Legal Obligations In Stock Management

The first reason, perhaps not the most important, but the one that prevents us from giving up, is that it is mandatory. Every entrepreneur must keep an orderly accounting appropriate to the activity of his company that allows a chronological follow-up of all his operations, as well as the periodic preparation of balance sheets and inventories.

He will necessarily keep a book of Inventories and Annual Accounts and another Journal without prejudice to what is established in the laws or special provisions. In this way, all organizations (SMEs, Micro-SMEs, and the self-employed included) must carry out a physical inventory by the end of the year to present said book.

Accurate Stock Control Key For Companies In The Retail Sector

Over time, it is common for part of the assets to go astray, and where your internal control says you should have 100 units, you only have 90. This is usually mainly due to the following:

• Goods receipts in the warehouse with incorrect information or pending registration. It is not strange that some delivery notes do not coincide with the received material, and this is where an error begins that, if not detected at the time, remains present from minute zero.
• Confuse some items with others. This can occur both in the inputs and outputs of material. If the person in charge makes a mistake, either due to ignorance or due to an error in the pace of work, it can cause a double failure in your stock and can cause a headache even though the product is still in the warehouse; even more so if there is a difference in price between the item we think we have and the one we have.
• Administrative errors in recording amounts. Not only can an error occur in the type of product, but also when reporting the quantities, an error can occur, even though everything above is correct, and where I wanted to put a 5, I put a 6.
• Products that leave the warehouses without registering with the corresponding document. This may be due to employee fraud (or “gifts”) or a clerical error.
• Theft or robbery. It doesn’t sound good, but businesses often suffer from these problems more than we think or would like. External people can cause this, but it is usually caused by internal staff.
• Throw away products no longer valid for the company’s activity without giving the corresponding cancellation (expired, with defects, etc.).

What Costs Do We Avoid With The Digitization Of Warehouse Management

This is possibly the most important reason for carrying out this inventory. And is that not having accurate control of the stock of the different materials that you have in your warehouse will generally translate into costs:

• Image costs: when we tell a client that we can supply an item within a given period and that ultimately this is not the case as it is not available, this will inevitably cause a problem of trust in the relationship with that client, even though later it may be more or less sympathetic.
• Costs in time: When discovering where the error has led you to give that incorrect information, different people will have to waste their time. And they will also lose it by having to perform a job a second time to correct it.
• Economic costs: having to acquire the materials you lack may include the aggravating circumstance that the price of that product is higher than what you had valued. This last point is even more sensitive now that the problem of supply and rising energy prices have been a recurring theme in recent months.

Sage 200 Advanced. A Perfect Management System For The Retail Sector

This is the key point that we at Integra like to make available to you. Technology allows us not only to have a computerized record of stock but also to give us the possibility, with an integrated system such as SAGE 200 Advanced, of having all the information connected to all the info: purchases, all warehouse movements, manufacturing, sales, and accounting.

In addition, for those who want to go a step further, this ERP has an integrated solution for advanced warehouse management or SGA. In addition to responding to all the problems I have mentioned, it optimizes resources and simplifies logistics processes. This software will offer these customers:

• Information in real-time and constantly updated.
• Space optimization. In busy warehouses, the WMS suggests possible locations for the products received.
• Improves operator productivity by using mobile devices that speed up processes and allow the optimal route to be calculated in the preparation of orders. This translates into an increase in the company’s competitiveness.
• Full traceability. By giving you control of batches, expiration dates, and incidents in the transfer of locations.
• Reduction of costs caused by errors. Eliminating the use of paper and having automation in operations will reduce manual errors.

Conclusions

Implementing a management system can mean your business’s qualitative and quantitative improvement. The digitization of products and processes is necessary to remain competitive in an increasingly volatile market. We must use technology to make our day-to-day work much easier and more efficient with solutions focused on the retail sector.

Also Read: Marketing Automation Tools To Generate Automatic Leads

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To comply with what is demanded by the actors involved, the technology and innovation departments are in continuous search of new solutions that enhance their logistics, how to show their potential customers the attractiveness of their products through different channels ( physical and online), as well as making the shopping experience of consumers as attractive as possible.

Without forgetting this constant search for new solutions, the main objective of the retail sector is without a doubt that its technological infrastructures, both in physical stores and online, are available 365 days a year to support a business that does not understand stops. And that lives its peaks of activity in contrast to the traditional holiday periods of the labor market.

What Are The Needs Of The Retail Sector

For years, the leading manufacturers, consultancies, and technology integrators have focused on creating an ecosystem that can satisfy all customer demands—relying on solutions, services, and products in onsite and remote IT infrastructures such as Cloud, Cybersecurity, Systems, Communications / Networking, Artificial Intelligence, Big Data, Digital Marketing, RPA, etc.

Within this general portfolio, we could focus on some specialized solutions for retail, with the particularities that each type of product implies and never forgetting that we must facilitate the sale and never interrupt the service.

• Monitoring Of Stock And Environmental Conditions: It is not enough to know precisely the product we have and how it is stored through the use of pallets, shelves, trolleys, etc. To ensure that it reaches the end customer in perfect condition, it is necessary to know the needs of conversation (especially in perishable products or food) in which we store it, for example, in a new area, or transport it.
• Real-Time Monitoring Of Customers Within The Store: From defining the path that our client travels to making the purchase both in a physical store and in an ecommerce to find the key points of the process, to functional solutions with which to control capacity.
• Beacons: Improve the customer’s digital experience within the store by learning from the information provided by online-offline monitoring and integration to improve the shopping experience. Our digital sales channel will increase its weight exponentially in the coming years, but the data generated is also applicable to our physical store. Communication and decision-making must be two-way.
• Customer Service And Support: Omnichannel is the keyword when it comes to customer service. From chatbot solutions to being able to communicate from any digital messaging or social media channel. The retail sector has reinvented itself to be in permanent contact with the consumer.
• B Impact: Our technological solution in Power BI, B impact, will allow you to collect information about the interactions in all the channels of your business to characterize their behaviors and analyze the consumption, habits, and preferences of users.
• Augmented/Virtual Reality: The way of presenting the product to the consumer has changed with the application of new technologies allowing the visualization of main functionalities and characteristics in a more realistic and close way in different formats. A change in perception facilitates the purchase process.
• Digital Signage: This new way of presenting our catalogs and advertisements gives us greater flexibility for the customer and a visual presentation adapted to the screen format that consumers have become accustomed to.
• Customer Lifetime Value (CLTV): Building customer loyalty so that the relationship with consumers is prolonged according to what is planned for our product type is vital for successful marketing strategies in the retail sector. Any plan should include this metric and assess the technology to meet or even exceed initial expectations.

Integra Strategy and Technology are positioned as one of the high added value technology partners for the retail sector, combining these technological capabilities, both general and specialized, and always offering a tailor-made solution for each business.

Also Read: Benefits Of Working With A Top Solar Company

The post Retail At The Forefront Of Technology appeared first on Trends Tech Blog.

The Problem At Hand

With the rising number of cases worldwide, organizations must focus on reducing impacts directly on customers and employees. The retail sector, having already faced consumer loss due to online models, are particularly being affected due to uncertain supply chains. And given the spread of the virus, it is unlikely that life would go back to normal for retailers.

As global and Indian retail markets came crashing down, a number of businesses and start-ups in India applied for business loans in India. This would seem like a good way of side-lining short-term threats, but the need of the hour is to develop long term strategies that work towards business continuity with an eye out for immediate disaster management.

Retailers need to respond to these challenges by adapting to their decisions and processes every day. As the demand across categories keeps on varying, the decision-making process has to be agile and beyond the ordinary.

As such, retail businesses post Covid-19 would find it necessary to transform their business processes into making the right progressive choices, failure in doing so may well cause them to go out of business.

The Solution

Here are some focus points for retailers to look into post Covid-19:

• Increased Focus On Crisis Management
  Almost all businesses have prioritized critical activities and strategize for disruptions in their day-to-day operations. This may serve well but formulating a crisis management plan for these times and also for any such event in the future would ensure business continuity in the long run.
  As the scenario changes everyday, retailers need to make the right choice for store management, logistics, pricing, etc. To look beyond business continuity and focus on long-term crisis management, retail businesses should have a single point of decision making that has a trickle down effect on the entire organization.
• Optimize Operations
  As the demand drops due to the impact of the virus, retail businesses will have to manage short-term expenses, optimize decision-making, and most importantly, give buyers a reason to buy from them.
  In time most retailers would identify which product/service of theirs is most at risk and so the pricing, marketing, and logistics should be adjusted accordingly.
  In the worst-case scenario, the demand could drop considerably that retail owners can only focus on the day-to-day working of their business. Of course, this may be a little far-off, but it is not improbable! Planning for worst-case-scenario situations can help you deal with crisis situations with a trained staff. If you think about any such possibility may arise soon, you can consider shoring up your cash reserves, or apply for business loans in India.
  Planning for survival on bare minimum can give you precious time to deal with similar emergencies more comfortably.
• Planning For The Long-Haul
  The retail business post Covid-19 has been hit hard! As such, retail businesses need to manage their finances not just in the short run, but also on the long haul. One should not look to cut costs today at the expense of a thriving business tomorrow!
  All ongoing initiatives should be re-evaluated and new ones which focus on the long-term growth of the business should be considered strategically.
  In other words, retailers have to tread in between short-term survival and long-term success. This can only be achieved through efficient forecasting and effective strategic planning for business growth.
• Tap Into Opportunities
  So, what if a retail business shuffles up every policy and it still doesn’t bear any fruits?
  If the demand does come to you, it is better to shift yourself where demand already is! Shifting your focus to new technologies or integrating a new software in your business process can give the boost your business may need. Identify new demands in the market for a trendy product or process and see if they can do you any good.
• Create Brand Visibility And Image
  Retail businesses post Covid-19 have to focus on creating a value addition to the society as a whole. In this time of fear and anxiety over what happens next, businesses can go a step ahead and create brand visibility through positive enforcement of strategies like charity or donations to the medical sector to help them contain the situation.
  This may sure seem as an addition to an already burdened finances of a retail business, but a positive brand image, regardless of the times we live in, will always be a huge motivator to the consumer to buy from your business.
  If you’re short on funds and your predictive analysis of the near future seems optimistic, you may consider applying for business loans in India.
  Business loans in India can be availed from Banks, NBFCs or private lenders.
• Personalized Customer Relations
  During these uncertain times, it is important to serve the customers with a personalized approach rather than a generic one.
  Buyers like to feel special, which gives them a moral reason to buy from you again and again. While tapping into new markets can be advantageous, it is equally important to retain customers.

Retail Business Post Covid-19: It Is Also An Opportunity

Retail businesses that have survived the period and are currently in stabilization mode definitely have a competitive advantage in the market.

If you have worked towards greater brand value, retaining your staff, and catered to the benefit of society as a whole during this period, your business has a boost unlike any of your competitors.

And with the right strategies in place for such contingencies and the short and long-term growth, your business is likely to bloom in the next coming years.

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