A common challenge for businesses is reporting and managing ageing inventory, including transferring between warehouses.
Accurate data and reporting activities are vital for inventory and warehouse management.
One of the challenges can be the management and identification of ageing inventory, as many businesses want to rotate and sell the oldest stock first, thus implementing a FIFO (first in, first out) picking methodology. The receipt date is used to identify stock ageing and is critical data in inventory management.
We have received many requests to solve this challenge from our clients working with the Pronto Xi platform.
When the standard inventory module within the Pronto Xi platform transfers inventory between warehouses, the receipt date automatically readjusts to the latest transfer date.
This poses an issue if newer stock exists in the warehouse and the business prefers to sell based on the FIFO methodology.
How do you identify the original receipt date of aged inventory when moving warehouses?
One of our clients recently engaged the business to assist in solving this challenge. They had to move all their inventory from one warehouse to another.
The inventory module in Pronto Xi automatically adjusts the receipt date to the transfer or stocktake date (depending on the method used to move the stock), so the solution had to capture the original receipt date of the ageing stock.
The solution involved an update to the receipt date in the system utilising 4GL functionality by exporting and reloading the identified dates for each stock code and lot number or serial number as required, enabling the business to design sales strategies around the ageing stock.