The Basics of Inventory Management
In today’s world, it is completely impossible to run a successful business without the proper use of inventory management system. In most firms, inventory control system management refers to the ways logistics are handled in the company. Inventory control system management is nothing but management of logistics and the process of eliminating general competences in the company. It refers to the processes of how the different suppliers and the whole network thereof are managed. The overall aim of inventory control system management is to produce effective and efficient operations. The value of inventory control system management goes up all the even more in retail chain organizations. This is due to the fact that every retail chain organization works with a number of suppliers at any given point in time. All retail firms have to make a conscious effort to integrate the logistics, distribution activities with the suppliers, and the manufacturer’s overall efforts.
Tracking inventory can be boring work, but it’s vital to running a business. Inventory management systems are designed to handle most of the administrative work, making it easy to put an important part of your business on autopilot.
Inventory management system is a software application that automatically updates your inventory as sales are made and items are shipped. It monitors your supply in real-time and helps you plan purchases from wholesalers and manufacturers. Perhaps most importantly, it’s a tool that helps you keep a finger on the pulse of your cash flow.
When you think about growing a business, you might first think about offering new products or finding new marketing channels. Improving your inventory management might not be at the top of your list, but there’s compelling evidence that it should be.
A good inventory management system can help your business in three key ways:
- Save Time: Instead of spending hours auditing and tracking inventory on a periodic basis, you have have a dynamic look at your business. You’ll know when you’re running low on a product, so you’ll never keep customers waiting on their orders.
- Cut Costs: According to the 2016 National Retail Security Survey, 16.5% of inventory “shrinkage”—i.e. lost inventory—results from administrative and paperwork errors. This results in costly audits and lost time. The most efficient way to manage inventory is to automate it.
- Budget and Forecast: Real-time data helps you make decisions about purchasing and sales. You’ll know what products your customers love and which suppliers are slow to deliver.
Choosing the right inventory management system depends on your business. Real estate investors carrying property as inventory are very different than a tech company selling smartphones in 10 countries. And that is very different from a bakery selling perishable goods or a distributor selling sheet metal.
In each case, a clear look at the products coming in and going out helps the people in charge make strategic decisions. While most businesses start by managing inventory in an Excel spreadsheet (or in the CEO’s head), software usually takes its place as the supply chain grows in complexity.
Shopping Centres Inventory Management
Attracting customers to their online sales and marketing venue is a major challenge for shopping mall owners. Consumers have become more used to Internet and mobile technologies, and many prefer the convenience of using retail store software.
The retail market faces several challenges in implementing shopping centres inventory management software for well-planned sales and marketing campaigns. Some of the many challenges include:
- How do you face retail slowdown?
- How can you deliver a convenient shopping centre application experience?
- What are the best marketing and branding strategies to make customers want to come to you?
- What’s the most cost- and time-effective way to implement sales and marketing?
- How can you effectively increase a returning customer base?
- How do you manage commercials and events? What’s the most effective way to reach customers with news and promotions?
- How can you manage sales and marketing agents for each individual customer?
At Uinventory we understand these challenges and provide unique and customized shopping centres inventory managemnt software solutions.
Benefits of Mobile Shopping Centres
- Smartphones are everywhere!
- Mobile technology is easy to use.
- Customers are in charge of transactions with mobile technology.
- Sales and marketing agents will develop relationships with and an understanding of the needs for each customer.
- Staying connected with your customers is easy.
- Increased customer satisfaction.
- Empowered customers, employees and merchants.
- Saved costs and elevated ROI.
Shopping centre inventory management solutions include competitive strategies using the latest technology and standard practices. Major store management software functions include positioning, zoning, operation management, online sales and marketing management, accounting and inventory management, promotions and most importantly customer service.
Uinventory can provide a complete shopping centre inventory management system project study, feasibility study, gap analysis and implementation of a retail software solution during pre- and post-opening of your shopping centre.
Whether you’re running an ecommerce site online or you’re the proud owner of a brick and mortar store, good inventory management is essential to the success of your business.
Is your spreadsheet system failing you? Are you finding it difficult to identify your best and worst sellers quickly and easily? Do you wind up with way too much or way too little inventory? Are customers placing orders for items that are out of stock?
Your shopping centre inventory management system should be designed to make your life easier and your customers happier.
Setting Up and Organizing Your Products
The first step to solid inventory management is setting up and organizing all your products in the system you’ve chosen. And there’s more to it than just assigning a barcode and giving each product a name. Think of classifications that make sense in your business.
For example, an inventory management system lets you group products by category, type, season, sale and more. Automation is a breeze when you use smart collections to sort products according to price, vendor and inventory level. And there’s no limit to the number or type of products you can set up and sell through your online or retail store.
Managing Product Variations
Is your ceramic bowl available in multiple colors? What about all the sizes that featured pair of pants comes in? Can customers order the kids’ backpack in leather, canvas and ballistic nylon?
Managing several variations of a single product can be tricky if you don’t have a proper inventory management system in place. With your software, you have free reigns to offer any number of versions for a single product to reflect different sizes, materials, colors and more. And every variation can have its own SKU, price, weight and inventory number.
Assigning Barcodes
Whether you have existing barcodes to be assigned to specific products or you need to create brand new barcodes for fresh inventory you plan to stock, shopping centre inventory management system should be flexible and accommodating. Use barcodes to keep track of every product you sell and get wireless barcode scanner to ring in customer orders instantly on the spot anywhere in your store.
Tracking Stock Counts
Especially in your ecommerce store, failing to track stock counts can be detrimental to your online business. You’ve probably had it happen before: a customer is happily shopping on your site and places an order for a product they really want. Little do they know that behind the scenes in your warehouse it’s out of stock! And this wasn’t reflected on your website because you don’t have a tracking system in place. Big no no.
With shopping centre inventory management system, you can seamlessly track stock counts, set up automated reminders to place orders or to manufacture more product when the count hits a certain number, and update inventory numbers when you receive a new shipment. Never let customers order out of stock items again and stay on top of inventory so you can avoid finding yourself with too little or too much stock on hand at any given time.
Inventory Management Apps and Plugins
There’s an app for that!
Whatever you can think of that might make your life easier when it comes to managing your inventory, with numerous inventory apps and plugins to choose from, you can sell across multiple channels, set up reminders, automatically request product reviews from customers and so much more.
Gaining Insight into Your Inventory
There’s a lot to be said about a business owner who knows and understands their inventory. Does your product line follow the 80/20 rule? Which products produce the highest demand? Which are less popular? How does your inventory management reflect these trends?
Shopping centre inventory management system helps you see exactly how your inventory is moving. Why does this matter? Because it can help you plan future orders, forecast sales, create successful marketing campaigns and design special promotions around your inventory numbers.
The Benefits of a Good Inventory Management System
If you’re having inventory problems, it’s time to explore different solutions. Inventory issues can cause wasted time, overspending and process inefficiencies in your business.
A few of the most significant benefits you can expect from a good inventory management system include:
- Never again over-order
- Avoid tedious inventory recounts
- Eliminate any chance of wasting money on slow moving products
- Improve efficiency and productivity by implementing devices such as barcode scanners
- Remove error-ridden manual processes
- Get loyal and repeat customers by always having the products they want on hand
Ready to Take a Step in the Right Direction?
If you’re tired of dealing with inventory issues in your business, learn more about Shopping centre inventory management platform. Find out exactly how our system can help you run your business more efficiently, avoid wasted time and money, and attract paying customers again and again.
References
http://www.alliancetek.com/malls-management-solutions.html