Feature

Data intelligence – the Dos & Don’ts

How do you use the data you have at hand to its best advantage?big-data

Craig Cookesley, Director Solemate Software, is an expert in improving productivity and lowing costs. With over 25 years’ experience in colour and size stock control in the fashion and footwear industries, Craig has worked with manufacturers, wholesalers and retailers. He takes an integrated approach which is expandable and future proof.

Craig revealed his insider secrets in data intelligence at the Fashion Exposed Business Seminar series in Melbourne recently.

Here are his top tips;

TOP 5 DO’s

  • Keep an eye on GP% per style/brand/supplier
  • Use past history to predict future buying patterns
  • Do Regular Stock takes
  • Know you stock by brand/supplier/dept
  • Link sale to customer club

TOP 5 DON’T’s

  • Don’t reply 100% on gut feel
  • Don’t get junior staff to stock take and check variances
  • Don’t let dead stock build up
  • Don’t use the wrong costing method
  • Don’t expect excel to be the answer

ALWAYS REMEMBER

Majority of your working capital is tied up in stock. Know it intimately and it is not the first GP but the last GP which determines the success of the style!

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s