Article Contents

Introduction

After completing the setup checklist, continue to take inventory counts on a regular basis, and add all of your invoices to your venue as new stock comes in.

This ensures you'll have accurate consumption data to get the most from WISK.

Why is this important?

Because with accurate consumption data, WISK provides the following ways to improve the profitability of your business:

  1. Suggested amounts to order, also known as WISK Par

  2. Identifying your understock and overstock items (including deadstock)

  3. Spot checks of inventory (also called independent inventories) to investigate consistent variances

WISK Par

For each item, WISK analyzes the previous 6 weeks of your consumption data to recommend how much to order.

This helps fine tune your ordering to get exactly what you need, and not tie up your cashflow.

To learn more, see:

Understock & Overstock

When WISK analyzes your previous 6 weeks of consumption data, it looks at your current stock and rate of consumption to determine whether items are:

  1. Understock

  2. Overstock

  3. Deadstock

With this information, you can make sure that you won't run out of your best-sellers, see which items aren't moving at all, and not order more than you need.

To learn more, see:

Spot Checks / Independent Inventories

The longer you use WISK, the more data you'll have to spot trends.

If you're noticing that some of your items have a consistent variance from inventory to inventory, you can perform spot checks to find out when it's happening.

Spot checks / Independent inventories are separate from ordinary inventory counts, and allow you to count of a specific subset of your items more often.

For example, you could perform a spot check on certain items before opening, and then take another count at the end of the night. For those items, you'll see the consumption and the variance for that evening.

If a variance in that period is detected, you can take steps to correct it with your staff.

To learn more, please see:

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