5 Key Features Your Retail ERP Should Possess
Facing competition from new formats like web-based stores and e-commerce enabled brick and mortars, many retailers are feeling the fiscal crunch, operating within tighter margins than ever before. Fortunately, rather than surviving on the scraps of their budgets, retailers can turn to small business management software to eliminate the high cost of operational inefficiencies.
By integrating your business into a cohesive unit, an ERP solution can dramatically improve the operating procedure of your back and front ends. With the right software in place, the process for controlling and managing the intricacies of your operation become integrated and automated.
Try this on for size: you are manually running a multi-location retailer and have to keep tabs on constant stock movements, a hundred employees, pricing and discount discrepancies, customer records and inventory. If that sounds like your worst nightmare, you are far from alone; running an operation of that size manually would be a headache to anyone short of Clark Kent.
Fortunately, most ERP software offers companies the ability to streamline operations by automating manual processes. When debating which, if any ERP platform to choose, retailers should carefully consider the needs of their operation, and find the software most able to meet those needs. When a retailer selects the right platform for their operation, the benefits are significant.
Configurable and Scalable
Countless retailers share the same goal: growing their business. But how can you hope to accomplish this task when your system doesn’t mesh with your goals? This is the problem with many ERP adopters who opt to go with ridged, non-customizable, and non-scaling systems. Fortunately, configurable ERP systems can lead to seamless scaling by growing with the company itself, so that you can maintain the same system for years to come.
Inventory and Sales Management
A beneficial feature of a Retail ERP system is that transaction and inventory data is recorded in real time. This resource, once acquired, will prove invaluable to retailers looking to increase profit and compete on the same level as their large-scale competitors. Including features such as tracking, ordering, and replenishing, ERP systems critically increase the efficiency of inventory departments. It beats using pen and paper.
Today's retail ERPs bring your departments together, providing greater workflow automation capabilities than previously possible. By integrating your departments together, ERP platforms break down the walls that segregate departments and their data, allowing for the seamless flow of information and tasks across the organization. Breaking down these data walls is one of the simplest ways your organization can eliminate much of the waste arising from ineffective collaboration between departments.
Point of Sale Capabilities
Retailers, regardless of size, naturally understand the need for a POS system. An ERP allows POS software becomes a command center, enabling you to scan items, find them in your inventory and ring up sales. By using a POS system, businesses can acquire more knowledge regarding the behavior of their buyers, allowing for more targeted marketing, and greater control.
Beyond summarizing information and tracking data, some ERP platforms offer the ability to construct visual reports that provide decision-makers with real-time data. This is a valuable asset when a quick decision is required.
RIO through ERP
By using an ERP platform, retailers can harness the power of modern technology to facilitate faster, more effective management and decision-making. When properly selected and implemented, an ERP can work wonders for any small retail business trying to increase their ROI and grow their market share.