Business reports are a valued tool for tracking and analyzing performance and overall business health. They are valuable and extremely for critically analyzing financial reports, performance reports and areas in which the business is doing well or poorly. Diving into all of the available accumulated data leads to a cause-and-effect approach when trying to solve any performance problems and it also helps in specifying which departments are not reaching set out targets or having trouble and turbulence in their application process of a certain workflow more than others.
With business reports, an owner, a leader or manager can gain more knowledge, specify and investigate the root of the problem and how to fix it.
One problem that could emerge sometimes is product expiration dates while in stock. Meaning having lots or batches of products with different expiry dates and unfortunately having them at the risk of expiry while in stock due to maybe poor sales. A way to handle such a problem would be trying to use business analysis reporting to forecast such risks for it to be handled and dealt with immediately.
Smart Way Business Solutions has customized a new module on Odoo to forecast and detect your future expiring batches and quantities depending on your average sales through a new report.
The image above is a sample of the 'Forecast Expiry' report which SW - Forecast Expiry' module adds under the inventory module to predict product quantities at risk of expiration.
The sample shows the following fields:
NOD to Expire: Number of days left for the lot to expire.
Qty on Hand: Current product quantity in stock.
Average Selling/Day: Total of quantities sold over how many days the product was in stock.
Risk Quantity: The product quantity at risk of expiration while still in stock and unsold.
NOD in Stock: Percentage of the Number of days the product has been available in stock.
How could such a report help a business or in solving the problems mentioned before? Well, it's called a forecast and its purpose is to predict all the product quantities at risk of expiration, which most likely means having a problem with average sales due to poor promotion and marketing, therefore, the report will help in concentrating on devising a better sales and marketing strategy so that such risks are no longer an issue.
Devise the Best Promotions and Sales Strategies According to Your Products' Expiry Forecasts.