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2021-01-05
Plan Formula Document Feature
The Plan Formula Document feature offers an efficient way to manage your planning processes. It helps you organize information, simplify communication, and boost your productivity. With this tool, you can create, share, and manage documents related to your planning needs seamlessly.
Key Features
User-friendly interface for easy document creation
Collaborative editing for real-time teamwork
Version control to track changes and updates
Customizable templates for various planning scenarios
Secure sharing options to ensure data privacy
Potential Use Cases and Benefits
Streamline project planning for teams working on tight deadlines
Enhance communication among team members with shared documents
Maintain consistency in planning procedures across different projects
Reduce time spent on document revisions with clear version tracking
Improve overall efficiency by centralizing planning information
This feature can solve your planning challenges by offering a structured approach to document management. Instead of struggling with disorganized notes or scattered information, you can rely on the Plan Formula Document to keep everything in one place, making it easier for you to focus on what truly matters.
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How is OTB calculated?
To figure out your OTB at cost, multiply the OTB value by the initial markup. For example, using the one-month calculations from above, if your markup is 75%, your open-to-buy at cost for those wallets you want to stock in your store is $10,350 × .75 = $7,762.50.
What is the meaning of OTB in retail?
Open-to-buy (OTB) is an inventory management system that works with your retail business. It's the amount of merchandise your retail store can buy during a certain time period.
How is retail OTB calculated?
To figure out your OTB at cost, multiply the OTB value by the initial markup. For example, using the one-month calculations from above, if your markup is 75%, your open-to-buy at cost for those wallets you want to stock in your store is $10,350 × .75 = $7,762.50.
What is OTB planning?
Open-To-Buy (OTB) is defined as the merchandise budgeted for purchase during a certain time period, but has not been ordered yet. It is also the process of planning merchandise sales and purchases. ... The planned sales for the store are $64,000 with $1,050 in planned markdowns.
What is open to buy in context of retail?
An Open-To-Buy relates directly to retail merchandise, is structured specifically to address the needs of retailers, and is a tool designed to assist retailers manage and replenish their most significant asset, their inventory investment. An Open-To-Buy is a budget, and involves the full range of budgetary functions.
Why do retailers adopt open to buy?
Modern open-to-buy planning software allows retailers to set critical benchmarks to determine performance by measuring inventory turns and gross margin returns, enabling them to analyze the current effectiveness of the plan and intelligently make adjustments needed for improvement.
What is an open to buy?
At its core, Open To Buy is defined as a retail inventory management tool that allows you to figure out how much inventory you need to purchase initially and on a monthly basis to meet your sales projections. ... That's not to say that retailers only need an Open To Buy plan to be successful.
What does open to buy mean?
An Open-To-Buy relates directly to retail merchandise, is structured specifically to address the needs of retailers, and is a tool designed to assist retailers manage and replenish their most significant asset, their inventory investment. An Open-To-Buy is a budget, and involves the full range of budgetary functions.
How do you calculate open to buy?
Sales + Ending Inventory Beginning Inventory = Purchases (Experienced retailers recognize this as the basic formula for Open-to-Buy, which can be worked in units, at cost, or at retail, depending upon which is easiest and most useful to you.)
How do markdowns affect open to buy?
Remember, you also need to factor in any markdowns into your Open To Buy plan and treat them as you would a sale, considering that they also result in a reduction in stock. If you fail to do so, it will affect how much merchandise you bring in and can ultimately leave you with too little or too much on the shelf.
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