Microsoft Dynamics 365 is an enterprise-level resource planning solution for managing business processes like CRM, finances, and more.
The Microsoft Dynamics Business Central suite provides an integrated, single-interface platform to bring all the business operations together. This helps a great deal in streamlining the workflows and bringing higher levels of efficiency to the ecosystem.
It is a Cloud-based service that can be implemented and mobilized quickly, is quite easy to configure, and is capable of integrating with the incumbent solutions deployed at a company.One of the most touted functionalities that this suite offers is inventory management.
Let’s understand in detail how you can manage inventory in Microsoft Dynamics Business Central.
5 Steps to Manage Inventory Better with MS D365 Business Central
Listed below are five distinct steps to manage inventory better withMicrosoft Dynamics Business Central.
Step 1: Check Old Inventory
Business Central allows you to check aged inventory through an interface that is simple to use.
From the Business Central dashboard, scroll down on the screen and navigate to the Aged Inventory option. You will be presented with a list of items that your inventory has been holding for over 120 days.
Being able to see items that aren’t circulating through your business ecosystem gives you better insights into planning the stocking right.
Step 2: Check Your Hottest Selling Products
While it is important to be resourceful when planning stocks, it also helps to have an idea of the products that sell well.
By following the steps listed below, you can check your top 10 highest selling items:
- Click on the “Items” button at the top of the Business Central dashboard
- Follow this path: Report -> Inventory -> Inventory Statistics -> Inventory – Top 10 List
Make informed decisions about procurement based on this insight.
Step 3: Confirm Lead Times and Inventory
Vendor lead time is the time that a vendor takes to replenish your inventory with desired items.
Based on the products that aren’t selling at all, or the products that are selling well, vendor lead times differ. Business Central allows you to gain confirmation on vendor lead times to plan inventory better.
- Navigate to the search icon (magnifying glass) and type “Purchase Advice”
- A report will be presented to you containing information on inventory status for high-sale items and the items currently on order
- To see lead times, navigate to the “Vendors” option from the dashboard, then follow the path: Report -> Purchase -> Vendor/Item Purchases
- Preview the report to see vendor lead times and other details
Step 4: Entering Invoices for Purchase
It is easy to enter purchase invoices for items that are running low in stock.
All you have to do is navigate to the “Vendors” option from the dashboard, then click on the name of the vendor from whom you purchased the items. On the screen, you will see fields where you can enter the vendor invoice numbers and the items purchased.
When you are done entering the details, click on “Post” to complete the action.
Step 5: Inventory Forecasting
Forecasting inventory status helps to better plan procurement of new stock based on fluctuations and seasonal demands.
From the Business Central dashboard, navigate to the “Items” option, and select the Forecast module. This will give you options to view Sales View and Inventory Forecast.
This module is powered by AI and helps you keep inventory up to date and circulating.
Microsoft Dynamics 365 is a powerful tool that can help you efficiently manage a lot many business processes – and inventory management is perhaps the most advantageous and empowering tool of them all. Get in touch with Microsoft Dynamics support partners to leverage these advantages to your benefit.