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The Cost of Poor Stock Management

March 7, 2016 | Reading Time: 2 minutes

What is paid to the supplier is only part of the true cost of holding stock. Businesses that purchase stock, both for production and direct re-sale, will be familiar with the term ‘carrying cost’, which is the sum of: Purchasing the stock Warehousing Handling/delivery Damage and loss Purchasing the Stock There are many hidden costs […]

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Multiple Supplier Management

February 29, 2016 | Reading Time: 2 minutes

Globalisation has changed the playing field for businesses, in particular manufacturing companies. There is the opportunity to reach customers in foreign markets and supplier relationships are now on a global scale. However, this brings with it the added risk of external factors such as natural disasters, political instability and currency fluctuations. Now, more than ever, […]

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Internal Stock Controls

February 22, 2016 | Reading Time: 2 minutes

An effective stock management process is one of the key components of a company’s purchasing efficiencies. Stock is large capital investment so it makes sense to manage it as well as possible. In particular, keeping track of raw materials is essential for the smooth flow of the production process. Internal controls to prevent loss, damage […]

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How to Estimate Sales Projections

February 15, 2016 | Reading Time: 2 minutes

Having an accurate estimate of the volume of sales that are likely to close, facilitates the smooth operation of many other business departments. The ‘leads to sales ratio’ is a measure that can guide the efficiency of the production and purchasing functions. While it is only ever an estimateand businesses should never completely rely on this […]

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Calculating Your Minimum Stock Threshold

February 8, 2016 | Reading Time: 2 minutes

Businesses that don’t operate a sales order process, such as shops and rental companies, must hold a ‘safety stock’ to meet unpredicted sales and exchanges. A business that successfully manages its safety stock should never lose a sale because they don’t have an item. Having a lot of ‘out of stock’ products appears unreliable to […]

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6 Stock Strategies to Increase Your Profits

February 1, 2016 | Reading Time: 2 minutes

Every business needs supplies, whether it be day-to-day necessities like photocopier paper or materials for manufacturing car parts. Ensuring that the key components that a business relies on are available when needed is the responsibility of the Purchasing Department. Businesses strive for ‘purchasing efficiency’, whereby materials purchased meet required quality standards at competitive prices. In […]

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What is Customer Lifecycle Management?

February 15, 2015 | Reading Time: 2 minutes

Customer Lifecycle Management is turning business on it’s head, focusing on customer needs first, and delivering profits for the long term. Bump into anyone from Flowlens, and it won’t be long before you hear the term ‘customer lifecycle management’, or CLM for short. But what is it? Depending on your role in the business, there […]

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6 Steps to Minimise the Risk of Losing your Critical Business Data

January 28, 2015 | Reading Time: 1

There are steps that your company and your technology partner should take to avoid the risk of losing your business critical data. Step 1. Policy Have a security and information policy. Make sure that everyone knows the risks and make them accountable. Step 2. Passwords Ensure that company devices are password or PIN protected. Change […]

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3 Essential Tips for Sourcing Business Technology Software Vendors

January 20, 2015 | Reading Time: 2 minutes

Today’s business technology software vendors have learnt the hard lessons from poor practices and self serving selling methods of traditional vendors. But how do you, as a potential purchaser, spot a new age supplier from an old age dinosaur? Consult our good practice software vendor checklist below. Tip 1 – Satisfy yourself that the vendor […]

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