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What's The Fastest Way To Get Rid Of Fleas – Whether it’s retail, wholesale, or any business that deals in inventory or products, inventory control or inventory management are critical functions that help grow a company’s bottom line. Property is basically

Goods held for resale, for use in the manufacture of goods or for carrying on a business.

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A recent study found that companies adopting an inventory control approach can increase productivity by 25%, increase space utilization by 20% and improve inventory utilization by 30%. Suitable warehouse. The goal of inventory management and inventory control is to increase the profitability and efficiency of the entire supply chain and order fulfillment process. They can do this by accurately forecasting demand, reducing inventory costs, controlling quality, and increasing inventory value.

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One such method of inventory control in inventory management is FSN analysis, where FSN stands for fast, slow and non-moving items. In this article, we will discuss an inventory analysis method known as FSN method, which helps in identifying fast moving, slow moving and stationary products.

Before learning what FSN analysis is in inventory control, let’s see what FSN is.

Express items are frequently used items in your inventory. There are basic everyday items that customers use frequently. It moves quickly and needs to be produced frequently. Express shipping products often have low profit margins. They don’t last long and are sold at low prices. For example, this includes milk, eggs, fruits and vegetables, and over-the-counter medications such as acetaminophen and aspirin.

Fast-moving consumer goods have a high turnover rate and are highly competitive. Some of the world’s largest companies competing for market share in this sector are Coca-Cola, Unilever, Procter & Gamble, Nestlé, PepsiCo and many more.

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On the other hand, slow-moving products are used only for a limited period of time. Slow-moving inventory is defined as stock-keeping units (SKUs) that are not shipped for a specified period of time, such as 90 or 180 days, and products with low turnover relative to volume. Slow moving materials can cause problems and contribute to waste of capital and resources.

Fixed products are not completely consumed within a given period of time and have a turnover rate of less than one. These are items that have been stored for a long time. Now let’s learn about inventory control and analysis techniques of FSN.

The method of controlling fast moving, slow moving and non-moving inventory is to classify the products/products based on the following criteria. FSN analysis categorizes products based on usage rate, volume and inventory usage rate. The FSN analysis is based on the following criteria mentioned below:

For FSN analysis, inventory turnover ratio (ITR) for each product should be calculated as products are classified according to their ITR.

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The inventory turnover ratio of fast-moving goods is greater than 3 and accounts for about 10%-15% of total inventory. Slow moving products typically take 1-3 ITRs and account for 30%-35% of total inventory. At the same time, the ITR of durable goods is less than 1 and accounts for 60%-65% of total inventory.

Fast-moving products hold 10% or less of average inventory in the warehouse and therefore move quickly through the supply chain. FSN analysis is an easy way to identify dead inventory and reduce its accumulation in the warehouse. FSN’s analytical methods give marketers the ability to determine the business future of each product. It helps to decide whether to increase the purchase of certain products or not.

FSN analysis helps eliminate products that do not move in time to avoid inventory carrying costs. Doing this analysis will help replace those products with profitable alternatives.

Now that you understand what FSN analysis is, let’s look at the components needed to perform the analysis.

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Step 1: To find out which product belongs to which category, you need to calculate the product usage rate and average inventory duration of the product.

Average Dwell Time = Cumulative days with inventory [or unit of time] -> (total number of products received + opening stock)

For example, for a pair of premium branded shoes with a 40-day inventory holding period of 40 days and total goods received of 10, the opening inventory is 10.

For example, if the total output of another pair of shoes is 70 and the total duration is 10 days, what will be the rate of consumption?

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Step 2: After calculating the product’s average occupancy and usage rate, calculate the product’s average occupancy and usage rate. Do not forget to draw the same percentage.

Average dwell time = Average dwell time of product + Average dwell time of all products

Aggregate rate of consumption = rate of consumption of the product + rate of consumption of all goods that are consumed faster than itself

Average length of stay percentage = (Total average length of stay for products ÷ Total average length of stay for all products) x 100

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For example, the average dwell time for a product is 10 days and the average dwell time for all products is 35.

Reduction percentage = (Total product consumption rate ÷ Total product consumption rate) x 100

For example, the total consumption rate of one item is 13, and the total consumption rate of all items is 10.

= 130

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Now, let us try to understand how to perform FSN analysis with the help of a complex example.

List the products and calculate the cost of the product, annual demand and annual consumption and arrange the products in descending order of annual demand

Calculate the annual percentage of demand and overall percentage of annual demand and classify the inventory items into categories F, S & N.

We hope you now understand how to perform FSN analysis. However, you are still confused, why should you use it in your business?

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To help you understand the importance of FSN analytics, we’ve compiled a few benefits you shouldn’t miss. As a bonus, we’ve got some pros and cons of FSN analysis for you to consider.

FSN classification helps you make decisions about which items sitting in your warehouse are costing you money and which items require frequent restocking. Here are some benefits of FSN analysis that you should keep in mind.

In current market conditions, companies want to maintain a balance between inventory depletion and minimizing inventory costs. With the help of FSN, analytics companies can successfully find that balance and continue their business.

You may be surprised to know that the FSN analysis method is not the only method of inventory control. If you are serious about inventory management in your company, you may be interested in just-in-time (JIT) inventory control, economic order quantity (EOQ) methodology, and ABC analysis.

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A great way to improve your inventory management process is to use our software. It helps you track your inventory. You can always check the latest updates of your products with just a few taps of the app.

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