Out-of-stock items, unmanaged inventory, unknown losses, and overstocked items can add up to significant revenue losses. Once you understand these losses, you can take action. The new PaladinNsight™ dashboard and tools (in the Inventory module) are designed to help you.
The misfortune of out-of-stock items.
When you run out of an item, you can lose customers and revenue. When a customer cannot find an item because it is out of stock, you lose that sale. If that customer takes their shopping list to another store, you lose additional sales. If that customer does not return, you lose all future business from that customer. The PaladinNsight™ Lost Opportunity tool predicts your revenue loss from out-of-stock items, and identifies items that need immediate attention to prevent lost opportunities.
Who’s watching your investment?
Your inventory is your single largest business investment. Like any important financial asset, you must review your inventory to make your money work for you. The Investment Review tool tells you the percentage (%) of items that were not recently reviewed and identifies them to keep your inventory investment robust. If items are not checked periodically, the customer experience suffers, and so does your business.
Catching items that are slipping away.
There are many reasons that items in your store may disappear. When items are lost and you don’t know it, you spend more money to replace them. The Loss Experience tools shows lost investment dollars from missing items and tells you where to look, so you can take immediate action.
The burden of having too much.
When you have more of an item than you can sell, your money is tied up in non-performing assets. That money could be used instead to expand your product selection, improve your customer service, or build your business in other ways. While you may be aware of overstock on an item-by-item basis, you may not realize the impact on a store-wide level. The Non-Performing assets tool shows the investment dollars wasted on surplus items and helps you evaluate your purchasing habits.
PaladinNsight™ dashboard was built to help you grow your business. The PaladinNsight™ dashboard and its tools – Lost Opportunity, Investment Review, Loss Experience, and Non-performing Assets – were built for store owners and managers to help stores succeed and thrive. In upcoming notices, we will show you in detail how you can use these tools to stop losing revenue and grow your business.
By Lisa Leibfried