example illustrated above, you can see that the end of the working week has the highest percentage of out of stock rates. Formula: (Beginning Inventory + Ending Inventory) ÷ 2. This is something you can measure with a customer service KPI like the net promoter score or NPS, that evaluates the power of your referral. Want to visualize & track inventory KPIs with ease? All Rights Reserved. As in general, not all your stock has equal value, this will help in focusing on the items that bring in the most money. If you can’t get your orders right,customers won… To calculate inventory turnover, use the following formula: Cost of Goods Sold ÷ Average inventory. Average inventory – The average inventory KPI is used to estimate the inventory your company has on hand during the predefined time. What it means: This KPI indicates whether or not your inventory is meeting customer demands. These costs can include warehousing costs, insurance, employee costs as well as damages of goods, rent, utilities, etc. These KPIs measure the effectiveness of operational costs, of which a large part is labor costs. Moreover, KPIs enable companies of all sizes to measure the impact of business operations. C-items: low-priority stock, generally carried in high volumes and needing a minimal reordering. These storage & inventory management KPIs are of immense value when it comes to maximizing storage utilization and reducing cost of inventory. People love to use buzzwords in the tech industry, so check out our list of the top 10 technology buzzwords that you won’t be able to avoid in 2021. That said, It's extremely important setting up and tracking the inventory KPIs for your business is in order to evaluate and improve your performance. Inventory Management KPI Examples Every organization has unique business goals and therefore, uses their own set of inventory KPIs. In this case, we can see inventory measurement metrics such as the inventory to sales, turnover, carrying costs, accuracy, and the percentage of stock items on a dynamic, online data visualization overview. But not only, as analyzing this metric with the help of online business intelligence software will enable you to quickly examine where you can make changes in order to reduce costs (as the carrying costs are a large part of the total costs, as mentioned). It tells you how hard your inventory … Another critical point to consider here is the fact that, if you're in an industry where profit margins are tight, even the smallest costs can play an extremely important role. Retailers need data to effectively manage their restocking, and FMCG to bring fresh products and optimize processes every day. 4 MIN READ. What it means: This KPI tells you how much you will spend (as a percentage) to hold and store your inventory annually. The increase in on-shelf availability can directly impact sales, and do it seriously. To do that, you need to understand how to monitor the right key performance indicators (KPIs). schedule a demo of our order management system, Increase Automation to Reduce Human Error. We have here a good illustration of inventory management performed with the help of business intelligence and data visualization: the performance metrics that matter to the supply chain manager are tracked and displayed on a professional dashboard. When your turnover rate is low, it indicates you have weak sales and excess inventory. Success indicators. To calculate your inventory turn ratio, divide the cost of sales by inventory. We will finish by presenting a business dashboard that will show how those metrics work together when depicting an inventory data-story. Improving something you can't measure is an exercise in frustration. What it means: Your sell through rate tells you the percentage of your available inventory that actually sold. This KPI answers the question: how effective is my inventory at generating cash flow and profits? These KPIs are influenced by your customers’ actions and they will let you know how your inventory is affected. Additional adjustments for retail inventory metrics should focus on the reasons behind slow processing, lower amounts of new orders, or higher inaccuracies. In order to make the best decisions that will positively impact your business‘ bottom line, you need to have the full scope of your data. By Sandra Durcevic in KPIs, Aug 20th 2020. It is measured by dividing the available inventory for sale by the quantity that is actually sold. That way, you will be able to manage your inventory more effectively and avoid potential issues in the future, even before they arise. Classify them as follows: Thanks to such organization, you can organize your warehouse according to how your inventory is sold and how much value which item brings to your business. Chapter 6 Inventory analysis: inventory management KPIs to improve performance. To effectively evaluate your supply chain metrics strategies, you need real-time access to the status of your orders: if the products are shipped, received, in the packaging process, or canceled. Cost of carry: Expenses associated with storing inventory, such as leasing, climate control, and administrative costs. Definition: The percentage of shipped items that are returned to you. These are just a few examples of key performance indicators for inventory … Once it is done, it smoothens the overall management and adds value, which is often is appreciated by senior management and investors. How do you measure inventory performance? For example, if you have a higher percentage of orders that are canceled, it would make sense to examine why. Essential SaaS trends and insights for 2021 and beyond. A lower back order rate means that you are experiencing slow order cycle times and that you run the risk of customers being dissatisfied. 10 KPIs for Inventory Management to Watch in 2019 . Typical examples are: Inventory value; Inventory turnover; Carrying cost; Stock outs: the reason for stock-outs can be caused by an unanticipated high demand, delivery mistake or internal false assessment to reorder. Inventory management KPIs … With them, you get the data you need to make strategic and better-informed decisions that will positively impact your business. A higher ratio shows that you have either strong sales or it could indicate that you are giving customers large discounts. When the rate is too high, it may mean that you have too little inventory, or you priced too low. Formula: (Cost of Recorded Inventory – Cost of Physical Inventory) ÷ Cost of Recorded Inventory. Try to keep this ration over 92% as much as possible. The lower, the closer a lean system is being used. Definition: Total time taken during the entire process of each put-away task. Other potential KPIs… Definition: The ratio of stock available for sale versus the stock that has been sold. Formula: (Average Inventory ÷ Cost of Sales) x 365. These numbers draft out a troubling scenario: most of the inventory management professionals are aware that the situation and their work could be improved, and that software could help – but they are not yet sure how to make it happen. Formula: (# of Customer Orders Delayed due to Backorder ÷ Total # of Customer Orders Placed) x 100. Why is GMROI useful? 4) Days of Inventory On-Hand (DOH) Formula: ( Average inventory / Cost of goods sold ) x 365. But let's get back to our visual example. All this will help you figure out how to improve your processes and enhance efficiency. Need a permanent quality review and regular reordering. 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