We are excited to announce our Advanced Analytics functionality as a premium add-on feature which will offer the following:
1. Product usage/Selling Velocity Reports
*View product usage over a specified time period, including kit parts
*Forecast product usage
2. Low Inventory Alerts Automation
*Customize rules for dynamic low inventory alert thresholds based on usage, lead times, etc
*Filter and view items with low inventory alerts
3. Sales Dashboard improvements
*Add custom date range selection for order, sales, and best seller products
*Download the data as a CSV report
Please reach out to your Growth Advisor or our Support team to enable a 14 day trial of our advanced analytics feature!
Setup your Advanced Inventory Rules
After the advanced analytics feature is enabled in your Channels Manager account, you'll want to setup your inventory rules in your Channels Manager account by navigating to Inventory>Inventory Rules:
1. Click on "New Advanced Inventory Rule"
2. Name your rule under "Rule Name"
3. By default, all items will have a non-calculation rule, meaning nothing will be calculating. You have the option to create a new rule and assign it as a default rule, which means all new items will automatically be assigned the default rule.
4. As you create your rule and populate the details of our rule, please note the formula being used:
ReorderPoint = (ReorderPointTerm * AvgSalePerDay) + SafetyStock + LeadTimeStock
|Sales Period factor(Optional)||(Seasonal Sales Period) Period when you plan to have higher sales based on demand. It will be automatically applied for Avg Sale per Day calculation for selected Date period.|
|Supply Period factor (Optional)||(Seasonal Supply Period) Period when you plan to have a longer lead time to stock. It will be automatically applied for Lead Time to stock calculation for selected Date period.|
|Safety Stock Term||Number of days. Average Daily usage calculated above, multiped by XX days. Safety Stock = Avg Daily Usage * XX|
|Lead Time to Stock Term||The number of days used during the time of order placement and stocking of new inventory. This considers the time it takes for the entire life cycle of reordering: from placing the order, confirmation, to processing, shipping and receiving inventory.|
|Avg Sale per Day Term||For calculating Average Sale per Day, you need to provide the number of days for which amount should be calculated.|
|Replenish Stock Term||The amount you want to refill the inventory to every time you place a re-order. This stock considers the number of months' worth of inventory you want expressed in days, multiplied by Average Daily Usage, the Safety Stock, and the Lead Time to Stock. Replenish Stock =(XX*Average Daily Usage)+ Lead Time to Stock + Safety Stock|
|Reorder Point Term||
Is the point when you want to place the re-order. This point is where we use the most inventory maximizing order potential. This term is calculated by determining when you want place your next order.
5. Please note you can either type in your value or use the up/down keys to edit default quantities.
After choosing and populating the fields for your rule, click "Create" to save your rule
Column Set Up
To apply your Inventory Rule so your alerts are calculated, you will need to use the Inventory Manager (NEW).
1. In Channels Manager, navigate to Inventory>Inventory Manager (New)
2. On the far right of the page, you will see the Gear icon for the column set up manager:
3. Column Set up Options
|Rule||Name of Rule that you created under "Inventory Rules" section|
|Reorder Amount||Proposed amount to reorder|
|Days Till Projected Stock Out||Days till stock will be zero|
|Days Till Inventory Alert||Days till inventory alert appears|
|Product Usage Per Day||Your actual usage per day based on "Average Sale Per Day Term"|
Apply Inventory Rules
Now you are ready to apply your Inventory Rule to your products! You can apply a rule by multi selection or one by one.
NOTE: Currently, applying Inventory Rules is limited to 150 items at one time.
1. To apply the Inventory Rule, select the item or items by clicking the check box to the left of the sku or clicking the check box next to "Actions" to select all of the items on the page
2. The "Apply Inventory Rule" will then be highlighted. Click "Apply Inventory Rule"
3. You will then receive a popup allowing you to choose the Inventory Rule you wish to use and select the products you wish to apply the rule to:
- Apply for all items on the page or
- Apply for all items (up to 150 items)
4. Click "Apply" and the Inventory Rule will be applied to the selected inventory
NOTE: Recalculation is done ONCE per day (overnight Pacific Time)
Inventory alerts are shown in three places.
1. On the main dashboard of Channels Manager under the Product & Inventory section, you will see any alerts populated. If you click the "Inventory Manager" hyperlink, you will be directed to the Inventory Manager (New)
2. At the bottom of the page in the Inventory Manager (New), there will be a box populated with the number of alerts:
3. Finally. clicking "All Filters" in the New Inventory Manager will allow a fly out panel
4. In the fly out panel you can choose the check box " Show Inventory Alerts Only". After checking, click Apply, this filter will show only the inventory where the alert is active based on the Rule applied