Improving stock control performance leads to higher profit margins, increased sales, and better customer service for your retail operations while reducing costs.
Investing in retail ERP software that assists with advanced stock control functionality can digitise, optimise and automate the critical inventory management process. Here is how:
Integrate inventory data
Stock control needs to take priority in retail operations to provide accurate inventory data that is shared and processed throughout the organisation, from procurement to distribution. If the data is not reliable or is incomplete, cannot be accessed or shared when needed, the entire business operation will be affected.
If you are using multiple systems to conduct your retail operations, ensure first-hand that your stock management functionality can integrate well with your other business processes.
However, a fully-integrated ERP software solution offers business owners a comprehensive view of all business operations, which includes efficient stock control and inventory management. A cloud-based solution ensures that stock control data is easily accessible.
Automate stock control
Poor stock management can cost organisations substantial revenue and clientele loss. If you are still managing retail stock by using outdated systems or even spreadsheets or paper documents, your business is wasting precious time by dealing with manual or old-school processes.
Retail ERP software is critical in transitioning from ineffective manual stock control to an automated system. This move will lead to higher productivity rates and reduced time wastage. By automating stock control, your business will no longer be challenged by data duplications, product information re-checks, and omitting, misplacing or losing vital information of worse, lacking in offering exceptional customer service as a result.
Monitor stock turnover and performance
With a retail ERP software, your business can easily track stock movements and performance, identifying under-performing stocks and best-selling inventory, monitoring all suppliers’ performance and key data such as delivery and receipt dates, and stock condition.
Automated stock management can provide these essential statistics, allowing management to make more informed decisions about costly inventory space and stock replacements. An integrated retail ERP system will be able to extrapolate the data for up-to-date financial reporting and sales predictions.
Contact us HERE to discuss a tailored retail ERP, stock control and inventory management solution for your business.