Automated stock reports may cost money, but how long do you suppose it will take your company to recoup the cost of retail software?
Investing in new technologies and processes can always be a bit of a wrench for growing merchants. On the one hand, there’s the expense to consider - can you really afford another outgoing on top of your other monthly expenses? On the other hand, however, it’s important to bear in mind the potential benefits that an investment in retail merchants software could have on your firm.
While some technologies and processes will prove to be unnecessary expenses, others will lead you to wonder how you ever got by without them in the first place. Take automated stock reports, for instance. There may be an initial cost involved in establishing these processes in your retail stores, but how quickly do you suppose you’ll recoup that expense through business savings?
Anyone who has worked in retail will know the pain of conducting a manual stock count. Every now and then the boss will decide that it’s time to review the company’s stock, and without automated stock reports, that means it’s a case of counting and logging all of your products by hand. Inevitably, this process takes a great deal of time and effort, and naturally, the shop isn’t going to run itself in the meantime. Manual stocktaking necessitates the transfer of human resources from their day-to-day roles to the task of stock counting and logging, while some employees will need to be brought in on their days off and even paid overtime for the privilege. How much do you suppose manual stocktaking costs you over and above your standard retail hours each year?
It may seem simple from the outside, but stocktaking can actually be a rather complicated process. Not only must you count up all the unsold items in the deepest recesses of the stock room but you must also count the products on the shop floor and on the shelves, besides those that are being used in displays and on mannequins, etc. With so many areas to examine and so many items to catalogue, it’s only to be expected that mistakes will be made. Each year, human error costs your company a great deal of money in miscounted stock and inaccurate figures.
Accurate stock levels
It’s crucial that you keep your stock levels accurate throughout the working year, as all kinds of problems can arise should your figures be found wanting. If you think you have more stock than is actually the case, you may miss out on sales and leave customers dissatisfied. On the other hand, however, underestimating stock levels can lead you to order more, spending money on unnecessary products you won’t be able to shift. These kinds of mistakes are common as a result of manual stocktaking, but can be easily rectified with the help of automated retail software.
Automated top-up orders
Once your stock checks have been finished, you’ll have a better idea of what needs replenishing and what doesn’t. Of course, stock replenishment is an ongoing process that you’ll need to keep on top of throughout the year, but it’s easy to let your standards slip during the busier times for your business. If you’re currently handling high volumes of trade, will you remember to put in replenishment orders before you’re caught short and can’t provide customers with the products they’re looking for? With automated stock reports, you’ll have the option of establishing minimum stock levels that, once reached, will trigger an automated top up order to be sent to your suppliers.
Manual stocktaking is fine for smaller merchants, but the second your company starts to grow you’ll need to keep a closer eye on your stock levels and ensure that you’re not making any costly mistakes. Our range of retail epos software provides automated stock reports that can help you keep on top of your stock levels no matter how hectic trade has become. Why not contact us today and find out how our software can act as a lucrative investment for your business this year?
Trader is an easy to use electronic point of sale system designed for the unique requirements of building, plumbing and timber merchants, hardware and DIY stores in the UK and Ireland.
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