Get More From Your Inventory Management
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Benefits of adopting advanced inventory control:
• Increased cash reserve
• Improved cash flow
• Safeguard against stock obsolesce
• Increase complimentary items, increasing units per transaction
• Track order to delivery to pricing variances
Optimizing your inventory levels serves many purposes, the most important being that it will increase cash reserves and improve cash flow, safeguard against stock obsolesce and allow you to extend your offerings to include complementary products.
Reorder level reporting will allow retailers to order just enough to meet their anticipated demands over a shorter frequency and can generate and transmit purchase orders to vendors. A reduction of your order frequency from Quarterly to Monthly can free up capital equal to as much as two thirds of your inventory investment.
Using the integrated purchase order function completes the cycle from creating the purchase order to receiving merchandise and printing barcode labels. Reports are provided which show cost variances and unfilled orders to keep you informed of potential issues. In addition Periodic Sales also reflect the pending PO’s making review your stock and replenishment levels a snap.
Some other things that you can do to generate better inventory control is to increase the segments or attributes that are associated with each SKU. Using attributes you can make sure you have the proper style and color mix and using segments will allow you to make sure that you have you have both a good substitute and complementary mix. Having a good product mix is key in increasing your units per transaction. Customer Activity reporting will also provide you valuable information at a customer level in predicting demand on new products.
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