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What are the most important inventory analysis reports for inventory management?

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Inventory management is the process of planning, organizing, and controlling the flow of goods and materials in a business. It involves tracking the quantity, location, and condition of inventory items, as well as forecasting demand, replenishing stock, and optimizing inventory costs. To perform these tasks effectively, inventory managers need to use various inventory analysis reports that provide valuable insights into inventory performance and efficiency. In this article, we will discuss some of the most important inventory analysis reports for inventory management, and how they can help you improve your inventory management skills.

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1 ABC Analysis

ABC analysis is a method of categorizing inventory items based on their value and importance to the business. It divides inventory into three groups: A, B, and C. A items are the most valuable and require the most attention and control, B items are moderately valuable and require less attention and control, and C items are the least valuable and require the least attention and control. By using ABC analysis, you can prioritize your inventory management activities, allocate your resources more effectively, and reduce inventory costs and risks.

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Justin Holland

Top 40 Under 40 | Director of Operations | MS in Supply Chain Management | MBA Graduate Student - Auburn University
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The stratification of inventory based on profitability, cost, and volume is key to understanding how much a firm should hold. Moreover, the ABC analysis should be conducted on customers as well so justified the service level required. If the same quality of service is given for your C level customers then you are taking attention away from your A level clients. Many firms have the stance that service should be equal across all customers but it should be noted that this can put a strain on your most valuable partners. Additionally for ABC inventories a firm may consider having a policy that gives the A level products or services close to a 100% fulfillment rate and allow the next tiers to have a slightly lower performance rate.

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2 Inventory Turnover Ratio

Inventory turnover ratio is a measure of how quickly you sell your inventory in a given period. It is calculated by dividing the cost of goods sold by the average inventory value. A high inventory turnover ratio indicates that you have a high demand for your products, a low inventory level, and a high inventory efficiency. A low inventory turnover ratio indicates that you have a low demand for your products, a high inventory level, and a low inventory efficiency. By using inventory turnover ratio, you can evaluate your inventory performance, identify potential inventory problems, and adjust your inventory policies accordingly.

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3 Inventory Aging Report

Inventory aging report is a report that shows the age of your inventory items based on their purchase or production date. It helps you identify obsolete, expired, or slow-moving inventory items that may affect your inventory quality and profitability. By using inventory aging report, you can monitor your inventory health, avoid inventory waste and spoilage, and optimize your inventory clearance and disposal strategies.

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4 Stock-Out Report

Stock-out report is a report that shows the instances and reasons of stock-outs, which are situations where you run out of inventory items to meet customer demand. Stock-outs can have negative impacts on your customer satisfaction, sales revenue, and market share. By using stock-out report, you can analyze the causes and effects of stock-outs, prevent or reduce future stock-outs, and improve your inventory planning and forecasting.

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5 Inventory Accuracy Report

Inventory accuracy report is a report that compares the actual inventory count with the recorded inventory count in your inventory system. It helps you identify and correct any discrepancies or errors in your inventory records, such as missing, damaged, or misplaced inventory items. By using inventory accuracy report, you can ensure the reliability and validity of your inventory data, enhance your inventory control and audit, and increase your inventory efficiency and productivity.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Darren Johnson

Assistant Vice President, C&H North America Operations Lead at Genpact
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Some basic reports: 1. Stock Level Report: This report provides an overview of the current inventory levels and can be used to identify items that are running low or in excess. 2. Reorder Point Report: This report helps you determine when it is time to order more inventory. It can be used to set reorder points and ensure that your inventory levels remain consistent. 3. Inventory Turnover Report: This report helps you analyze how quickly your inventory is moving. It can be used to identify which items are selling quickly and which are not. 4. Inventory Aging Report: This report helps you identify inventory that is aging and needs to be sold or disposed of.

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Danish Hasan

Top Inventory Management Voice | Manager Inventory Management and Spare Stores | Inventory Optimization | Supply Chain Management | Supply Chain Analytics | Data Analysis | Power BI
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Days in Inventory is also an important measure or data point. However, for accuracy and better understanding, it needs to be considered in isolation for different types of inventories e.g. raw materials, finished goods, and plant spares. If not broken down by different types the picture will be misleading. Inventory in days can give you a better idea of potential stock-out dates for different materials to help plan and mitigate stock-out issues and find solutions for preempting them.

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What are the most important inventory analysis reports for inventory management?

1

2

3

4

5

6

1 ABC Analysis

2 Inventory Turnover Ratio

3 Inventory Aging Report

4 Stock-Out Report

5 Inventory Accuracy Report

6 Here’s what else to consider

Inventory Management

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What are the most important inventory analysis reports for inventory management?

1

2

3

4

5

6

1 ABC Analysis

2 Inventory Turnover Ratio

3 Inventory Aging Report

4 Stock-Out Report

5 Inventory Accuracy Report

6 Here’s what else to consider

Inventory Management

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