Before starting, what is an inventory? An inventory is defined as a complete list of goods in stock. For managers and retailers of all sizes of businesses, managing the inventory on different levels and tracking the goods throughout the supply chain is a very tiring task.
In order to overcome this difficulty inventory management, and in consequence the inventory management software, was introduced. Inventory management deals with specifying the shape and percentage of stocked goods and with the overseeing and controlling of the ordering, storage and use of the goods. It also helps in demand-forecasting. Let us look at some of the advantages of implementing inventory management software:
It provides support for OEM/EN barcodes.
Displays images of the goods.
It provides a mass-update of item masters.
It provides product details with multiple categories like brand, size, design, colour, etc.
It can maintain multiple units, sites and stock points.
The inventory can be valued in just one click.
Helps in effective task management. It includes Tax Master with Tax Jurisdiction, VAT/CST auto calculation, and Tax slab mapping for pricing based VAT calculation.
It has a strong assortment concept for the setting up of promotions and other actions.
Also has assortments and article based inventory planning.
Helps in effective tracking of good via goods-in-transit reporting.
An inventory management software and a retail point of sales software together make things at the point of sale much easier and technologically organized. This system is usually implemented at the cash counter. Let us now look at a few advantages of the retail point of sale system:
It is efficient while collecting tender information like redeeming loyalty points, gift vouchers, etc.
It can directly scan barcodes.
It can use the OEM code instead of creating a new code in case the item was purchased with the OEM code.
It can block sales if the inventory is zero.
It can check the stock of a product at other stores online.
In case a customer has never shopped there before, their details can be downloaded online.
Helps greatly in data synchronization. It automatically performs updating of the sale and stock back to the retail head office.
It is very secure. It does auto backup.
The retail point of sale systemallows customers to shop in different departments and then collect the items at the cash counter using a delivery slip.
If a store is a franchisee store, the POS helps in controlling stocks without affecting the accounts. The promotions, pricing, security, etc., can be centrally controlled.
Technology and automation have helped businesses grow and improved processes. These two systems have improved retailing in a big way, encouraging and taking care of more customers than ever before!