Plate IQ's Hot List is a custom report that uses your invoice data and purchasing habits to provide up-to-date intel on vendor pricing. Knowing how Hot List works will help you make better decisions about how to act on the information to proactively manage your costs.
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Hot List monitors vendor pricing based on your invoice data and purchasing habits. It compares the current price for a specific SKU (item) from a specific vendor to that vendor's previous price(s) for that SKU. If a SKU's price increases, the Hot List shows the percentage change in red. If a SKU's price decreases, the percentage change appears in green.
Hot List automatically updates with every invoice processed.
Hot List appears in two places on Plate IQ. First, an abbreviated Hot List is available on the Dashboard:
The Dashboard Hot List defaults to a 7-day view. You can use the drop-down menu at the top to change timeframe of the report. This at-a-glance view displays the item name, vendor, and color-coded percentage change.
For your complete Hot List report, click See more in the Dashboard version or click the Hot List tab at the top of the screen:
Here, you see the item name, vendor, and color-coded percentage change along with the current and previous unit price, the total you've spent on that item during the previous month (the default timeframe), and the projected cost impact of the price change.
On the Hot List tab, you can use filters to view a specific location, vendor, or timeframe:
You may have noticed that Hot List does not automatically show the highest percentage change or cost impact at the top. Hot List defaults to showing a smart sort that's created using several factors including how much the price has changed, how often you purchase the item, etc. Hot List automatically prioritizes items, using multiple factors such as how much you buy, how often you buy, and how large the change is to determine which price changes are most important for you to take notice of and act upon.
To change how the report is organized, click a column header. To switch from an ascending sort to a descending sort (or vice versa), click the header a second time.
Along with displaying recent price changes, Hot List gives you access to the data associated with those purchases. Hot List becomes more granular as you move from the full list to an individual item to the invoices associated with that item. By drilling down to the invoice level, you can get more information about your expenses:
Hot List focuses on tracking vendor prices and bringing relevant changes to your attention. Examples of questions you can answer using Hot List include:
- How much has the price changed for this item since I last purchased it?
- How much of a cost impact will that new price have over time?
- Which item prices should I be the most concerned about?