08 Jul
Get started with inventory management the easy way by learning the ins and outs of cloud-based Retail POS software. With so many features and functionalities to choose from, it can be hard to narrow down your list of what you’re looking for in an ideal system. With this checklist of 4 ways to master inventory management with Cloud epos software, you’ll be able to breeze through your next purchase order and never worry about running out of supplies again!
Why should you care about inventory management?
If you’re in business, then you care about inventory management. Why? Because an efficient and effective inventory management system helps ensure that your products are always on hand when customers come calling—which means more sales. The best way to keep inventory levels high is by managing them with an enterprise-level cloud-based point of sale (POS) solution.
Proven Tips for Managing Inventory Effectively with Cloud-Based POS Software
Whether you’re just starting out or have an established business, one of your biggest struggles will be managing inventory effectively. While simply keeping track of what you have in stock sounds easy, it can actually be difficult to maintain a running total with complete accuracy. These four tips will help you manage inventory more easily and successfully with cloud-based inventory management software.
1) Plan ahead with forecasts
Big data plays an important role in forecasting, helping you predict what your future inventory will look like based on current sales and other factors. The best inventory management software packages are loaded with powerful analytics tools that let you see what your customers want and when they want it—allowing you to order enough of that product for tomorrow’s expected sales, but not so much that there’s no need for more later.
2) Know the true cost of inventory items
Make sure you have visibility into where costs are coming from with your inventory items. For example, you may have an item on your shelves for $5, but if it cost $2 to purchase and $3 for shipping and handling, then that’s actually costing you $7 per unit instead of just $5. Knowing these types of details helps you better understand what’s driving up your costs and lets you find ways to cut them down.
3) Stick with reorder points that make sense
Set up your inventory with reorder points that make sense for your business. To do so, look at how frequently you sell each product or track how quickly you use each item (for instance, toilet paper) and set up your system based on those numbers. A good rule of thumb is that any item you purchase in bulk should have its own reorder point. Also, consider setting up different reorder levels for different types of products; for example, cold medicines can be more easily purchased in high quantities than art supplies.
4) Track what’s available, not just what’s sold
One of your top responsibilities is making sure your business doesn’t run out of inventory. That can be tricky if you don’t have what you need. To solve that problem, it helps to know how much stock you have on hand, where it is, and how long it has been there. The best inventory management software provides these tools and more.
Retail businesses can streamline their operations and save money with Hana Retail as their cloud-based point-of-sale system. Hana Retail will do everything from inventory management to customer relationship management, saving you time and increasing your business’s productivity. Get started on your free trial today!
