Modernize the Inventory Management System
Inventory is a very crucial part in a retail business wherein all the marketable goods are stocked up. There are a huge number of categories of goods that are stored in an inventory. Inventory Management is very important and needs to be very accurate and has no room for error. Accuracy and promptness in keeping a count of the stock, monitoring the movement, or placing orders for restocking cannot be guaranteed if human intervention is involved. So, there is a clear need for a robust system that manages all operations of the inventory.
Retailers who are truly looking at the rapid growth of their business must focus entirely on modernizing their current inventory management systems and upping their inventory-game.
In this article, we are sharing three must-have features in a modern retail inventory management system that are sure to help manage the inventory better and, thus, scale up the retail business.
1. Real-time stock numbers updates
Monitoring the stock movement is a very crucial factor for the efficient functioning of a retail business - it helps retailers gauge insights such as highest and lowest grossing products, fast and slow-moving stock, and the like. Thus, once a purchase is made, it is necessary that the stock numbers are updated in real time. With real-time updates, retailers can track all the factors impacting their business.
Ginesys’ inventory management system, integrated with the store’s POS, gets updated in real time as soon as a transaction is completed.
2. Purchase order placement
Isn’t it a bummer when a product runs out of stock and the customers have to go empty-handed? This situation comes up in case employees do not place the purchase orders for restocking products on time. Because of this, it is better if the inventory has the provision to notify employees to when a product is about to run out of stock or something on similar grounds.
Ginesys’ inventory management software supports the replenishment system by providing a predictive analysis of the demand vs the sales of products, thus ensuring employees have ample of time to place and receive purchase orders for stock.
3. Dedicated/integrated finance management
At the end of the day, the main aim of running any business is to earn profits. The inventory management system should have the provision of integrating with a finance management system or have a dedicated solution. The retail inventory management system paired with the finance management system would help retailers gauge profits earned or losses incurred, track transactions, generate invoices, and manage all accounts-related operations.