11 Mar Retail Inventory Management
Why focus on retail inventory management?
If you are a multichannel global retailer with stores around the world and operating in many different verticals it will be no surprise to you the key challenges which come with retail inventory management and the reasons why a system which has data integrity can help from central data management, product classification & attributes, real time inventory and ease of management across your multichannel portfolio.
Central view of information
Retail inventory management systems offer one place to view all information. Key departments can view the data which is relevant to them whether that being the buying team to view supplier performance and product costs, merchandising and allocations for purchasing and stock levels, finance for invoicing and warehousing for receiving all the way through to the web and wholesale team. Removing those multiple spreadsheets across the business can only improve efficiency and transparency.
Product classification & attributes
How a retailer wants to classify their business and the associated attributes they wish to plan and analyze is always made easier by a robust inventory management system. With the ability to group, slice and dice information across the product hierarchies. Inevitably with any new system installation comes a review of the product hierarchies where businesses ask themselves what is important to us a business.
Real time inventory
So many retail businesses today still manage to operate their business without real time inventory. What’s important to understand are the lost sales and customer dissatisfaction this can bring through failed promise to deliver if stock levels are not correct and up to date. This can be overcome with a retail inventory management system.
Date Integrity, One view of data & KPIs
With a robust inventory management system comes data integrity and one view of data across all the system as well as the ability to look at the products performance. When the product was received when it was sold, where it was sold when it was purchased at what price when it was marked down, the margins it achieved how it performed in the overall products performance. Multiple spreadsheets rely on multiple inputs and inevitably the pressures of time mean that these cannot always be maintained accurately a retail inventory management system where data is updated in real time means that the data integrity exists and one view of data is available across the organization.
Ease of management of Multichannel
Management of inventory in a multichannel environment can be complex. Specific information is needed on an item for web activity, wholesale or retail activity and indeed any other channels. Using a retail inventory management system in which you have on central place for all information is priceless!