Monday, October 28, 2013

Inventory Management is an essential part of Retail Management

Importance of Inventory Management

In a retail Store, managing inventory is very crucial and an integral of store management.

Inventory management involves different tasks like Product conversion, Issue Location Transfer, Receive Location Transfer, Reconcile Current Stock, Shortage, Surplus, Opening Stock Entry, Reconcile Opening Stock, Calculate Stock Value and much more. 

Above mentioned details are used for effectively managing the inventory.

Inventory management can be broadly classified in two ways:

Decentralized: Where in Purchase of inventory is done at individual store levels

Centralized: Where in Centralized purchase is done and then the inventory is distributed among the stores.

Inventory management is done to have the optimum count available, so that the customer always have the availability of products which will help retailers to provide a better experience to the customer through availability of stocks.

But not only stock availability is important but the availability of fresh stock is as much important as well, today consumer prefer to buy the best for his family and himself, and never minds checking the expiry & manufacturing date of the products. Thus rotating stock and keeping fresh stock is as much important as having the availability of the stock.

RetailGraph Helps retailers in managing the right inventory based on analytic of the buying behavior and pattern of the store.

Inventory management challenges are different for different industries, and varies from industry to industry.

RetailGraph support different trades and and helps to mitigate these challenges, It provides the following reports which will help in Inventory Management and control.
  • Sales and Stock
  • Sales Details
  • Stock Details
  • Stock Ageing
  • Non Salable Goods in Stock
  • Hold Stock
  • Non Moving Items
  • Excess Stock 
  • Expiry Details
  • Near Expiry Goods Purchased
  • Vendor wise Near Expiry Analysis
  • Reorder Details
  • Fast Moving Items
  • Min Qty Best Reorder Details
  • Product Wise Stock Transfer
  • Stock Ledger
  • Adjustment Reports
  • Indent Report
  • Stock Transfer Report
  • Price List
  • Stock Valuation Reports
These reports provides a detailed insight view and analysis of the the Inventory and provides right direction to measure and control the optimum inventory level, which in turn helps in increase of profitability.

Through these reports and their analysis "RetailGraph" provides a lot more insight and helps to the store owners and facilitate them with the power of analysis.

Benefits of Inventory Management through RetailGraph:
  • Inventory Balance
  • Inventory Turnover
  • Repeat Customers
  • Accurate Planning
  • Warehouse Organization
  • Employee Efficiency
  • Inventory Orders
  • Inventory Tracking
  • Time Saving
  • Cost Cutting
Hope you have liked the blog. Please share your comments.

RetailGraph Team

SoftWorld (India) Pvt. Ltd.
21, Sunder Market,
Near SMS Hospital, Jaipur-302004
Ph: +91-141-2577600 (5 Lines) * Fax: 2571882
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1 comment:

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