What’s New From StockIQ? A Peek Into 2023

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2022 has seen a lot of new releases from StockIQ as we aim to continue to provide the high standard of service and support our customers expect. We are constantly updating our systems and working to provide a higher standard of service so that you have the features you need to manage your inventory and keep up with ongoing disruptions, shipping challenges, and more. 

Take a look at a few of the new features and how they can help provide a better inventory management experience. 

1. Sales Order Fulfillment and Backorder Alert

 To improve the ability to fulfill customer orders and meet customer expectations, the backorder alert system has been expanded and updated. Now, it will provide updates when:

  • You might not be able to fulfill an order based on backorder status
  • You have the ability to grab inventory from another location
  • You make a fast/emergency order immediately, depending on how long it will take for that order to come in

This feature can provide better insights into what you can provide your customers and when. This may allow them to make other choices about where to get their goods or what items they want to select. 

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2. Shared Component Alerts

Sometimes, you may have multiple products that use the same base components. When a proposed order over-allocates those components, leaving you without enough to complete the order, you will receive an alert. You can also choose to allocate components based on which orders need to be finished first. 

3. Component Plans

You do not always need to have all your components in place for manufacturing. Moving components early could make storage more challenging. In the StockIQ system, you can now plan out component allocation socomponents arrive as needed, which can help streamline the ordering and inventory management process and decrease unnecessary delays.

4. Container Loading Updates

StockIQ made two key updates to container loading in 2022. First, containers are now issued unique ID assignments, meaning each order can be grouped according to its intended container. This update makes it easier to track inventory through the system, including during the production process, and ensure that it ends up in the right container.

Next, the system has been updated to group container loading arrangements by shipping window. This update helps create a more logical system for planned container loads and increases the odds that each order will go out on time. 

5. Supplier Notes

You may want to make your own notes about your suppliers, from their overall reliability to who your contact is at that location. Thanks to the ability to keep up with those notes directly in the system, you can access them during Step 1 and Step 2 of the Place Orders process instead of taking that information from the ERP. Supplier notes can help streamline ordering processes by ensuring you remember key details about your interactions and relationships with those suppliers. 

6. Forecast Hierarchy Flexibility

Forecasting is a critical part of your overall inventory management efforts. You want to ensure that you have a solid look at potential consumer demand changes and issues. With the new funtionality of StockIQ, you can include customer-related categories in that hierarchy, including channel, region, and other properties. 

7. Blanket PO Management

Blanket POs set out the details of recurring orders. Thanks to the updates from 2022, they are now a key feature. You can see what blanket orders you have placed, what items are included, and what lines are on the blankets. The next release should also include the ability to create blanket POs directly within the StockIQ platform. 

8. Life Cycle Planning

The life cycle feature makes it easier to determine how new products are likely to perform based on the historical behavior of similar products. This is an excellent strategy for both long life cycle products, which you intend to carry for a long time, and short life cycle products, which have a known introduction, peak, and trail off pattern. On the New Part Setup screen, you’ll have the chance to evaluate the likely peak for a new product, including estimating peak volumes and determining when that peak will likely occur. 

9. Forecasting Updates

Forecasting is easier than ever with the latest updates. You can now:

  • Select multiple items in the Forecast Manager Item Selection grid, which will allow you to investigate how the need for specific items or groups of items changes over time
  • Use a new selection tab at the item-site level that will allow you to see the total forecast for an item-site
  • Take a look at lost sales in the Forecast Module so that you can view individual lost sales of specific items and needs
  • Forecast by units-of-measure other than Units

These forecasting updates help make it easier to determine how inventory will perform in the future and what changes you need to make to your management strategies. 

10. Expedite Wizard

The Expedite Wizard will allow you to determine whether any portion of your order needs to be expedited to prevent low-stock or stock-out challenges. It can also check for expedited opportunities that may help you avoid those issues. 

11. Product Images

The show product images option allows you to import publicly-available images of the product, which may make it easier to ensure that you always order the right ones.

StockIQ has also undergone several minor updates this year, including adding integrations to help streamline efficiency. It now has integrations with the Amazon/FBA Restock Report and an externalized field that can make it easier to integrate with an ERP. 

Do you have more questions about StockIQ’s enhancements and performance changes this year? Contact us today to learn more.

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