97 items found for ""
- How well is your stock investment working for you?
Every merchant business has its stockholding at its heart. The more able that merchant is to work stock harder, optimise its value and minimise its risk, ultimately the more successful that merchant will be. So how do you know how well your stock investment is working for you? Not all stock is created equal. To really understand how your stock is working, you need to use the measures in your software to help. Every metric that records what is happening in your business is useful. Having that information readily to hand is important, and knowing how to interpret that information to inform decision-making, drive efficiencies and improve processes within the business is absolutely essential. Currently there are over 110 KPIs as standard in the Merchanter system – which represents a huge amount of information. So to avoid information overwhelm, which can often lead to the “so what” factor, we’re here to help you ask the right questions of the information to get to the insights you really need. Stock Turn When it comes to stock management, certain KPIs really can add significant value to your business, in very real terms. Stock Turn is a great example of a metric which is pretty simple on the face of it, but which can transform your profitability, stockholding value and product sell-through strategy. While some figures are a standalone measure of a particular business process, Stock Turn can be more advanced, because it also relates to other factors and can show you how well your investment in stock is being translated into sales, as well as what your risk might be. Every product in your system has its own product page (see below), which shows a clear summary of that item’s performance and value contribution over time. It shows you how many have sold in a given time, how long it will take to sell through, and what the turnover and profits associated with that product are. It is therefore simple to use that information to plan ahead and, in many cases, add a huge amount to your bottom line. Having a thorough understanding of product performance through stock turn analysis can completely transform your profitability and even your sales strategy. A short case study about stock turn A customer recently contacted us to ask more about stock turn. He understood the principle of it at face value, but had never really had the time to get to grips with it beyond that. He knew already that the stock turn tile shows how many times that item of stock has been in a year. What he wasn’t so sure of was what to do with that information. So, we looked first at two very similar products: two slightly different lengths of the same type timber. Both had a similar value of stockholding, and achieved the same margin per product Product X had a stock turn of 1.2, while product Y had a stock turn of 47. It would take 300 days to turn the stock of product X, and it would achieve an annual gross margin total of just £250. Product Y, on the other hand, would take just over a week to turn the current stock, and over a year would achieve a gross margin of nearly £18K. Understanding the relative stock turn really underlined for that customer the comparative value of each stock line to his business. OK – so what do I do next? Having visibility of stock turn across the business allows you to determine your overall stock profile with confidence. All products will fall into one of four broad categories, which we have named Danger Stock, Review Stock, Earner Stock and Golden Stock. The grid below shows this more clearly. Once you know which category a given product falls into, you can assign the appropriate level of urgency and resource to addressing that opportunity, or the risk, as the case may be. It is important to recognise that every sector of the grid represents both opportunity and risk – what you do thereafter is up to you. It really is the stock equivalent of a SWOT analysis, so you can easily assess the strengths, weaknesses, opportunities and threats in your stockholding. You can then use that information to assess seasonal demand to help forecasting and ordering efficiencies, as well as potentially create new opportunities or demand by adjusting product characteristics, groupings or price. Danger Stock A product which falls into the Danger Stock category requires urgent attention. This is where stock has high investment value from you but very low stock turn; in other words, it’s costing you a lot to have it in stock but it isn’t generating much revenue or margin. It is wasting working capital and taking up space that could be better used for more valuable product. You may wish to look at why the stock is performing so badly, and ask yourself some questions, such as: Is there an obvious reason it isn’t selling through? For example, is it showing as out of stock on your website, or is it incorrectly signed, or hidden where no-one can find it? Is there a very similar product that is more popular? Why is that? Is there a strong seasonal factor affecting performance? Is the stock turn consistent across the year, or are there specific peaks and troughs? Can you generate greater sell through with a pricing discount or bundle deal? Could you improve signage or positioning to stimulate sales? Could the product be repurposed or broken down into component parts or other, more popular lengths to sell more? Review Stock Stock which comes under this category is typically low risk, but also fairly low value. It isn’t costing you much, so it’s not an immediate concern, but there could still be ways to do more with it. Products in this category generally are last on the list to address, although there are a couple of notable exceptions: If a large proportion of your stockholding falls into this category, it could warrant more focus as the sheer volumes involved could represent a significant increase in overall value with a bit more attention Could this stockholding be replaced by more valuable products which could enhance your overall stock profile? Is there an opportunity to run a promotion or bundle deal to get this stock moving through faster? Earner Stock On the face of it, Earner Stock is a great place to be. High stock turn on high value stock investment generally means plenty of revenue – business is booming. However, there will be a higher element of risk attached to stockholding in this quadrant and again, there are plenty of questions to consider: Is stock turn consistent across the year? If it is heavily seasonal you need to manage the inevitable drop-off when buying patterns change Could you increase efficiency by operating off a lower stockholding? What is the lead time for replenishment? Could there be even greater opportunity if you can get more stock in? Is pricing right? If you are selling through very large quantities, particularly if it’s risen very sharply, there could be an error in pricing so the price is too low, or you could be missing an opportunity for greater margin if you are selling significantly below the competition pricing Of course, deciding what action to take will always be down to you – you may have deliberately priced a particular product very low in order to drive footfall – but having the figures in front of you will help to mitigate risk through error, and will be invaluable when assessing replenishment and future opportunity. Golden Stock Golden Stock is a good place to be; it isn’t costing you a great deal in investment and it is selling through rapidly. High stock turn on low value investment stock is great for business – but there are always more opportunities to be had, so ask yourself: Could you extend your range of products of this type? What proportion of your stockholding falls into this category? How can you get more in there? Could pricing be adjusted to generate more margin? Even a tiny price increase in high volume items can make a significant different to overall revenue If you stocked even more of these products, would sales continue to rise? Are there economies of scale you could negotiate with suppliers to buy for a better price? So is there an optimum level of Stock Turn? The “right” level will depend on each product – but every product in your stockholding carries with it an inherent level of risk and opportunity. Ideally you need to align those factors to the optimum levels of greatest opportunity with lowest risk; and where risk is higher, just be sure that the value of the opportunity outweighs it. Of course, in some instances, it will be worth keeping some products in stock purely for the benefit of your stock profile. For example, you may stock ten different types of door handle or light fitting, even though you know only two of them ever sell. But equally, you know customers want to have a choice, so it’s probably worth keeping a few in stock of each range item purely for comparison – just make sure you only restock the items that are selling well! Manage the risk in line with the scale of the opportunity. What you do with the information is up to you, but having these metrics easily available to inform your decision making is incredibly valuable. But I stock hundreds of products – I don’t have time to check each one individually! Of course you don’t, and quite honestly, we wouldn’t expect you to! That’s why we’ve built in simple search and filter options so you can search by Stock Turn levels. For example, you could run a search for all products (or all products of a particular type – the search criteria are up to you) with a stock turn under 3, so you can have a quick look at lower turning stock. It’s really easy to then dig deeper into the detail to look at each product line in turn. As you can see from the product page below, every product in the system automatically records stock information so you can quickly see all the variables – the value, sell-through timeline and so on. How can my sales team use this information? Once you know which products are selling well, where the risks are, and which product lines need a bit of help, you can work with your sales team to encourage them to upsell the less popular stock, either by discounting, adding it to a bundle deal, or simply drawing more customers’ attention to it. You can also factor it into your product pricing and profit margin setting, so that if there is more opportunity, you’re not missing it. You could also try different signage or positioning of products for customer-facing areas, to see whether making a product line more prominent has any impact. It’s important to remember that Stock Turn is not just about pricing – it really feeds into service levels and business value, both in terms of investment and resource. Optimising the way in which your stock turns gives you a huge commercial advantage in the market, and will enhance your service levels with customers. Getting everyone into the habit of looking at stockholding against the Stock Turn grid and asking questions like ones listed above will benefit the wider business in numerous ways. The tools you need to run your business even better Every decision you make in your business is entirely up to you; the KPIs in Merchanter simply make information more easily available to you, giving you simpler access to the details you need to inform those decisions, as well as monitor their impact. You always have total flexibility, and the system is there to help you optimise every opportunity and spot risks further ahead. It therefore gives you a big competitive and commercial advantage and can help to significantly manage the impact of risk. Stock excellence is our second nature Merchanter is many things, and can help you control, measure and change any element of your business. But as it is specifically designed for merchant businesses, the area in which it can potentially make the biggest difference is in stock management. There are nearly always big opportunities hiding in the data within your ERP system, and potentially some big risks which you will benefit from identifying early. It is even possible to turn risks into opportunities, if you know the right questions to ask. With its comprehensive range of metrics and easy-to-use functionality, Merchanter offers unrivalled accuracy and useability for optimising your stockholding, so you can accurately assess the levels of investment and resource required in line with a particular opportunity. It allows you to be more confident in your stock control and optimisation, and so your workforce can consistently contribute to an ever-more efficient, service-focused and profitable business.
- New features coming your way in October 2022
The challenges faced by merchants are always changing, so the tools you need to face those challenges with must be able to flex and grow to meet your needs. As a cloud-based system, Merchanter has that capability and we are constantly working behind the scenes to add new features or improve existing ones, across all areas of the system from accounts to sales and stock management . Here’s a round-up of just a few of the new system enhancements and features coming your way this October*. Depot Groups Integration for Accounts Financial integrations work really well for our customers and we’ve now added even more granularity to the integration capabilities. Merchants who operate multiple branches or depots often use different accounting platforms or packages across their portfolio. So, we have added in the capability for depot level integration, enabling individual branches, or groups of branches or depots, to integrate with different providers. The numbers are then reported back and can be consolidated at ledger level again so it’s easy to see whole-company performance, but with the granular depot-level integrations in place beneath it to provide the most accurate numbers. Catalogue items As reported previously, we have now added the Catalogue Item feature to the stock management capability of the system. A simple tick box is included in the search bar so you can choose whether you want to search your live trading list of stock, or a much more complete list of potential products that you might want to trade. It’s proving particularly appealing for our plumbing merchant customers and kitchen and bathroom suppliers, as well as builders’ merchants and other merchants with particularly extensive product lists. Catalogue items can account for up to about 75% of a merchant’s total stock list so being able to include or exclude them is really useful. If you need faster search and quick availability, excluding catalogue items speeds up the search and means you’re identifying active stock quickly and easily, while including them helps you to provide a broader stock profile to customers. And before you worry that it will take too long to manage, don’t panic: it’s self-maintaining. Items will automatically be assigned as live or catalogue items based on your trading history, and you can set the timing parameters to suit you. Definitely a win win! Mill Process Order Detail We’ve made it easier than ever to make sure nothing gets missed on Mill Orders. There are often two main elements to a Mill or Processing Order: cost-only elements, such as an add-on service or extra processing charge, and non-cost elements which are the actionable, process-driven parts of the order that tell everyone what needs to happen. When producing a Mill Order, those actions will appear bigger and bolder so they’re almost impossible to miss, with the cost-only elements also clearly displayed but without the prominence of the actionable element. That way, nothing gets missed off in terms of what’s being charged, but even more importantly, nothing gets missed in the processing of the material order and it’s just simpler for everyone concerned. Sales rep allocation filter views* Under the Marketing View it is now easier to filter customers and reps alike to check a) who is allocated to which account and b) identify any accounts which haven’t been assigned a specific rep. So now it’s easier than ever to filter back customer results to check who their rep is and what other customers they look after, helping managers to see more easily how things are going in the business and who is managing what. Secondly, it’s easier to make sure no customers are falling through the gaps, as you can search for customers without a sales rep assigned, and then assigned them. Our aim is to provide our customers with software tools that make it easier and faster to perform those day-to-day tasks that can often take unnecessary time, or which can lead to errors. We are tackling every process one step at a time to help you buy , stock and sell more easily, every day. It's important to us that our customers feel like they are using the best ERP system in the market - the best ERP system for a merchant facing the challenges of the modern marketplace. So: What would YOU like to see in the system? We would love to get your feedback. Please email sales@ten-25.co.uk with your ideas or suggestions. We will always consider every idea and, where possible, we try to make it happen. *NB: the sales rep feature is still in testing and will be rolled out later in the year. Try the Merchanter Demo Pricing Features
- Budget-Friendly ERP: Where 'All-Inclusive' Beats 'À la Carte’
You’ve booked that plush hotel for a two-week break in the tropics or around the Mediterranean. It’s cost you an arm and a leg, but the holiday rep was very convincing, and you’ve earned it. You arrive at the hotel; the building and grounds are beautiful and secluded. You check in, unpack, get a deckchair on the beach and… “Hiring for half a day or whole day?” asks the attendant. “That’ll be 10€ please”. Begrudgingly, as you have paid top dollar for the hotel and your own little slice of this beach, you part with the cash. In his other hand you see the drinks menu, alongside the snacks menu, and everything is in double digit euros. Evening comes, and every meal is at least 100€ a couple - and that’s without the cocktails. In the morning when you fancy trying out a windsurfer or canoe – well, make the most of it. You won’t be hiring one again. Within days you feel like you’ve walked up a dark alley and now you know you’re going to be mugged – or maybe you’re just a mug? You realise that your holiday is going to double in price from what you’d budgeted and there’s little you can do about it as the hotel is miles from anywhere. A slight bitterness settles in, a sense of buyer’s remorse. The holiday you deserve Enter, stage left, the all-inclusive holiday – a genuinely inclusive one with branded drinks, snacks, and access to water sports all bundled into the price. A holiday where you know the price upfront, and if you need or want a little bit more you merely need to ask. No preorder, no fee, no drama – bliss. Buying business software can be a similar experience (bear with us here). It’s easy to get drawn into the marketing and opt for the glossy and “too-good-to-be-true” package only to find that it actually is too good to be true, and not a package at all. Modules you would assume are included are not, initial training and implementation services were quoted but if you need extra help then that’s almost £1000 a day extra for the privilege. You want it hosted? That’s extra. Support? Extra. How about out-of-hours support (out of the suppliers’ hours, not your hours!)? Also extra. It’s not a surprise that many business systems (ERP) users experience a doubling in their original budgeted cost within a few years. And just like our secluded remote luxury hotel, you can’t go anywhere else because now the only feasible option is the original supplier’s option – welcome to the dark alley. The grass is greener… However, it doesn’t have to be this way and if you’re a fan of “knowing where you stand”, accurate budgets and the relaxed feeling that you get from a genuine all-inclusive holiday, then you’ll be pleased to know that software can be purchased in the same manner. Our preference is to provide our customers with an all-inclusive service and offering . One which is devoid of any “nasty little surprises” but still provides the very best in functionality and technology for our merchant customers. A price that includes the software, the hosting, the support, the installation and, in the unlikely event that you need some more training (as the system is designed from concept to be easy to use) just ask and we will provide – at no extra cost. Why do we do this? Well, if our clients are to retain their competitive edge then we don’t feel that they should be faced with the dilemma of extra costs to achieve it. Cost shouldn’t be a barrier to improving the efficiency in your business or the service you give to your customers. When your business does grow (and our customers grow by an average of over 19% compared to the industry average of 6%), and you have new members of staff, simply let us know and we’ll add an extra user to your plan at a low set price per month ( from £90 per additional user ) – no additional training costs, no surprise set up fees. And if you do need some bespoke development to suit your specific needs, or a round of in-person on-site training, we’ll quote everything upfront – so you'll never be caught off guard by an unexpected invoice. So take a break, take a “holiday” with Ten-25 . Relax, knowing exactly what to expect and at what price. Try the Merchanter Demo Pricing Features
- Connected ERP: the advantages of integration
Do you need a jack of all trades? If you’re building a house, do you employ one person to design it, dig the foundations, build the walls, fit the wiring, plumbing and heating, plaster it, decorate it and furnish it? Or, do you select a specialist provider with the more suitable skillset for each job that is needed? When you buy a new phone, do you use just the capabilities the phone comes with, or do you add and customise the apps that give you the best experience? It’s possible you’ll find one supplier who can provide total expertise in every area. But it’s more likely that you’ll need a range of suppliers working together to give you the best results. More likely that you'll install a range of apps that do the things YOU need them to do. That’s how we think of business software solutions. You want the best for your merchant business So do we. You want the best stock management and trading system ? That’s what we do, and brilliantly (if we do say so ourselves.) You want the best financial platforms? The best eCommerce solutions? Well, that’s what THEY do, and brilliantly. (And we’re pretty sure they’d agree.) We're not too proud to say that yes, sector-specific platforms often provide the best solution. You see, modern ERP doesn’t have to do it all. It’s not a lone wolf. Because one thing it does (brilliantly) is allow you to connect best-in-class solutions across every area of your business. Teamwork. Collaboration. Communication. But with software, not just people. End to end, comprehensive, self-contained systems are great. But that notion is becoming outdated, a legacy hangover from when systems were housed in clunky on-site servers and couldn’t exchange information with other systems easily. Merchants had to make do with whatever accounts programme came with the system, or use a totally separate one. Modern software system architecture is built on new principles and agile foundations that connect best-in-class solutions to give the best overall result. It enables specialist providers to supply specialist solutions, meaning that the end user (i.e. you) gets the most advanced and capable systems in existence. It also means it’s simple to add extras, depending on your specific business needs. You can customise elements that will really add value for your staff, suppliers or customers, but you can also opt for the more “off-the-shelf” solutions when budgets are stretched or time is of the essence. Evolution every day We have been providing trading and stock management software to merchants for 40 years, and we’ve learned a lot in that time. We continue to learn every day, and when we learn something new that will benefit our customers, we add it to our systems. That’s why we now offer a wider range of connectivity services to third party platforms than ever before. Because, as the old Abbey National advert used to say, life’s complicated enough. Connected Finance If you’re using Merchanter or UniTrade360, you can now connect with the following financial platforms: Xero; QuickBooks; Sage 50, Sage BCA, Sage X3, Sage200, Sage300, Sage500, Sage1000. If you're using a different cloud accounting platform and we haven’t listed it, just let us know – chances are we can link to that too. Connected eCommerce Choosing the right eCommerce platform that’s right for your product range and customers is vital. We work with a wide range of eCommerce solutions to ensure that whichever platform you choose, you can easily sync information with your ERP system . We are also talking to a range of PIM providers to ensure optimum compatibility in terms of product data transfer. As product data is a fast-evolving area, this will continue to change as time goes on, so again, please talk to us about integrating your PIM with your ERP system. Currently we have integrations with the following eCommerce providers, and are always looking to widen that proposition. If you are working with a different eCommerce provider and we haven’t listed it, please let us know, and we’ll see what we can do! eCommonSense; Shopify; WooCommerce; Amazon; eBay; Magento (Adobe Commerce) Connected Business Just as our software aims to connect all the parts of your business together, our integration strategy aims to complement that capability. Connected businesses offer better communication, better efficiency and ultimately, better service. What other platforms do you work with which would be helpful to integrate with your ERP? If you work with specific CRM, HR or any other platforms which you see potential in for integration, please let us know . Try the Merchanter Demo Pricing Features
- What's new: brand new features now available in Merchanter
As we may have mentioned once or twice, Merchanter is packed with features to help every member of your workforce achieve more every day with less stress, in less time. But with over 110 KPIs in the system, it can be hard to keep track of them all. So we thought we’d start shouting about some of the new additions. (Plus, it never hurts to give our developers some airtime – we like to keep them happy) Remember, Merchanter is fully customisable, so you can personalise your dashboard according to your role and responsibility, making sure that you see the most useful, relevant tools and metrics and keep all the business-critical information you require close to hand. Industry-specific ERP software has a reputation for being complex and unwieldy but we make every effort to keep things simple and ensure every user has the clarity and control they need for optimum productivity and ease. Brand new KPIs for merchants and suppliers 1. Quotes expiring in the next 7 days Fairly self-evident, perhaps, but incredibly useful. This nifty little tool flags up which quotes are due to expire in the next week, so your sales team can chase up orders , re-quote if prices have changed, and keep an eye on customer behaviours without having to trawl through hundreds of emails. Given how volatile market pricing is at the moment, it’s definitely worth ensuring every quote has an expiry date clearly marked, so you don’t end up selling stock at a loss just because the market price has shot up since you last quoted it. 2. Cash sales paid but not supplied Catchy title, we know, but it’s such a useful thing to know. Not only will it help to give the logistics team a nudge that stock is due out , your customers will be much happier when they don’t have to wait too long for their orders. But the massive benefit of this feature is that it’s incredibly useful for keeping tabs on what stock is already accounted for, so paid-for stock is ring-fenced for collection or delivery, so won’t be allocated elsewhere in the interim. 3. Paused orders It happens all the time and they can be easy to forget about – but forget no longer, because the paused orders KPI is here to remind you of all those work-in-progress orders that have been put on hold. Whether the customer needs a nudge or you need to action the order from your end in another way, the prompt is there to make sure nothing falls through the cracks. We’ve also introduced special offer KPIs and a flag for products with negative stock to make sure attention is focused quickly and directly where it’s needed. Always have the latest version One of the great advantages of cloud software is that it gets updated remotely, meaning you’re never far away from the latest version of the system and all the new features that come with it. We are constantly adjusting the system for optimum performance, fixing the inevitable bugs that find their way into any software system, and adding new features. Sometimes these are little bonus features – and sometimes they’re real game-changers, adding unique functionality to set you even further apart from the competition. If you’re an existing customer, don’t forget to keep an eye on our Knowledge Base for the latest training guides and videos to help you get the most out of your system. If there is a feature you’d like to know more about, our doors are always open so please just drop us a line! We’re always building on our library of material for our knowledge base and your feedback really helps us to prioritise our workflow. Try the Merchanter Demo Pricing Features
- Want to get better at sales? Your ERP System can help...
Merchants: do you want to be better at sales? The pressure is on for merchants, with challenges like volatile materials pricing, availability issues and even recruitment shortages making every day a bit more uncertain. In an ideal world, you’ll be overrun by customers and your biggest issue will be how to process so many sales transactions. But in reality, the challenges are far more complex, especially with the rapidly shifting landscape of pricing and availability that merchants are currently working with. There’s more than one type of sales role in merchanting – some are more focused on managing existing customer transactions and upselling to them, while others are more concerned with making new customer sales and attracting new business. There is likely to be overlap with other departments like marketing, stock control, finance and logistics, so having the right information to hand is critical no matter which side of the farmer/hunter sales equation you’re on. So how can merchant sales people meet these challenges, and make more sales? 3 step sales process In any sales process there are, ultimately, three main phases: pre-sale, sale and post-sale. The ultimate aim of any sales person should be to make every part of those three stages as positive an experience as possible for the customer. Whether that’s about the price, the convenience, the speed of transaction or the service received at delivery, there are opportunities at every point for your business to impress your customers and make them more likely to return. What do you need to make a good sale? The right information – customer history and previous quotes; product detail and availability; certification and safety info where relevant; customer contact details and accurate knowledge of lead times and delivery options. The right stock – what do you have, where is it, and how fast can you get it? Having an accurate view of availability and lead times is absolutely critical for customer satisfaction and your information needs to be reliable. If you don’t have it and can’t get it, what could you offer instead? The right price – knowing what customers have paid for similar products before is helpful, but with today’s market volatility you need to know what constitutes a fair price without compromising too much margin for your business. The right relationship – if you have a proven track record with a customer, they’re far more likely to come back to you time after time. And how do you build that track record? Through reliable service, good communication and fair and honest dealing. It takes time to build but remembering to treat customers as people, to be polite, helpful and friendly, and to keep them updated with where you’re at will go a long way. The right business intelligence - One of the most important things that the sales information in a good ERP system can give you is a way to spot gaps and opportunities faster so you can focus your efforts in the right places. Knowing exactly how you're performing across a range of metrics helps guide the decision-making to drive new approaches, attract new customers, upsell to existing customers or inform pricing strategies and promotions - to name but a few. The right customers – that may sound counter-intuitive but not every sale is a good sale. If it’s losing your business money overall, either in terms of actual loss of margin or in terms of compound cost to serve thanks to difficult customers, repeated returns or continual late payment, then maybe more is not always better. Either way, it’s vital that you have the right information to hand to let you know which customers are good for business and which are a drain on your resources. What next? If repeat custom is your biggest revenue stream then sales managers need to be proactive in pushing for ways to encourage customers to buy again – and to buy more. Whether that’s reminding customers that a particular product they’ve bought before is on offer, or going the extra mile to suggest linked or complementary products to boost the initial sale, there are plenty of ways for a sales rep to add value throughout the process. Understanding how your stock is selling and how profitable it is can be enormously powerful in helping you to determine the offers you should be pushing, and your sales people are the ones who can help deliver those incremental sales so it’s vital to work together. The big point is - if you don't know what's happening in the business, you can't focus on the right things, and that means everyone's efforts end up being spread too thin, or are directed in the wrong places. What about eCommerce? If you’re selling online as well as in-branch, it may be tempting to think that sales will just handle themselves. While the challenges of selling online may differ in some ways to the more traditional, face-to-face sales approach, many of the underlying principles remain the same. Your eCommerce team needs to be just as aware of the principles of selling as your in-branch team, and the reliance on accurate information that can be accessed quickly is, if anything, even more important. All of it relies on excellent underlying infrastructure – and that means a top notch ERP system. So how does Merchanter help? When it comes to selling, confidence is key It’s all about confidence: the confidence your sales people have in the products, the numbers and the service, and the confidence your customers have in your business. And confidence can be created. Confidence requires proven reliability, relevant, regular communication and a mutually respectful relationship. The more a sales rep can trust the numbers in front of them on the system, the more confidently they will be able to handle customer questions and produce the relevant quotes. Merchanter helps build that confidence on both sides. Let’s take a closer look at some of the features of the system which help sales teams do their jobs better. Stock Confidence We have literally built a metric called Stock Confidence, which is an instant gauge of the accuracy of the stock levels on the system at any one time, meaning sales reps can have more confidence that what they’re selling is actually available. If stock confidence is low on the system, attention is immediately drawn to products where verification is needed so no false promises are made. In addition, features like Stock Turn help ensure the right products are kept in stock and more available. In general, the fact that the system is used by the whole workforce from yard to MD’s office ensures that information is accurate and up to date at all time. We’ve also built in some nifty catalogue features which enable access to the products you might sell, not just the ones you already do, meaning you can offer customers a wider choice at all times. Result: faster answers, better availability, greater reliability, smarter replenishment Convenient, flexible metrics It’s easier to quote and order products using the metrics your customer uses. You can easily switch between metric and imperial measurements but also you can do it by length, weight, volume, pack or unit, to keep things accurate and in line with customer expectations. Result: happier customers who are able to buy in the way they want to, and you keep on top of the figures quickly and easily Easier ordering and processing Add milling or processing instructions straight from the sales or purchase order, saving time, effort and room for error. Result : time-saving internally, fewer errors, more accurate fulfilment of orders, less waste Credit and margin controls Give sales people more freedom and flexibility to give the best deals with built-in credit and margin controls. Thanks to our advanced pricing options, you can set margin levels by customer but also build in exceptions in granular detail, down to category, sub-group or even product level. That means less red tape internally and a much slicker sales experience for your customers, as sales reps are empowered to make decisions then and there without needing approvals every time. And you still have the safety net of credit or margin limits so you know you’re always trading profitably. Result: remain profitable at all times; speed up negotiation and selling timelines; empower sales team Price tracking Being able to keep an eye on pricing is so important; and not just the prices a particular customer has been offered before. With market tracking, you can see the prices in the market too so you know whether your quotes are in line with the market, avoiding either over- or under-pricing stock despite wildly fluctuating market pricing. Result: Defensible, safe pricing at all times that stays in line with market expectations, with the flexibility to make exceptions where needed. Faster administration Automations throughout the system save huge amounts of administrative time. Auto-sending of quotes / estimates and invoices; reports; faster access to certification and customer notes; process automations and more. Integrated ERP systems ensure that the information held across the business is up to date and accurate so everyone has a real-time picture of stock and operational movements. Result: faster resolution to customer queries; better auditing of certification; massive time savings on standard admin processes; less room for human error. eCommerce Integration OK so this one isn’t strictly for an individual sales rep but it’s worth noting that because Merchanter is highly interoperable, we can link up your back office system with your front end eCommerce site, ensuring that the information your online customers have access to is up to date and accurate, and that online sales are recorded instantly on the system so that stock allocation can’t be duplicated accidentally. Result: Fewer errors, better stock control, better availability, more sales. Clear targets and progress The right information available more easily Customised dashboards on the system mean that every member of the team has the information they need at their fingertips to help them do their job more easily. In sales, for example, each rep will have clear targets visible with progress tracked so they can quickly see the opportunities and gaps. That means they can flag up issues sooner and know exactly where they stand; plus, clear visibility of targets with tracked progress is proven to drive performance and motivate teams when managed correctly. Critically, Merchanter gives you the numbers you need to help you know where to focus your efforts for the biggest impact. Merchanter is designed to help every member of your merchant business to do their job more easily. We design it to be easy to use so that every member of the team can be confident using it, which means better information on the system which helps it to help you drive better business across the board. GIVE IT A TRY: REGISTER FOR OUR ONLINE DEMO SYSTEM AND TRY FOR YOURSELF!
- Pricing features to keep merchants in control in a shifting market
Recent figures published by the National Buying Group show commercial confidence from merchants, with many working on active expansion plans for 2022 and beyond. However, the market remains volatile and is rapidly shifting, and it can be hard to keep on top of the basics of purchasing, sales and stock management when the picture is constantly changing. Tools which help merchants track the changes around them and accurately measure and monitor their own performance, productivity and profitability will be incredibly helpful, and thanks to the intelligence and agility of modern software, your ERP system can offer a wealth of features to help merchants do exactly that. Tracking market price changes The rapidly fluctuating price of materials has been headline news over the last year. Being able to track and analyse the impact of cost price changes easily and fast represents a huge advantage for merchants. Within a product on Merchanter, there are three main cost prices that are recorded, which can be used for different purposes: Average Cost Price (ACP) This is a weighted average of the cost of the stock that has been brought into the depot. This is often the most accurate position of the cost of the product, relative to the stock that has been brought in or made. It is maintained automatically by purchasing, adjusting and milling in stock. When viewing a product record under the costs tab (see screenshot) in additional to the product average cost prices you can also see listed the average cost prices at all depots (quays) in the lefthand column. Last Cost Price (LCP) As the name would suggest, this is the last price that this product was ordered at. In the settings of the system, you can select whether the Average and Last cost prices are updated at the point of receipt or completion of a purchase. Standard Cost Price (SCP) This relatively new KPI feature is a management cost price, and you have control over how it can best work for each product. The Standard Cost Price can be either manually maintained, set by a senior user, or be an automatic calculation, based on another figure of your choosing. Below are the different calculation types: Average Cost Price Adjustment - setting a percentage difference from the ACP Last Cost Price Adjustment - setting a percentage difference from the LCP Base Price Adjustment - setting a percentage markdown from the base selling price Best Supplier Price Adjustment - setting a percentage difference from the lowest live supplier price Highest Cost Price Adjustment - setting a percentage difference from the highest cost out of the ACP, LCP and any live supplier prices The Stock valuation for each depot (and location) is calculated by the ACP, LCP and SCP, though the ACP valuation is often the one to use in the financials. When making sales the operator can be shown the cost and margin against any of the ACP, LCP or SCP, but the margin figures for the company will always be against the ACP cost. So why is it so useful? The Standard Cost Price is a useful KPI because it essentially enables you to see a warning level of cost fluctuations, while giving you the prompt to manage the conditions to best suit your business. It ensures you don’t undervalue products as they’re sold and gives you an instant sense check of how relevant and useful the ACP and LCP really are. This is just one of many tools within Merchanter than make it easier for merchants to make smarter decisions based on accurate, timely, meaningful data. These are just a few of the KPIs built into our digital ERP system Merchanter - at last count there were over 120 and the number is constantly increasing as we add new features and capabilities. Our aim is to help merchants have more control over their businesses and to be able to make smarter decisions faster every day. If you are curious about the ease of use, power and flexibility that Merchanter can offer your merchant business, why not try it out for yourself? We offer 30 days of free access to our online demo system – no obligation, no hard sell. *You can read the full NBG article on the Builders Merchants News website Try the Merchanter Demo Pricing Features
- Game On - Welcoming Dom, Our New Operations Director!
Today's blog is extra special because we're welcoming a new member to the team – and it's someone who might already be familiar to some of you... Dominic, our brand new Operations Director! Software development runs in Dom's blood. He practically grew up with Ten-25, being the youngest son of our founders, Baird and Sue. But his path took a fascinating turn – after studying physics at Oxford, he dove headfirst into the world of video game design (including the massive SimCity and Walking With Dinosaurs!). While undeniably fun, video games are all about pushing the boundaries of software – everything needs to be fast, intuitive, and engaging. These aren't exactly words you'd traditionally associate with business software, but Dom wanted to change that. After leaving the gaming world, he set up his own software consultancy. For seven years, he transformed software across industries – from helping students ace their GCSEs to modernising building automation services. He even worked a stint with a couponing company in Denver, Colorado! Six years ago, our MD (and Dom's brother), Ian, brought Dom on board to help visualise the potential of Merchanter. What started as "a few graphs" quickly blossomed into core systems, and Dom found himself deeply invested in Merchanter's growth. Now, Dom's taking the leap and joining us full-time as Operations Director. We're thrilled to have him on board, and in his own words, he's pretty excited too! Here's what he had to say about his exciting new role: "I passionately believe that all software should be easy to understand, quick to learn and fun to use. Over the development of Merchanter, my role has evolved - from being an external contractor gently steering the project, through a designer specifying new systems, to a coder implementing new features, I have seen and influenced all aspects of the system. I’m incredibly proud of what we’ve achieved and see a great future as Merchanter continues to refine and improve, evolve new features, and reach new markets. It’s a journey I’m thrilled to be on, and I can’t wait to see what happens next!" We're so happy to have Dom officially on board! His unique blend of experience, passion for user experience, and deep understanding of Merchanter makes him a perfect fit for our team. Watch this space! Try the Merchanter Demo Pricing Features
- Why do steel stockholders choose Merchanter?
Are you spending too much time managing your certifications? Are you having to specify customers’ processing requirements in separate spreadsheets? Do you know what lengths of steel you have in stock at a glance? Can you easily keep track of the rapidly fluctuating buying prices of materials, and the margins you need to maintain? We aim to make software that makes life easier for our customers. You are constantly juggling multiple customer needs and expectations, from fluctuating pricing to variable lead times, storage issues to highly specialised processing finishes. The steel stockholders and merchants we work with give us feedback that we build into the systems we design, ensuring we are producing the tools, measures and methods that people actually want. From the clear, straightforward user dashboard to the intuitive usability throughout the system, we create powerful, simple software that helps you get the job done, better. We’ve been designing merchant software for 40 years , backed up by friendly, responsive service and a keen curiosity about the evolution of the market and industry as a whole. As a cloud-based stock management and trading system , Merchanter offers the ultimate accessibility and flex to help you run your business in the most convenient way. So far, so generic, you may think. So why do steel stockholders choose Merchanter over and above the other systems in the market? While the wider global construction industry faces unprecedented challenges at present, the steel industry has its own unique issues to tackle, from sustainability to variable pricing of materials and quality control. Merchanter has many features built in which are designed specifically to help steel stockists and suppliers to meet those challenges head on. Certification made simpler Steel certification is incredibly complex, as you know. Merchanter makes it simple to keep track of the relevant paperwork, enabling you to digitally attach it to the relevant stock so your sourcing and trading is all audit-compliant. Digital storage of certification saves enormous amounts of time and can eliminate errors and omissions. With more and more stringent standards coming into place, including UK-specific regulations as part of our exit from the EU, the process and auditing of certification in steel production is only likely to get worse, so having a simple system in place to manage it is essential. Stock management that’s fit for purpose Merchanter is industry-specific software . That means it lets you categorise and stock materials in whatever way you need to. You can hold product by weight, length and obviously type, and conversions between different metrics are really simple. So however you want to buy, stock, process, range and sell your materials, Merchanter makes it easy and accurate. Processing and finishing instructions made easy Merchanter lets you specify processing and finishing instructions both as a Mill Order and, unusually, directly from a sales order. So, you can complete a straightforward processing order specifying whatever finishes you require - saw cutting, drilling, shot blasting, painting, laser profiling – whatever you need, you can specify it easily and clearly. As you might expect. Where Merchanter makes life even easier is that you can also specify the entire order lifecycle, including finishing and instructions for useful remainder stock, from within the sales order, keeping everything in one place and saving a huge amount of time. For example, if you’re selling to a customer, you can specify exactly which stock to take the materials from, what finishes and processes are required, and what add-ons they need, very easily. But you can also give instructions to rebate leftover materials back into stock, meaning you always have a more accurate stockholding valuation to hand – so if you’ve used a longer beam length to supply a required shorter beam, you can return what’s left to stock to sell on in a different format later. Accurate pricing and margin protection Within the same order process, you can specify the margin you want so that the entire job will be priced up accurately, meaning you can always be confident that your prices really do cover the costs of the production, finishing and supply process, taking into account anything that goes back into stock afterward. Merchanter also tracks the buying prices of materials and enables you to set margin protection limits in the system so you’re never selling below cost price, and you can easily track the trends and changes over time. Obviously the prices you decide to sell at are entirely up to you, but with comprehensive tracking and analytics, you are always in control and making decisions based on the correct, up to date information. The advantages Always know what you have in stock and where it is, in real time Optimise stock value from processed products returned to stock Maintain margin even on complex orders Simplify instructions to keep everything in one place Clarity and transparency over stock, processes and order management Better customer service and communication made easier Easy for someone else to pick up an order at any point for consistent service Issues are flagged early through alerts to minimise risk Save time and effort with no duplication of admin and easier tracking So easy, you don’t even need us to demo it for you If you’d like to try Merchanter for yourself to discover just how easy it is to use, without the sales pitch, just register your details and we’ll send you login details. Try the Merchanter Demo Pricing Features
- New Feature: Automatic Suggested Reordering
As a merchant, you'll know only too well that your reputation is heavily influenced by your service levels, and you'll know that effective stock management is the life blood of your business. You know deep down that a pen and paper system just won't cut it, and you're fed up of struggling with the inconvenience, loss of business and customer annoyance of regularly shutting down branches for manual stock-takes. You're the experts, and we're not here to teach you how to suck eggs. But we are here to make your life easier. Which is why we've recently added a new feature for Merchanter users - Automatic Suggested Reordering. We won’t bog you down with the ins-and-outs of Automatic Suggested Reordering , but let’s run through the basic principles. Suggested Reordering uses both real-time and historic stock and sales data to help you make informed decisions about what you should be keeping in stock. It all starts with setting preferred stock levels to drive the suggested reordering, with minimum, target and maximum quantities in your chosen metric, or maximum financial value if you prefer. But why not work a little more dynamically? With Merchanter, the system uses historic supplier lead times and average sales per week to ensure you’re holding enough stock until your next order arrives, without having to calculate the figures manually. The benefit of working in this way is if your supplier’s lead time creeps up, or if your sales start to slump, your target stock figures are adjusted automatically to ensure you’re never without product – or drowning in it - thus avoiding lost sales (and potentially customers) and dead stock consuming warehouse space and your valuable cash. Choose your preferred supplier for the product, set the minimum order quantity (if applicable) and quantity rounding (for those products that are sold in packs rather than individual measures) and your system is ready to do the heavy lifting for you. A job that would take a stores person a day can now take you minutes . And now for the good bit... Using a low stock product view, you’re able to immediately see all products that are sitting below your target stock holding, and especially any products below your minimum. And it goes without saying, these figures always account for allocated stock, and stock already on purchase on order, to avoid duplication. Filter by supplier, product type, depot or any number of categories, run a suggested order report and you’ll be presented with a list of low stock products to select a suggested supplier for. Once all products are allocated a preferred supplier, review the details of each order and tweak quantities before generating as many draft purchase orders as are required to get your stock levels back to optimum levels – based on fact, not hunches. You always remain in control and no order is sent without a human taking a view - Artificial Intelligence may have its place, but it doesn’t know about your plans to open another branch, take advantage of a rebate deal or the fact that the major building project in the area is just about to start or finish. This targeted, Merchant functionality is available at a fraction of the cost of some systems, and will even integrate into most accounting packages such as Sage, Quickbooks and Xero (to reduce disruption and retraining). It’s simple to understand (but we offer unlimited free training just in case) and remains a cornerstone piece of functionality to enable you to retain your competitive edge, and help you trade profitably regardless of the economic forecasts. Take a few minutes to review our online demo and see, for yourself, just how easy holding an accurate stock profile can be. Try the Merchanter Demo Pricing Features
- Case Study: Independent Slate Supplies
Independent Slate Supplies (ISS) has been supplying specialist slate products to builders’ merchants since the mid-1980s, but over the last few years it has seen tremendous growth, trebling its turnover within nine years. To keep pace with the escalating demands of the market and its own continued growth projections, it became obvious that investment was needed in a new software system to help the business scale up. After assessing various systems available in the market, ISS opted for the cloud-based Merchanter ERP system from Ten-25 Software, celebrating 40 years of merchant business systems this year. ISS had previously not required a full ERP solution, originally relying on a database to keep track of its specialist slate stock profile. After a short period using a bespoke, in-house system, the management team decided that they needed a system which would provide better, easier access to information and a greater level of control over stock management. “We compared some of the leading systems in the market,” explained Co-Managing Director Patrick Phipps. “Eventually we chose the Ten-25 system. We liked the idea of working with a smaller supplier offering that personal service, and Merchanter had been recommended to us by a local timber merchant as well as a builders’ merchant so we were confident it would be a good solution for us. We really liked the simple design and layout, and the demo system was straightforward to use, so that’s what we opted for.” Driven by supply more than demand Thanks to great relationships built up over years of trading with slate suppliers from around the world, ISS has developed a great portfolio of stock. Local merchants quickly realised this was a supplier with a great selection of high-quality materials, and the company’s reputation grew, as supply fuelled demand. Due to a combination of growing awareness, increased capacity and competitors disappearing from the market, ISS now has a national reach. But with that scale of operation comes intensified need for better stock control, logistics and commercial management. “We didn’t have much visibility into the business,” said Patrick Phipps. “We were really flying blind, waiting for the monthly accounts to come through. We couldn’t accurately work out gross margin or spot where stock errors had occurred. We needed more insight, and more control day to day.” Accessibility and control are key As well as head office and stock control staff, ISS has a group of Business Development Managers working remotely. Often on the road visiting customers and prospects, it was difficult for information to be passed between them and the business. Having a system that offered remote accessibility and a clean, easy-to-use interface was vital. “Having three depots with six separate stock locations, it’s vital we can have an overview of the stockholding and capacity across the whole business,” said Patrick. “Having a cloud system means the information from all sites can be uploaded and integrated instantly, so we always have a real time view of our stockholding, orders and logistics.” Fast returns on investment After just five months on the new system, ISS is already seeing positive commercial benefits. Describing a recent stockholding discrepancy, Patrick explained how instant alerting of a stock issue saved them £4500 in misplaced materials – just one example of the system already adding value to the business. “From a control point of view it’s fantastic,” he said. “Even when I’m out of the business I can access information so easily, and see exactly what’s happening. It’s flagging the glaring issues, like purchase prices or selling prices being wrong, instantly, so we can correct the problems in real time rather than retrospectively a month or two after the event.” Evolving capability for an evolving business “We’ve been on the system just five months and really, we’re only just scratching the surface of what it can do,” said Patrick. “We’re learning every day. The basics are quick to master but there’s so much more capacity we’ll be able to tap into as we go.” Implementation of a new system is never entirely easy, but ISS reports that the information coming out of the system is already proving to be incredibly useful. “I’m delighted to be seeing this level of information coming out of the system after only a few months,” said Patrick. “We can focus on which customers are profitable and which are costing us money, and really improve our stock control. “We look forward to learning even more about what the system can do, and seeing new features added as it, and we, evolve,” he said. Focus on what’s important “Merchanter lets us see exactly what’s happening in the business. It’s fantastic – it helps us focus on the areas that really need focus and keeps us in control at all times. It’s absolutely integral to our business already.” In a busy environment, split across multiple sites with sales staff on the road, integrating information isn’t always easy, and it’s hard to keep track of all the moving parts. Merchanter helps ISS to do just that, enabling more efficient processes to be introduced where they’re really needed. “We can now monitor all sorts of different metrics easily, so we know exactly what’s going on,” said Patrick. “From a commercial perspective, we can focus on margin, including individual BDM margins, and we can monitor our stock really closely, so we can avoid accidental losses and mistakes as the issues are flagged fast. It’s a huge help already.” A clean slate for future growth With Merchanter in place, ISS is well positioned to continue its growth trajectory without needing to increase workforce or other overheads, keeping risk minimal. While the construction supplies market is currently enjoying an extremely buoyant period, the efficiencies of scale that a digital ERP system like Merchanter provides means that the business can cope with spikes of demand without overextending financial risk. Having instant insight into what’s happening in all parts of the business means faster resolutions for customer queries, better availability and customer service, and ultimately, greater productivity and profitability. “We are totally dependent on it,” said Patrick. “We use it every day and it’s making a big difference. The service from Ten-25 is responsive and we are looking forward to seeing how the system develops in the future, with new features and capability. The current trajectory of growth here at ISS looks set to continue, and Merchanter will play a big part in delivering that successfully.” Ten-25 Managing Director Ian Oldrey said, “We are thrilled to welcome Independent Slate Supplies to the Merchanter system. It’s a really exciting time for them, and for us, as we are rapidly scaling up our own business to meet demand. Digital technology enables amazing advances in efficiency and we look forward to working alongside ISS and supporting them further as they continue to grow.” If you would like to try Merchanter for yourself, free and with no obligation, just register here for online demo system access.
- 5 features for better stock management
As a merchant business, optimised stock management is really important. Having better visibility of what stock you have available where, and how quickly you can get it, is key to providing good customer service. But availability isn’t the end of the story. You also need to be profitable, while offering competitive pricing to win customers’ loyalty. Yet resource is always stretched thin and most businesses don’t have the capacity to be keeping an eye on every single item all the time. In an ideal world, there would need to be an element of automation involved to free up your workforce’s time to focus on the most urgent issues and keep on top of the items which are needed most often or which represent the best sources of profit and revenue for your business. Well, the world may not be ideal, but we are working our collective socks off to get a lot closer to it. So here are five metrics which can help you not only create efficiencies in your stock management processes, but also reduce waste and improve profits. 1. Low Stock Items (aka "What do I need to order next?") Sounds simple - and it is! This is a very straightforward tile which sits on the dashboard and lets you know how many stock lines are running low, thereby instantly drawing attention to the items that need checking. Flex bonus: you can set your own criteria as to what constitutes “low” stock for a given product line, and of course you have all the info to hand to make the decision about whether to restock a particular item or range. 2. Orders Without Stock (aka "Better check it's all in hand!") Again, fairly self-explanatory, but this is a really important one for managing customer service levels. The tile simply tells you how many orders are currently on the system that don’t have the right products in stock to fulfil the order. It speeds up the process of checking where gaps may be, and is a quick way to help you check that everything is in hand. If you know an order will be delayed it lets you then manage customer expectation up front, or take steps to avoid the delay in the first place. 3. Stock Valuation (aka, "Instant sense check of stock vs sales") This is an at-a-glance total of the value of your current stockholding. It’s not necessarily vital every day but it saves a lot of digging around for information or report running, and you can set your own parameters for alerts and warnings where necessary to help you keep on top of things. It is a great sense check of how stock value relates to sales, which can highlight any worrying gaps, either where sales are not sufficient to warrant the current stock valuation, or where stock can't keep up with forecast sales. There is no right or wrong, but it's a really useful indicator! 4. Stock Turn (aka, "How hard is each product working for the business?") This is a brilliant little metric which helps you understand the true value of every item in your stockholding. The crux of the matter is, it lets you see exactly how much value each item is adding to your overall stock profile. You can then make more informed decisions about ways to improve, either by splitting out problem stock lines in new ways, running an offer or sale on a particular product line, or changing the purchasing patterns. Whatever decision you make is up to you, but the key is you get a clear and accurate view of how well every item in your inventory is working for your business. 5. Stock Confidence (aka, "How accurate are my system stock figures and where do I need to focus?") This exclusive feature can revolutionise your stock management processes, streamlining the way you run things and massively reducing the time taken. Stock Confidence is essentially a gauge of the accuracy of the stock figures held in your system. Expressed as a percentage, it is calculated via a complex algorithm that takes into account a number of factors which contribute to erosion of stock over time, such as sales, damage, theft, loss or error. The biggest advantage is that it instantly shows you where you need to focus your attention across your stockholding, reducing wasted time, optimising availability and identifying gaps and opportunities. Find out more about Stock Confidence here. Who does it help? These stock metrics are relevant to many roles within a merchant business. These include: Stock controllers and managers – optimising stock availability and value day in, day out, and forecasting stock requirements; simpler, faster, more accurate stocktakes etc Buyers – Anticipating stock requirements to ensure availability of the right products at the right time to help optimise stock profile and profitability etc Sales team – To provide better customer service and fulfil more orders; to create opportunities on the most profitable lines of stock and plug gaps where there are issues etc Customer Service Team and Administrators – easier access to information; answering client queries; certification access and much more Commercial Director – Maintaining profitability, availability and range; forecasting; P&L management etc Managing Director / Owner / CEO – instant transparency of stock levels, turnover, availability and profitability; enables optimisation of stock profile and investment; quick visibility of stock performance etc Like what you see? These are just five of the metrics included in Merchanter that will help you manage stock more efficiently and profitably. If you would like to find out more, please get in touch, or try the demo system for yourself.