Vendor-wise Stock Metric #4
Welcome to our series, OMG : One Metric for Growth where we dive deep into real-life example of how one metric helped
Welcome to our series, OMG : One Metric for Growth where we dive deep into real-life example of how one metric helped an organization to grow their business. Today's Metric for Growth is :
“Vendor wise Stock Metric” 📈
What & Why of Vendor-wise Stock Metric? 📊 Vendor wise stock metrics involve analysing inventory related to specific suppliers. We all understand the importance of faster stock turnaround, but for businesses measuring this metric can give them the insights for making right decisions on Purchase. Focussing on Vendor-wise Stock and Sales movement can significantly improve the stock carrying cost and profitability.
About RoopLaxmi Sarees!
RoopLaxmi Sarees started its journey in 1996 and now have their office spread across 15000 Sq. Ft. of area in Delhi’s Chandni Chowk. They are one of the leading players in Kurtis, Indian traditional, handwork & designer embroidery sarees, Lehengas for new generation & Bridal.
How is RoopLaxmi Sarees using Vendor-wise Stock Metrics?
RoopLaxmi works with multiple vendors within the same category, making it important to identify which vendor's products sell well and which do not. This insight has become a key factor in their business strategy.
While discussing with different vendors, they realized that they must have the following data points ready:
- List of fast-moving, slow-moving & non-moving stock along
- Vendor wise paid Stock list & pending Payable amount
In an ERP, the data is compartmentalized. They realized real insights would come when they saw multiple data points on a single screen. When they started looking at Sales, Purchases, Returns, Profit, Moving and non-moving stock with ageing period, they were able to gain insights that were otherwise impossible to obtain.
Now, when they visit the vendor or speak to them, they have the ready list of the items that needs to be ordered and items that needs to be returned. By measuring and keeping this metric ready they improved their stock turnaround by ~17% and reduced the amout of cash trapped in wrong stocks.
They went one step further by keeping track of Godown wise stock and sales visibility. This helped them to get insights on each Godown.
3 Major advantages they got with this metric are
- Improved Supplier Relationship
- Faster inventory turnaround
- Increased operational efficiency.
Whenever You are Ready! 🔑
"Your metrics don't just reflect the past; they lead the future."
At Magenta, we specialize in turning these metrics into actionable steps.
Our Business Intelligence software seamlessly integrates with ERPs like Tally, Busy, SAP, and you can set target (for Sales / GP etc) and get real-time insights on Target vs Achievement. If you haven't already signed up for Magenta Insights, now is the time!
Stay tuned for next week's edition of "One Metric for Growth" as we delve into another crucial aspect of business. Until then, seize the opportunities that lie within your data!
Customer retention is the key
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What are the most relevant factors to consider?
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Don’t overspend on growth marketing without good retention rates
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What’s the ideal customer retention rate?
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Next steps to increase your customer retention
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