Summary
The New Items screen provides insight into items that StockIQ has determined are new, based on the new item settings in the Inventory Limits settings screen. The New Items screen is designed to help you with tracking new items, as new items can often have a high chance of forecasting and replenishment issues since you may not know how they will perform.
Column Description
There are two tabs at the top of the screen that provide ways to look at recent additions to your inventory catalog, New Item Activity and New Item Performance.
New Item Activity:
- Alert Priority (bell) - if present, the icon in the column provides the severity of the New Item alert associated to this item-site combination. If there is no icon, the item-site is a new item but does not fall into the alert thresholds set in the alert settings. You can click the Alerts button in the top right of the screen for more information on the alert settings.
- Alert State - if present, lets you know if the alert has been suspended or ignored.
- Item - the item classified as new; as a note, the item itself might not be new, but it might be new at this particular site.
- Site - the site for the new item being evaluated.
- 1* Supplier - the primary supplier for the new item.
- Description - the description of the new item.
- Order Policy - the active order policy currently assigned to the new item.
- Buyer Name - the name of the buyer associated with the item-site, if any.
- ABC - the ABC classification for this item; typically, this will be "N" for "New" items, but in some cases, this can be an "X".
- XYZ - the XYZ classification for this item; this is also typically "N".
- Date Created - the date created given to StockIQ from the ERP.
- Date First Stocked - the date the item was first stocked, from the ERP, if available.
- First Sale Date - the date of the first time this item was sold at the given site, if that has happened yet.
- Item Age - the item's age, in days.
- Last Sale Date - the most recent time the item was sold at the given site. Comparing this date with the first sale date can provide some insight into whether the item has sales picking up or seems to be stagnant.
- # Customers - the number of customers who have purchased this item from the given location; this can provide insight into an item's growth or lack thereof.
- # Ship Tos - the number of discrete ship-to locations that are purchasing this item from the given site. If you have a single customer purchasing the item, but they send it to many of their locations, the item may be at lower risk of becoming slow or dead.
- # Hits - the overall total number of times this item has been purchased from the given site.
- On Hand Quantity - the on-hand quantity of the item, in units.
- On Hand Balance - the associated inventory value of the on-hand quantity based on the item-site's standard cost.
- Excess Quantity - the quantity, in units, that the item-site has in excess. New items can be susceptible to being in excess if the item is ordered in anticipation of sales that do not come.
- Excess Balance - the associated inventory value of the excess quantity based on the item-site's standard cost.
- Historical Daily Usage - average historical daily usage for this new item, if applicable.
- Fcst Daily Usage - forecasted daily usage of the item-site, based on the current forecast.
- Daily Usage @ LT - forecasted daily usage at lead time for the item-site. Comparing the daily usage columns can provide insight into whether your forecasts are in line with recent sales or if they may need to be adjusted.
- # Open Orders - the # of open supply orders for a new item. If you have a new item in excess AND you have open orders, you may want to defer or cancel some of the orders.
- On Order Qty - how many units are on the open orders.
- Next Supply Date - the date which the next order is expected to be received.
- Next Supply Qty - the quantity, in units, which are expected on the next order being received.
New Item Performance:
This tab displays information on how items are performing once they are no longer classified as new, in other words, items that have exited the threshold set for days items are considered new.
- Date Created - the date created given to StockIQ from the ERP.
- First Sale Date- the date of the first time this item was sold at the given site, if that has happened yet.
- Last Sale Date - the most recent time the item was sold at the given site. Comparing this date with the first sale date can provide some insight into whether the item has sales picking up or seems to be stagnant.
- Date Not New - the date on which this item-site graduated from being classified as new and began to be treated like a standard item, based on the new item settings in the Inventory Limits settings screen.
- ABC On Date Not New - when the item graduated from being new, what was the ABC classification on that day. This data point helps to pinpoint high and low performers.
- Today ABC - the current ABC classification of the item-site; this provides insight into how time has impacted the item's performance, i.e. did the item eventually take off or did it start really strong and slow down?
- Today XYZ - the XYZ classification of the item-site today, in other words, the velocity of the item-site.
- # Customers - the number of customers who have purchased this item from the given location; this can provide insight into an item's growth or lack thereof.
- # Ship-Tos - the number of discrete ship-to locations that are purchasing this item from the given site. If you have a single customer purchasing the item, but they send it to many of their locations, the item may be at lower risk of becoming slow or dead.
- # Hits - the overall total number of times this item has been purchased from the given site.
- Item Age - how old, in days, the item-site is based on the date it was created.
Context Menu
On the New Item Activity tab, you can right-click on a row to get to the following menu:
- 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.
Detail Tabs
Looking at the bottom of the New Items screen, there are four additional tabs that provide more information on new items.
- Order Schedule - the calculated order schedule for the item-site in the selected row of the New Item Activity or New Item Performance grid.
- Sawtooth - the visual of the sawtooth diagram for the item-site in the selected row of the New Item Activity or New Item Performance grid.
- Alerts - any alerts related to the item-site in the selected row of the New Item Activity or New Item Performance grid.
- New Items Over Time - with respect to all new items, a visual of your total new on hand quantity compared to the total on hand of new items in excess. New items in excess may often just need a forecast entered.