Microsoft Business Central is an amazing software that provides effective solutions to companies in managing their inventory.
This useful software is equipped with a variety of features and functions. However, its long list of ERP capabilities makes it very challenging for users to fully understand its tools and employ them completely for maximum benefit for their businesses.
In this article, we will highlight 5 key functions of Business Central that can make inventory management much more convenient and efficient.
The Aged Inventory Feature
In any business, it is very important to identify the inventory that is not selling.
Business Central Dashboard offers a tab called Aged Inventory. This feature enables users to see the products that have been in the system for more than 120 days and have not been sold off the shelves.
As a result, business managers get a clear insight into the warehouse status, enabling them to redesign their marketing strategy and get this aged inventory out from their companies.
Business Central makes data drilling easy, fast and accurate. You can see the exact length and time that each item has been a part of your inventory for more in-depth analysis.
The Top Selling Items Feature
Another important aspect that managers need to know is the best-selling items in inventory. The Business Central Software not only keeps users updated on inventory mobility and aging but also highlights the best-selling products.
All you need to do is open the Business Central Dashboard and select the “ITEMS” tab. Follow a sequence of feature selection starting from Report, Inventory, Inventory Statistics, and then Top 10 List.
This is a very useful report on inventory management. It gives you the information needed to make critical decisions for better future results.
Monitor Vendor Lead Time
If your inventory is running low on a best-selling product, you need to keep a watch on losing potential clientele.
As a good manager, you should be aware of when to order new inventory and how long it may take to get delivered to your warehouse. This data and information will help you take timely decisions to minimize any order delays or cancellations. It will also prevent supply shortages and reduce the risks of losing potential clients.
Business Central helps you figure out the vendor lead time conveniently. You can utilize the search tab on the top right-hand side of the screen and search for Purchase Advice.
A report will be generated showing the total number of orders placed by your company along with details on product inventory.
Any product that is low in quantity should be considered a potential shortage generator. You can now go to the dashboard, select Vendors, and then follow the sequence starting from Report, Purchase, Vendor, or Item.
This will show the exact lead time of each product and vendor for a better decision-making process.
Restocking of Inventory
By now we know that Business Central Inventory Management Functions help users identify the top selling products, low turnover products, inventory numbers, and their turnaround times to order new products.
Through this valuable information and data, business managers can streamline their inventory restocking process. Knowing exactly which items are about to run out you can order new products promptly.
All you need to do is select the Vendor and go Purchase Order tab. Enter the vendor invoice number along with the selected products that you want to purchase.
Inventory Stock Planning
With all the necessary inventory information in hand, Business Central allows managers to review past data and leverage from it to benefit your company in the right way.
The software also provides effective future inventory predictions. All you need to do is go to the Dashboard and select Forecast Application.
Next, you can review the Sales View and Inventory Forecast.
You can get solid visibility and insight into your inventory requirements. It also predicts what items are or may run out in near future.