Inventory management is one of the biggest challenges of a retail store, be it a single store or a chain of stores. Being able to successfully determine the correct inventory levels is a puzzle – one where you get amply rewarded when you master it.
Too much of inventory results in tied up cash and interest, insurance & taxes, storage and handling costs, damage, loss and spoilage costs. Too less of inventory results in lost customer resulting in lost revenue and profits.
An efficient inventory management system works for you to keep right inventory resulting in increased profits and satisfied customers. It ensures quick turnaround, minimal holding cost and maximum customer satisfaction. the right inventory levels are determined based on several considerations, like effective lead time, inventory buffers, smart operating practices, dispose of dead stock, analyzes past performance and adapts current trends.
When you decide on buying a retail software, you must ask detailed questions about the inventory management features of the software and whether it limits itself to reporting stock position or it helps you to determine the ideal levels and advises for placing orders at the right time in the right quantity.
FusionRetail software has extensive inventory management features integrated – click here to find out more.