In-Store Inventory Management System: The Winning Option!

What manager has not dreamed of a sophisticated system for a better management of in-store inventories?

The challenges of in-store inventory management

Most often, it is the visibility of inventories which is the problem. Without automated in-store inventory management, it is impossible to know exactly what’s in stock.

This inaccuracy results in either a lack or excess of current or even obsolete inventory. Many may believe that having an excess of inventory is more desirable than having a lack of one, however this is false. In the first case, stock is not being used and in the second case, the quality of customer service is affected. In both of these cases, profitability and working capital are negatively impacted.

If customer service gets jeopardized by the lack of inventory, costs may increase following inventory surplus. Build-up of inefficiencies and slowdown of operations ensue, affecting the company’s ability to remain competitive on the market.

It is also important to address the common issue among inventory management systems when stocks become negative. This situation is caused by the system recording a negative number when the quantity that is shipped is greater than the one showing in the system. The difference in these quantities is only likely to get worse over time, especially without any software controls to fix the discrepancy.

Why does inaccurate data show in the management of in-store inventories?

Inaccurate inventory data is a common problem in retail. It is usually explained by the presence of buggy software for which it is not updated as needed, current data is not entered properly or on a regular basis, or failures occur in technical support or software maintenance.

The solution

In this situation, the business manager will need to choose an in-store inventory management system that guarantees:

– Improved inventory visibility

– Reduced management costs

– Increased accuracy in inventory levels

– Streamlined handling

– Improved monitoring

In short, a fully integrated solution that includes an inventory management and accounting module along with replenishment of goods is the answer. All of this is offered by a software suite such as erpwizard, which will improve productivity and efficiency, reduce costs and provide excellent customer service that sets your business apart from the competition.

In regards to the in-store inventory management solution, it is important to make sure that it allows employees to do more with less and it can easily adapt to changing market conditions.

In-store inventory management

To manage inventories more efficiently, companies must get a wireless data collection system that offers improved performance and barcode data scanning capabilities.

Depending on budgets, the optimal solution is to use an RFID (Radio Frequency Identification) system. However, implementation, initialization and recurring costs (such as those related to supplying the RFID in labels) make it unaffordable to most SMEs. For this reason, small and medium-sized enterprises prefer a more budget-friendly barcode reading solution such as WIMS 2.0. To take advantage of it, they must nonetheless ensure that products are barcoded.