Steps for Setting Up a Par Inventory Sheet for Quick Reordering

There has been a surge of businesses opting to use par inventory as their inventory management strategy of choice. The par inventory trend is being fueled by the desire to limit financial liability and to add agility to their overall business strategy. Businesses can rapidly adapt inventory stock levels to flex or relax along with market conditions, thus avoiding both a scenario where items run out or are too many.

Eliminate Manual Data Management Processes

A par inventory strategy is built on precision, and precision is rarely associated with manually performed data management tasks. Eliminating manually performed tasks, from tallying receipts or data entry into spreadsheets or databases, is the first place to start laying a strong foundation for rapid, automated reordering. But first, you must find any manually executed processes that are related to sorting data and replace them with the right set of POS software tools.

The ideals of par inventory within a POS solution will be consistent regardless of the industry or size of a business, and must include:

Cloud-based data storage for accessibility, seamless integration, and security.Data analytics tools that include the ability to create predictive sales reports.The ability to record product amounts not just as whole units but broken down into smaller quantities as well.Support multiple channels for data management giving you more accuracy in the numbers.Virtual payment support in addition to traditional payment models.

Having a POS solution that includes these options will make it easy to convert manual data processes into automated functions. They will also provide a high degree of accuracy in reporting that can be leveraged to produce par inventory sheets for multiple market scenarios.

Establish Par Inventory Calculations Using Integrated Data

A highly capable POS system that aligns to a par inventory strategy will do so by incorporating compatible and fully integrated data into all of its tools. The information that you need for building par inventory sheets must be an accurate blend of historical sales data and inventory and be available using provided or customized reporting. It must also present an option for parsing information out into specific time-frames, such as holidays or weekends, to yield better analytic results.

Harvesting historical data for par inventory calculations will likely be where most of your time will be spent when initially building reports. This is because it is unlikely that this information currently exists in a form that is conducive to a seamless data import. What this means is that you will need to perform a manual data load of some historic data to ensure better sales and inventory forecasting in the early stages of your par inventory strategy.

However, once you have moved past this stage, there will not be much need for additional hand-holding or worry about the integrity or the completeness of the information used to build par inventory sheets. The advanced data management and analytics provided by your next-gen POS software will take the lead to forward-looking advanced sales models that can be used to drive an inventory management strategy that will become a business asset.

Configure Your POS System to Automate Inventory Controls

The last piece of the par inventory sheet puzzle is knowing what data to use and how to go about using it. At this point of the process, you have the information and reports you need to build your par inventory sheets. Two more steps need to be in place to complete the building of your strategy. 

The first is updating the configuration of your sales analytics to perform the required math equation for determining inventory stock levels for any given time. The second step is to utilize the results of the equation from step one and to create a set of monitoring and reporting processes. These will be used to trigger an automated reorder request when specific conditions, such as ordering in for a long weekend or to accommodate a sale, are reached. 

This ensures that products are ordered only when needed and at a frequency that keeps your backroom relatively clear of overstock or top-stock items.

Utilize POS-Based Tools for a Worry-Free Par Inventory Strategy

Making the move to a par inventory strategy, otherwise known as just-in-time ordering, is known for its ability to reduce the risks of inventory overages. But to properly shift an inventory management strategy into this model, changes must be made in how you analyze business data. You must replace manual data management processes with cutting-edge and budget-friendly POS tools to achieve the maximum benefits delivered by a par inventory strategy.Before you look to establishing a data-rich process like par inventory, first turn to a POS expert. The business consultants at talech will work quickly to identify and transform your manual data practices into an automated, digital reporting platform that opens up new doors to success.