While inventory tracking software is a common tool used in many retail outlets from smaller stores to large chains, there are a lot of possible uses of these systems that often go unused or underutilized. Ideally, systems that are simple, intuitive and easy to use are always the most practical and will be utilized by owners and managers.
When business owners and managers tap into the wealth of knowledge provided by the software they are better equipped to make the best decisions, changes and choices to move address inventory surpluses or shortages through one location or across the entire chain.
Know in Real Time
Determining what to put in a coupon, flyer or online sale can be a challenge if you aren’t sure, in real time, where inventory stands. By utilizing inventory tracking software, a few clicks of the mouse will give you immediate inventory levels across stores, helping you to plan sales, events, promotions or to simply move stock at a lower price that is not selling at the current price point.
Lowering the Cost of Overhead
High levels of inventory sitting on shelves in one location or across a chain are a drain on the working capital of the business. By using inventory tracking software, it is simple to quickly see what inventory is not moving and adjust orders immediately based on the actual data of inventory scanned into the location against inventory sold at the register.
POS (Point of Sale) data can be integrated with the inventory software, eliminating the need for manual counts or for tracking in a separate system. By watching the trends and consumer buying behavior using these systems a business manager or owner can also see trends building in real time, allowing the company to boost or drop orders without ending up short of inventory or with items that are no longer trendy.