With restrictions on travel, social distancing and mandatory quarantines, the current estimates are for double digit decline in GDP in Q2 2020. After surviving Y2k, the dot com bomb, and the financial crisis we have learned many lessons about how to survive a recession. Since doing nothing is not an option and tightening the belt will only help so much, consider some of the following tips to prepare for and emerge stronger if there truly is an impending recession.
In my role as leader of a Cloud ERP provider, I have the luxury and pleasure of research and learning from industry analysts such as Gartner, SMB Group and IDC along with leading publishers like Microsoft, SAP, Sage and Citrix. I listen to these companies and temper them with the experience of hundreds of customers to form opinions on products and services that will improve the effectiveness and efficiency of our clients.
When you have items which are slow moving they are like keeping cash in a bank account with no interest and recurring fees. If your inventory does not turn at a regular and frequent rate there are actions you can take to improve your cash flow and bottom line.
You optimize your inventory when you reduce your carrying value to the lowest amount necessary to meet your order fill rate objectives. Classification is the segregation of inventory into categories. One of the most common methods for classification is the ABC method where A are your most valuable items and C are your least valuable items. The idea is to focus on your high value items which have the most impact on carrying value.
In SAP Business One, you can define different messages to be sent as internal messages, e-mails and faxes. The messages can be sent to the system users as well as to defined business partners. You can also send messages to any other recipients. You can either send messages to individual recipients or use the distribution list to send messages to groups of recipients.
Topics: SAP Business One Tips and Tricks