What are we measuring: Items in your inventory that have not been allocated in over 1 year.
Why are we measuring this: Stale inventory can be a drag on your business, having to manage/count/store items you aren’t using. These could also be items that don’t actually exist on your lot, but show up in your inventory. The HSC points these items out to assist you in minimizing stale inventory.
Scoring: 0-24, 35-49, 50+ days
Recreate Metric: Purchasing Module – Inventory Tab – Choose inventory location – Select Allocation from sub header – Filter: Last Allocation Date Great than (Choose date 12 months prior)
Aspire is showing items that are not actually in your inventory
Not keeping up with inventory audits on a regular basis or not having someone dedicated to keeping track of inventory
Not having accurate inventory counts will make it hard to know if you have the materials you need for future jobs
Misrepresenting your inventory value on your P&L
Do an inventory count on a regular basis (monthly, quarterly)
Review stale items regularly - List building- add in Last Purchase Date and Last Allocation Date in your Display