Summary
The Inventory Expiration screen will populate when Inventory Lot data is provided from your ERP; the data provided allows StockIQ to create a projection which will provide insight into if any inventory is expected to expire before you are projected to use it.
The projection, or Expiration Forecast, is based on an assumption of FIFO consumption using the lot's date of manufacture and is enabled with the "Expiration Forecast" checkbox in the Global Replenishment Settings configuration screen.
When looking at the "Expiration forecast" keep in mind if lot has expired it is assumed to have already been removed from the "On Hand Qty" and will therefore not be forecasted. Also, StockIQ will not display an "expiration forecast" if there is demand in the order schedule that will consume the inventory before it expires.
Column Description
- Lot Code - the lot which contains some inventory expected to expire.
- Item - the item projected to expire.
- Site - the site in which this item is located.
- Description - the item description.
- Buyer Name - the buyer name for this item-site, if applicable.
- ABC - the ABC classification.
- XYZ - the XYZ classification.
- On Hand Quantity - the current on-hand quantity, in units, of this item-site.
- On Hand Balance - the current on-hand quantity multiplied by the standard cost to provide a value.
- Date of Manufacture - the date provided on the lot when the item was manufactured.
- Date Expires - the expiration date listed on the lot.
- Effective Expiration Date - the expiration date with a consideration for an expiration "lead time", so that you can be sure that you're providing useful inventory to your customers. This allows you to pad your projected expiration date to consider when the inventory becomes effectively unusable; for example, you would not want to provide a customer with a gallon of milk one day before it expires.
- Days Until Expiration - days until the inventory is set to expire based on the original expiration date.
- Days Unitil Expiration (Effective) - days until the inventory is set to expire based on the effective expiration date.
- Quantity Remaining - the unused quantity of the item on this lot that remains to be used.
- Expiring Quantity - the quantity of this item that is expected to expire from this lot based on the expiration date, current inventory, and expected usage.
- Expiring $ - the expiring quantity in financial context, allowing you to prioritize where you take action first.
- Inventory Position - the inventory position of this item-site.
- Usage Pattern - the usage pattern, or velocity, of the item at this site.
Context Menu
In the Inventory Expiration screen, if you right-click on a row in the grid, the following menu will appear:
- Inventory Snapshot - provides item-site attribute information.
- Forecast Chart - a visual of the item-site forecast, this is the same as what you would see in the Forecast Manager.
- Sawtooth Chart - the sawtooth diagram for this item-site.
- Item-Site Notes - notes related to this item-site.
Forecasted Expirations
This chart provides a visual summary, in units and cost, of expirations over time based on the provided data.
Troubleshooting
You may not find an "expiration forecast" for every lot. In fact you will only see data where StockIQ recognizes the inventory expires in a future date has no forecast that will consume the inventory in those lots.