What’s inventory management? Inventory management is the activity of forecasting and replenishing inventory, focused on when to purchase inventory, in what amounts and from which provider. Whether your aim is to simplify your inventory management processes, improve your efficiency, avoid […]
What’s inventory management?
Whether your aim is to simplify your inventory management processes, improve your efficiency, avoid stock-outs and extra stock, employ a lean excellent system, balance the supply and demand or enhance your forecasting or planning, you’re bound to have the ideal inventory management software system for your wholesale operations… So, let’s dive in straight and see how to make informed decisions based on real data and metrics.
Wholesale operations are significantly different from retail performance. The obvious way is that wholesale customers often purchase in bulk whereas retail customers not to. But that difference creates some stark differences in handling inventory purposes between the two business models.
Here are five essential inventory management purposes every wholesale operations supervisor must be proficient at:
1. Vendor management — What so special about this feature? It’s highly possible that the relationship you will develop with the majority of your vendors is long-term. You may buy large volume of product from every vendor at different times in the life span of your wholesale operation, and it is highly possible that you’ll make a number of orders–particularly if goods are selling. So, you will need an efficient software system to manager your vendor relationships.
2. Buy orders — Since you’re ordering products in bulk–since you are selling in bulk–you can’t afford to overlook a single purchase order. To do so would probably lead to tens of thousands of dollars in stock. Unlike some retail operations, ordering one of something isn’t feasible. This fact alone means your potential for loss is greater if something goes wrong.
3. Customer/client management — In retail, it is possible to go long periods of time prior to visiting repeat business from some clients. In wholesale, the very fact that you’re probably selling to retailers means you’ll have a high proportion of recurrent enterprise. You have to pour plenty of your energy into your customer relationships so you can foster along term relationship with your continuing clients while lowering any attrition risks.
Loyalty means longevity and endurance; two essential ingredients for our tumultuous times.
4. Catalog maintenance — Maintaining your product catalogue is of prime importance in wholesale. You could lose some clients with the phasing out of some goods, because many retail operations earn their bread and butter on the prevalence of certain items at the point of sale. Maintaining a fantastic mix of products in your catalogue or line card will make your wholesale performance appealing to more retailers. You have to put a whole lot of thought into the upkeep of your product catalogue.
5. Revenue representative management — When you are dealing with bulk orders, even if you would like your company to scale, you have got to have several agents in the field representing your brand. Being able to manage sales representatives and their productivity is paramount to ensuring they’re promoting your product and are paid fairly for their efforts
Each of the five ERP functions are associated with inventory management on your wholesale operation. Managing your wholesale stock system is about more than simply managing products. It is about managing your end-to-end company data, resources and predictive tools. ConnectPOS wholesale management software and ERP system has been custom-designed to match the particular needs of wholesalers like you. It’s geared towards helping you make informed decisions based on information collected in real time while enhancing the whole value-chain. Moreover, ConnectPOS is notorious for fostering collective intellect, fostering collaborative management, helping its consumer scale-up their business processes in a seamless way on-time, on-budget and on-target.
ERP: Warehouse Management Optimization
Being true is everything when it comes to lean supply, Just-in Time delivery, and cross-channel efficiency. Having a intelligent warehouse distribution software such as ConnectPOS is similar to having Waze to your navigation. As a result of its energetic engine, your stock and precision is under control from one user friendly platform. With the ideal supply ERP system, distributors can avoid costly mistakes found in paper-based and hand written procedures, where there’s ample room for disagreements and mistakes.
Last but not least, Multidev’s cutting edge solutions are mobile-ready, predictive and agile as they are in complete harmony with modern inventory management software systems used by vendors to monitor and track in real time their inbound and outbound warehouse operations.
ConnectPOS inventory management applications is second to none when it comes to live tracking, tracking and managing inventory, vendors and overall operations in the most user-friendly manner. Does your wholesale, retail or internet business platform have a good grip on those five stock management tasks? Otherwise, check out ConnectPOS inventory management system now or call us directly to reserve your free demonstration
►►► ConnectPOS is a cloud-based POS software compatible with multiple platforms including Magento, Shopify & Shopify Plus, and BigCommerce.