As you’re reading this, you’re (probably) not about to run out of any inventory. But… how would you know if you were?
Most commonly, managers find out about this either by (1) thoroughly checking their stocks daily, or (2) when someone comes in screaming as if the world is ending because there’s no material to work with, leaving the team stranded and maintenance tasks unfinished.
Not anymore! We’ve included two new features in our Stock Management module — minimum stock quantities and average material price — which will improve your cost control and make sure the quality of your service is never compromised due to a lack of stock.
Minimum Stock Quantities
Especially useful for consumables that are used on a daily basis, this feature allows managers to set minimum stock quantities for each material in each warehouse and, in turn, get automatic warnings when any material falls below its minimum desired quantity.
This way, managers don’t need to worry about compromising the quality of their services due to lack of stock, resting assured that the whole operation can stay functional.
It’s worth to note that these minimum quantities can be defined by warehouse, which means that users with multiple separate operations (for instance, hotel chains) will be able to manage each building’s needs individually.
How do you use this feature?
Easily. Every time you create or edit any material on your Stocks tab, you will find an option to set a minimum quantity for each warehouse. Even if you have multiple warehouses with different requirements, you can control each warehouse independently, as shown below:
Average Material Price
Infraspeak will now automatically calculate the average price for each material over time, whenever new stock is added (or purchased through our Order Management module).
This prevents the costs from past consumption of that material from being wrongly altered when the material price is updated, besides giving managers a much more reliable control over their spending on inventory.
Since material prices may vary between different regions, this cost control can also be done separately for each warehouse.
How do you use this feature?
If you’re already adding materials to your warehouses through our Order Management module, this feature does not require any action from you. Otherwise, you can now start adding the material’s purchase price when you add stock, and you’ll automatically start taking advantage of Infraspeak’s smarter price calculation!
Both of these features are part of Infraspeak’s Stock Management module. If you’re not using it already go ahead and install it from our App Store inside Infraspeak.
Not an Infraspeak user yet? What are you waiting for? Talk to one of our specialists and find out how Infraspeak can supercharge your team and your operations!