As we continue with the End-to-End Series, we move on to the topic of retail distribution. In this series, we will take you step-by-step through the supply chain. You will learn how inventory management software can help improve performance across the supply chain.
The series will cover the following: manufacturing, storage, distribution, transportation, retail and reverse logistics practices. Integrating an inventory system across your supply chain can greatly improve performance and boost efficiency.
After the product has moved through manufacturing, storage, distribution, and transportation, it arrives at a retail location. From here, it will be sold to the end consumer. In this phase, managing inventory levels is especially important to ensure you meet customer demand. Therefore, by using the system at a retail location you can improve forecasting accuracy, track trends, and simplify many tasks.
Forecasting Accuracy
Many inventory management systems include auto-replenishment functions. As a result, inventory managers are under less pressure. Also, retail locations can make more proactive customer demand choices. Inventory systems use historical data, min and max quantities, and reorder points to ensure you always have the inventory you need. Don’t leave your forecasting completely up to guess-work. These systems allow you to make educated decisions in a timely manner.
Track Trends
Using an inventory management system makes analyzing inventory simple. You can optimize your inventory levels by tracking your current and historical orders all in one place. As a result, you can streamline your operations and improve efficiency. These insights will also help you reduce lead times and increase inventory turnover. However, be sure to monitor trends closely to avoid over or under stocking products.
Simplify Tasks
By using scanning with your inventory system you can simplify many daily activities in your retail location. Furthermore, you can integrate your POS system with your inventory system. This will allow you to complete a sale and update all inventory information with one scan. Through these integrations, you eliminate human error, reduce labor costs, and simplify your selling process.
As a result, your retail operations will become more efficient with inventory management and scanning capabilities. Forecast more accurately, track trends and simplify daily tasks. Implementing an inventory system at your retail location can save you time and money.
Throughout this blog series, we have been able to see how interconnected the supply chain is, and how implementing an inventory system can help at every stage. In two weeks, we’ll finish up the series and go over how you can tie all your operations together and improve your reverse logistics with an inventory system.
