In retail, managing inventory is an important part of the supply chain. After all, if stores have no inventory, then there will be nothing for customers to buy!
When inventory runs low, restocking typically entails manually calling suppliers and making a purchase order. However, this approach can prove detrimental if suppliers are not able to fulfill requests in a timely manner. In these cases, retail managers must often call several suppliers to find one that can provide optimal stock levels.
As you can imagine, manually calling suppliers can be quite time-consuming and distract managers from the tasks that really matter, such as supporting their staff and helping customers. That’s why we suggest implementing an automated inventory management system.
The benefits of automated inventory control are plentiful, but here are our top three:
1. Save Time & Boost Efficiency
When product runs low, stores reach a “reorder point” where supplies must be replenished. Managers usually consult their list of suppliers and contact them one by one to determine whether they can deliver new stock, and when. It can be time consuming to contact multiple suppliers whenever items run out, especially when the store is busy, and there is plenty of room for human error on both sides when discussing inventory data. For instance:
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A manager might read inventory numbers wrong and order the wrong item.
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A manager might attempt to estimate demand forecasting based on past trends, but may guess wrong without the aid of automated inventory software.
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A supplier might mistakenly provide stores with an incorrect total regarding their available stock, or an incorrect price.
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A supplier might make a delivery estimation that is inaccurate, leaving the store without stock for longer than expected.
An automated inventory management system easily allows retailers to analyze their current inventory numbers and send messages to suppliers with their need. In turn, suppliers can easily respond with their product availability levels in real time, reducing the time managers must spend on the phone, and eliminating the guesswork.
2. Protect Your Information
Inventory records must be stored safely to protect against security risks for both your business and its suppliers.
With our automated inventory software, your data is protected by ISO and TX-Ramp certified security system, and all message transmission is encrypted. This means your supplier data and all communications and transactions with them are kept confidential.
3. Generate Precise Reports
Manual inventory sourcing methods provide no records of interactions with your suppliers—only those noted down at the time. Regrettably, this is another area in retail that is vulnerable to human error, as the various limitations of an individual’s hearing, mental processing, and memory means there are no entirely accurate reports regarding:
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Which suppliers were contacted and when.
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Whether suppliers were able to provide the necessary inventory items.
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How many inventory items suppliers have available and at what cost, including any discounts your store might receive for buying in bulk.
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When your store can expect a shipment.
It’s a lot to take in, and in a bustling store, details are easily misheard.
Our automated inventory solution will generate reports automatically once it sends out the inventory sourcing message. You can analyze these reports to determine how recipients are interacting with your messages. These reports can also provide you with valuable information such as the messages’ open rates, click-through rates, as well as any responses that may have been received by the solution.
Looking to implement inventory automation in your store?
These are only a few of the many reasons to choose an automated inventory management solution. Still curious about how our hyperautomation platform can benefit retail businesses?
SimplyCast has the solution. We have applied our experience with email marketing automation to inventory management and sourcing. Our Contact Management and Recall tools can be used by any business or organization to regularly replenish inventory stock, all from your very own device.
Don’t waste time and money on multiple tools and expensive hardware; reach out for a demo with one of our experts today to discover how your business can leverage automation!
