Mastering Sell Price Management for Inventory Control
Efficiently managing sell prices for a large volume of inventory items is crucial for maintaining profitability and competitiveness. By actively managing your prices, you can respond swiftly to market changes, competitor actions, and customer demand. This proactive approach helps prevent revenue loss due to outdated or misaligned pricing. Additionally, it allows you to strategically position your products in the market, ensuring that you attract the right customers and optimize sales. Effective pricing management also enhances your ability to forecast revenue and plan inventory, reducing the risk of overstocking or stockouts.
Whether you're updating prices frequently or maintaining price levels, leveraging the right tools and methods can make a significant difference. In this blog post, we'll explore how to streamline your sell price management process using filters, multi-selection, and advanced features using Spire.
Streamlining Price Updates with Spire
Updating prices doesn't have to be a daunting task. You can use the Import Inventory Sell Prices tool or the Sell Prices tab to multi-select levels for updates. This flexibility allows you to manage prices efficiently and accurately.
Utilizing Filters for Efficient Selection
Filters are your best friend when it comes to listing price levels for selection. You can display records by:
Part number
Product code
Effective date
Vendor
Margin or markup
And many more criteria
By limiting the price levels listed, you can easily select any or all records and use the Change Price button to either Change Existing levels or Create New levels.
Spire Sell Price Multi-Edit Screenshot
Options for Price Management
Create New: This option allows you to create new records with new levels, effective dates, or both, along with respective prices.
Change Existing: This option is primarily used for modifying prices or correcting mistakes such as effective dates or levels.
Regardless of the option you choose, the interface remains consistent, with modification choices at the top and a list of record information at the bottom based on your previous selection.
Advanced Features for Precision
Similar to using Change Price for a single inventory item, you can apply Markup, Margin, Percentage, and Rounding features to recalculate every sell price in the list. Additionally, you can set the sell price to a specific value for all price levels, and determine the price level and effective date.
Removing Conflicts
When using the Create New process, it ensures that only one price level per item and unit of measure is listed in the grid. This prevents multiple levels with the same key combination but different effective dates from being overwritten during the creation process.
Spire Sell Price Multi-Edit Screenshot
Important Considerations
When using Change Existing to modify prices, selecting a different price level code will remove the record for the original level. Ensure you do not select multiple different price levels for the same item and effective date to avoid duplicated records.
Direct Grid Modifications
For one-off corrections, some values can be modified directly in the grid. You can edit the sell price and effective date, as well as various margin or markup values, which will recalculate the sell price on that row.
Finalizing Changes
Once you confirm these changes, the requested Change or Create process will generate the new price level information, ensuring efficient and accurate price management for your inventory items.
By following these steps and utilizing the available tools, you can master sell price management and keep your inventory pricing accurate and up-to-date. This not only helps in maintaining profitability but also ensures that your pricing strategy remains competitive in the market.
