Manage your inventory effectively!
The retail industry is experiencing a revolution! With the changing phase, retailers are hurrying up to recognize the trends that are essentially transforming the business. These are definitely moving ahead of the practices that are old-fashioned and irrelevant.
The renewed business concept is increasingly becoming a pivotal feature for numerous retailers and to provide customers with a unified brand understanding all across all assigned channels – digital, store, mobile, social and possibly many others to come.
Though, there are noteworthy operational implications for inventory – which is one of the most significant assets on a retailer’s balance sheet.
Managing your inventory is almost becoming a fine art –
Active and operative inventory management would entail a core team of planners and allocators for several engagement channels. These are expensive and laborious. New technology helps retailers manage inventory effectively with efficiency.
Managing stocks effectively –
Limited inventory can lead to unsatisfied consumer demand and lost sales prospects, whereas too much can diminish margins, as heavy discounts become necessary to clear outdated products.
These could result to consequences that retail managers might not use traditional methods to measure enhancement in inventory turnover since customers increasingly engage with and purchase from any channel.
Technology plays a crucial role –
To gain transparency and operational efficiency in supply chain – agility, flexibility, and interoperability of tech-forward inventory and operations platforms is required. To make the most of cost-effectively while meeting the demands of today’s clienteles.
It is mandatory to sync all your accounting, purchase orders, sales channels, POS systems, warehousing, shipping and fulfilment technologies. SaaS programs are equipped to streamline your current tools into a customized, automatic, and scalable system.
The automated and centralized systems enable retailers to correctly track inventory and business data across all sales and fulfilment channels. Having purchase orders, stock counts, sales data, and shipping and fulfilment information in a single location has assisted customers improve inventory and operational efficiencies.
Modern software eliminates much of the everyday supply chain trials and choices, because inventory decisions depend on verified algorithms rather than speculation or overpriced trial and mistake.
Do you know how much your current inventory processes are truly costing you? Get a free trial to see how inventory management can be centralised and thereby providing the efficiency and visibility your business requires for success.