Simple and Practical Tool in Excel. Calculate Reorder Point to Replenish your Stock. Minimise Costs and Stockouts.
What you will learn
A very simple and very practical way of calculating Purchase Orders in Excel
What is Reorder Point and how to calculate it in Excel for each product
When is the IDEAL time to order more stock
How to optimise the amount of money tied up in stock
Get on top of your inventory management
Improve your product availability and service levels
Description
Whether you are a business owner, supply chain analyst, operations manager or procurement professional, anyone can benefit from optimising their stock holding. This course will teach you how to calculate the IDEAL time and quantity of your Purchase Orders and how to do it all in Microsoft Excel.
There is no need to pay for an expensive software. You can build a simple but effective tool in Microsoft Excel and this course will teach you how to do it!
Why placing your Purchase Orders at the right time is important?
The more your business grows the more difficult it is to maintain ideal stock levels across your products. Setting a reorder point for your most important SKUs helps you determine when to replenish your stock, so that you have neither too much nor too little of any given item. A carefully calculated reorder point is therefore critical to good stock control, and keeps your key metrics looking healthy for your next inventory report.
Minimise costs
Storing more inventory than what can be sold in a timely fashion is not a productive use of capital. This course will equip you will a tool, which will provide your businesses greater financial flexibility by allowing them to keep the ideal amount of inventory on hand.
Minimise out of stocks
Too much inventory is expensive, but too little inventory can result in stockouts, which are damaging to your business: orders are delayed or cancelled, the service levels drop, which can result in the loss of customers. The Procurement Calculation in Excel tool will help prevent stockouts before it’s too late with inventory replenishment.
Maintaining proper inventory levels is an elegant dance that must balance consumer demand and supplier reliability. Storing too much inventory diminishes your budget in terms of warehousing costs and available capital, however you need the right amount of inventory to account for unexpected demand or supply problems.
COURSE CONTENTS:
1. Introduction to Procurement Calculation in Excel
Welcome!
Shoppers behaviour when faced with a stock-out
2. Theoretical Part
Reorder Point (ROP)
The True Costs of Inventory
“Excuses” for Inventory
Summary
3. Practical Part in Microsoft Excel
Full Document Overview
Formulas and Calculations
Content