Avoid having too much stock doing nothing except increasing your costs. Analyse the time it takes to move each item of inventory and the different lead times for ordering and reordering, down to a SKU level. Understand your dead stock, so you can sell out-of-season stock to in-season countries or bundle it into promotions to recover some of your costs.
Minimise operational spend
Study your supplier delivery and warehouse allocation accuracy to see where you can improve. Interrogate your order data and split out the credits/refunds to spot which suppliers, regions, SKUs or categories are eroding your margins. Protect your margins by monitoring operational costs like legal, regulatory, tax and insurance against targets over time.
Perfect pick, pack, dispatch
Judge the relative performance of your warehouse staff in processing customer orders to pinpoint the problem areas, so that you can provide more training or better deploy your resources to increase throughput while reducing the error count. Analyse your courier spend to evaluate more effective courier options based on current and forecast volumes.
Limit purchasing risk
Manage your exposure to or risks with certain suppliers and use reporting intelligence to negotiate better prices from your suppliers. Analyse your supply base to spot problem areas where you're holding too much stock from suppliers whose products aren’t bringing you high sales. Drill into the individual supplier to see the stock value across specific products.
Fine-tune customer service
Analyse the minority of products that is taking up a disproportionate amount of customer service effort to help you make informed decisions on what you need to fix. Report on customer questions that crop up most often, thereby taking up most service time, and introduce more automated information to reduce the service costs and the need for manual intervention.
Getting great at reporting & analysis for efficiency
When you’re great at reporting and analysis for efficiency, you improve your margins and reduce your product-to-cash conversion cycle. Volo helps companies become more effective through dynamic, accurate reporting, automated reordering processes and informed business planning. Winter sports equipment, clothing and accessories merchant The Board Basement uses Volo to manage reporting and analysis and has gone from £250,000 to £1m in 3 years.