Assessing Safety Stock

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Safety stock is helpful in order to avoid encountering ‘stock outs’ if rates of consumption increase and/or the lead times get extended from the values established for replenishment of your system.

The chief way to establish safety stock is to take into consideration the most common two variations that normally might occur over a period of time in regards to additional quantities of stock:

1) When consumption variation has increased dramatically:

Safety Stock = (maximum rate of consumption – normal rate of consumption) X Lead Time

2) When Lead Time variation has increased dramatically:

Safety Stock = normal rate of consumption X (maximum Lead Time – normal Lead Time)

These formulas should help greatly in adjusting for those times that safety stock becomes necessary.

Why Choose Custom Software?

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Custom software achieves the following goals:

  • Commercial Software
    With a custom solution, you will own the intellectual property rights for resale
  • Competitive Advantage
    Custom software solutions take advantage of what makes your company unique
  • Integration
    A custom solution will integrate with existing systems
  • New Technology
    A custom solution allows you to take advantage of the latest technologies
  • Unique Requirements
    A custom solution will meet 100% of your business’ requirements

Packaged software may contain many features you need, but custom software can find its place in practically any organization. Web applications run on a hosted web server and are delivered through the internet, thus requiring an internet connection, and using resources over the internet, including storage and CPU processing, that can be accessed anywhere no matter what device you are on so long as you have an internet access. Similarly, mobile applications run on tablets or smart phones. Enterprise Application Software (EAS) is custom software solution that is created for the needs of an organization, rather than individual users, with the main goal behind enterprise software being to improve enterprise efficiency, productivity, and profitability.

A custom software solution can be created on any of these platforms, with these common accomplishments:

– Accelerated sales cycles

– Automated business processes

– Captured market share

– Cut costs spent on 3rd party software

At KCSI, we specialize in creating breakthrough custom software applications. Our development method employs you as an integral part of the process, converting your business ideas into a competitive advantage. Contact us today at sales@kcsi.ca.

Assessing the Custom Software You Need

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Many companies wonder whether taking the leap toward customized software is the right move for them. In assessing their business and organizational needs, it is useful to employ some sort of template with which they can decide the most important features of the proposed software. We have the following checklist that has proved helpful for those who have decided that customized software was the path for them. Perhaps you too may find it useful:

General Inventory  
Real-Time Inventory Status  
View Items Received History  
Organize by Category  
View Items Sold History  
Import/Export Inventory Files and Reports  
Inventory Planning System  
View Inventory by Category  
View Inventory by Location  
Barcode Scan Adding  
Lot and Serial Number Control  
View Overall Inventory Levels  
Item Kits  
Return Management  
Financial  
Monitor/Report Stock Costs  
Configure Sales Tax  
Create/Send Purchase Orders  
Manage Recurring Orders  
Set Sales by Weight  
Multiple Currencies  
Set Sales by Bundles  
Other Features  
Attach Notes  
Attach URLs  
Attach Photos  
Customer Database  
Supplier Database  
Allows Multi-User Access  
Assign Levels of Access to Users  
Multi-Inventory Support  
Multiple Languages  
Multi-business  
Customizable Reports  
Web Access  
Export Data Into a CSV File  
Export Data into Quickbooks  
Export Data into an Excel File  
Export Data Into a Text File  
Export Data in XML File  
Export Data Into a PDF File  
Help & Support  
Online Information/FAQs  
Community Forums  
Email Support  
Phone Support  
Chat Support  
Support Plans for Purchase  
Supported Configurations  
Windows 10  
Windows 8  
Windows 7  
Mac  

Particular Plans Prevent Plodding

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Achieve a Single Milestone at a Time
Always remember to complete the fundamentals of each stage of your project as you progress. Check and check again whether each milestone is complete before leaping ahead. Success in the early stages of a project must ultimately mean that things are completed. Progress on your smaller goals is necessary while you keep focused on the entire picture is a crucial skill to develop in the management of any project.

Be Flexible by Starting with A Flexible Budget
It’s important to be flexible when creating a budget for your project. You should also clearly define your expectations and objectives in advance to prevent new ideas from changing your milestones during the project. ‘Feature creep’ refers to the growth of a project’s scale through the infusion of new functions and features that were not in the original project plan. This must lead to an increase the cost of your project, and so the more flexible your budget the better.

Encourage Details in Your Project Plan
Before you begin your project, create a highly detailed plan that breaks your project down into manageable chunks. Look at the scope of the project, designate each of your team member’s tasks, and establish measurable goals that will help you measure your progress.

Find and Fix Problems by Testing Each Stage
Every deliverable in your project, no matter how small it may be, should be tested prior to release. When you rush through a project, it’s easy to fail to notice mistakes until it’s too late – or too expensive – to fix them. Effective pre-release testing can be the difference between success and failure.

Focus on the Smaller Goals Within Your Larger Elements
Every successful project is broken down into small, achievable milestones. You may want to break down your project even further than this – into small, daily tasks – to more accurately track how much progress is made on a daily or weekly basis. Small additions can make a huge difference to the level of progress being made on the project.

Monitor Team Feedback
The expertise in design, development, product distribution and marketing is likely to be scattered throughout your team, and so your project requires communications from all its departments in order to succeed. The specific feedback helps everyone understand how each part of the project relates to each other. Encourage them by setting realistic, achievable deadlines. Accurate deadlines come from communication with each part of your team and an understanding that one aspect of a project could require more time than another, which could lead to the deadline becoming expanded. Motivation of your team toward important milestones is the project manager’s most important task.

Use Project Management Software To Maintain Accurate Track
It’s doubly-hard to manage your projects if you’re missing a centralized source of information for your team to utilize. Modern project management software makes it easier for your team to remain connected while working on your project. You can manage an incredible range of projects with SIMMS 2017. From web development to construction, using SIMMS can effectively give you a great advantage. Check it out today!

http://simmssoftware.com/inventory-software/Download-Trial.aspx

Lessons from the Past

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Do you know who, in 1923, was:

  1. A man who was head of one of the world’s greatest monopolies?
  2. The Great Bear of Wall Street?
  3. The former president of the largest independent steel company in America?
  4. A past chairman of one of the country’s largest utility companies?
  5.  President of the largest gas company?
  6. President of the New York Stock Exchange?
  7. The greatest wheat speculator?
  8. Secretary of the Interior in President Harding’s cabinet?

These men should have been considered some of the world’s most successful men. At least they found the secret of making money. Now more than 90 years later, do you know what became of these men?

  1. Ivar Krueger, head of International Match Corp. (known as the “Match King”), cooked the books of over an hundred companies and died a suicide – or was murdered by one of the investors who lost millions when the pyramid hoax he had set-up went bankrupt.
  2. The Great Bear of Wall Street, Cosabee “Jesse” Livermore, was blamed as one of those who precipitated the 1929 Stock market Crash and later committed suicide.
  3. The President of Bethlehem Steel, Charles M. Schwab, a multi-millionaire by age 35, lived his last two decades on borrowed money and died owing almost two million dollars.
  4. Samuel Insull, chairman of Commonwealth Edison Company and other utility corporations, amassed more than one hundred million dollars, was later acquitted on numerous embezzlement and mail-fraud charges, and died from a heart attack in a Paris subway with only twenty cents in his pocket.
  5. The President of the AGECO gas company, Howard Hopson, lost his stockpile of over seventy million dollars fighting convictions for mail fraud and tax evasion, and ended his days in obscurity and ill health.
  6. The President of the N.Y.S.E., Richard Whitney, served time in Sing Sing for grand larceny.
  7. The greatest wheat speculator, Arthur Cutten, died of a heart attack with three indictments pending against him.
  8. Secretary of the Interior Albert Fall served time in prison still owing the $100,000.00 fine portion of his sentence.

Ironically, Schwab and Insull had graced the covers of Time Magazine in 1926, one week apart.

The same year, 1923, the winner of the most important golf championship, Gene Sarazen, won the U.S. Open and PGA Tournaments. He continued playing golf for another 76 years and was solvent the entire time, dying at age 97.

CONCLUSION: Stop worrying about business and consider golf!