7 Reasons Why Robust Inventory Management Software is a Must for Retailers

7 Reasons Why Robust Inventory Management Software is a Must for Retailers

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7 Reasons Why Robust Inventory Management Software is a Must for Retailers I have a great husband and sometimes he insists on going grocery shopping for me on the way home from work. I text him my list and inevitably he comes home with a trunk full of groceries.

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Published 17 June 2015
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7 Reasons Why Robust Inventory Management Software is a Must for Retailers I have a great husband and sometimes he insists on going grocery shopping for me on the way home from work. I text him my list and inevitably he comes home with a trunk full of groceries. Here’s the thing: he’s not the one that does the cooking. He’ll buy crackers the kids don’t like, four heads of broccoli to add to the three that are already in the produce drawer, or three bags of chips when I’m trying to get us to eat healthier. All of these extras that weren’t on the list add up to kill my budget (regardless of the good deal he thought he got.) Now, I probably sound like a completely ungrateful wife, but here’s my point: if you have a basic point of sale & inventory management software system, you are in the same boat but on a much bigger scale. You’re probably overloaded on certain products, you might lose a sale if you’re out of stock on an item, or you just might be predicting trends on your best guesstimate. While I might be over 30 bucks when my husband shops, an out of date or minimal inventory management system could be costing you thousands (if not tens of thousands) of dollars.
Here is what the right inventory management software can do for you: 1.Performance insights– It is vital to know what sells, what doesn't, and how to optimize sales based on data. 2.Internal System Controls– Even when you are not in your store, you can easily manage people, processes, and products. If you want your business to run like a well-oiled machine, this is how you do it. 3.Inventory Control- Use data to your advantage to know and control how products flow in and out of your store(s). 4.Automation- Save a lot of time and money by reducing errors and increasing efficiencies so you can concentrate on doing what you love: running you store and selling product! 5.Reduce Shrinkage- Use data to find holes and plug them quickly so you don't compile losses due to theft.Statistic Brain Research Institutesites that 7 percent of annual revenues are lost to theft or fraud. Moreover, 42.7 perfect of inventory shrinkage is caused by employees, while only 35.6 percent is from shoplifting. Don’t you want data to prevent your company from being included in these numbers? 6.Demand Forecasting– When you have accurate knowledge of your customers you can stay ahead of the competition and sell more product. This is also great when planning for seasonal items. 7.Peace of Mind- With the right inventory management system, running your store will bring little stress and lots of bliss. You can base your decision making process on current facts and not intangible hunches.
If all of this seems too good to be true, too complicated to learn, or potentially too expensive, then you haven’t checked outVend’s inventory management software, which you can dohere. By using the inventory management and other point of sale software tools provided by Vend, you can stay on top of your business while actually saving money on wasted inventory and adding more dollars to your bottom line with much less time and stress. To learn more, check outVendtoday.