Good Inventory Management is essential to Success
For your business to do well, you must have the capacity to handle your inventory correctly. While it is the most crucial job a retailer faces, inventory management isn’t a simple matter to deal with at all. First, there is the magnitude of the undertaking. Today, an average convenience store carries approximately four thousand goods. Given that most convenience stores are usually single store operations or small chains, there are usually not a whole lot of resources available to tackle the inventory management matter. For a single store operator, it may be practically impossible to do the task proficiently.
On top of the sheer scale of the inventory management dilemma is the unpredictability of inventory pricing as well as the great variety of promotions the average store manager must supervise. Prices change with great frequency, making price book administration an arduous and time consuming endeavor. The deals available from vendors for the modern day convenience store can provide an important competitive tool, yet controlling inventory and margins on the various deals to choose from is rather complex and will result in difficulties in properly tracking stock levels and margins.Want to know more click here.
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The job is definitely large and complicated, but it needs to be done. The alternative could be the chance of critical financial problems developing quickly as cash flow becomes tied up in under performing stock and margins become harder and harder to trace accurately. Then there is a time element to cope with. As opposed to other investments you could make, inventory literally decreases in value the longer you hold it. Too much stock present makes theft simpler to disguise and holding products in the store for too much time obviously contributes to spoilage and obsolescence.
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This is certainly a scenario where store automation becomes important. One outstanding store automation tool that will improve inventory management performance is the C-Store Office back office system from Petrosoft. C-Store Office facilitates scanning out of the retail store on all main POS systems now found in the fuel sales environment. So it can easily report all item sales at item level on every single shift.
C-Store Office also will accept electronic invoices from any vendor which come into the C-Store Office system at item level with very little effort on your part. Petrosoft also offers an exceptional paper invoice processing program in which we take the paper invoices and transform them into electronic invoices including item level info, too. With all purchases and sales being registered at item level, it\’s easy to obtain total insight into your current inventory. Over stocked and under stocked products become promptly visible and dead items can be exposed with the click of a mouse. Owners begin to have the ability to deal with products in a more efficient manner than previously; to ensure that inventory quality is greatly improved upon while slow moving as well as dead items are regularly eliminated from your shelves.
C-Store Office also makes use of its in-depth and complete inventory knowledge to generate automated orders in order to make sure your purchasing depends upon real buyer demand, not guess work. By using C-Store Office, excellent inventory management becomes a sensible goal for any size company, and a primary factor in increasing the profitability of your business.