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Inventory management puts the retailer in control on buying decisions only through planning.
It was a hot Sunday, I and my kid went to a super market (name not disclosed) to get ice-creams. It is very usual that kids will change their mind after entering the shop. He took 2 mini Ferrero Rocher chocolate boxes and wasn’t really interested in ice creams. It was a smooth, nice and good shopping experience until we reached the billing counter.
When the billing operator scanned the chocolate box the software was throwing a legitimate and very simple message “Out of Stock – Ferrero Rocher, Please check with your Store Manager”. The billing operator didn’t even have patience to read the message. She kept pressing some keys and tried scanning the product again and again. Finally she yelled in a highest decibel possible “Software problem – Not able to bill”. Few minutes later, the store assistant (Chief billing operator) came. He politely said, Sir product out of Stock, we cannot bill this. I asked him, How come the stocks are neatly arranged in the shelf but your computer says “No Stock”. He was clueless and finally said, sorry sir! We will check and update later as we don’t know how to do.
To be precise, a retail business of whatever sizes it may be, but MUST be aware of its products and its availability at any point of time. The availability depends on various reasons like popularity, season and should have clear plan on maintaining the stock. The products are nothing but retail businesses assets and it should not become a liability at any point of time and the best way to track them is to have a good POS solution installed and hand counting will not be helpful at all.
If only the retailers get insight information on fast moving products and non-moving products, they can easily plan to make most out of the situation. The Retail POS application should/must help the retailer to keep track of the products at all situations. The POS application plays a major role in the area of buying decisions. The pos solution should help the retailers to plan a profitable decision. It should also help the retailers to minimize the expense and maximize the profit. The understanding can come only with the help of good POS application.
Inventory planning does have the direct impact on company’s revenue and for small business in particular where it relies upon quick turnover.
Contact BPartner Solutions and take control of your inventory through proper planning!