If it is a normal retail outlet or an E-Commerce store, an Inventory Module or inventory management system is required to keep the things at the right place. Just consider how difficult it would be to manage the business affairs if the retailers don’t have proper knowledge about their inventory.
“A Place for Everything and Everything at a place,” this expression completely explains the importance of managing things effectively according to the needs. Inventory modules in a retail POS hold a significant position, and it helps the retailers in the complete assessment of the stock that helps in making important business decisions.
Importance Of Inventory Modules In a POS:
Stock Audit:
Inventory Module in the POS software by CISePOS offers great features of stock assessment, and these help the retailers in assessing what the current situation of the inventory is? What should be added? And what should be reduced to have the right balance?
Especially when there is a case where the retailers are managing central stock for different retail stores, it is necessary to have a quick overview of the stock as it is going to be distributed among different points for specific uses, the Point of Sales (POS) inventory modules selectively helps the retailers in sorting out things that are best suitable for each station.
Report Generation:
The POS inventory module of CISePOS helps in reviewing sales history. It is used to aggregate the sales in the form of lists based on products which are mostly sold and for the ones who are a bit behind in the sales.
The inventory management system helped retailers keep track of inventory throughout the process. It helps them in maintaining the balance of the stock required after a day’s sales or any frequency set by the retailer.
Stock Returns Holding:
The Inventory Modules in the POS software are efficient in holding the stock returns, which stand out as returnable due to any reasons. It is necessary to keep a good eye on the stock returning as it may get mishandled during the dispatching process.
The inventory management system keeps a record of the things coming back for any reason.
The Inventory Module in the POS also has the feature of transfer in/ transfer out. It helps the retailers to keep a record of the things coming in the inventory as new stock and also holds the history of the things getting transferred from the inventory to the warehouse or different distribution units.
It used to categorize all these items in a different category to manage and update separately from the rest of the stock.
The items coming back are then sent to for the reimbursement, from where you can keep up with the track of your payment done for the product.
Multilocation Management & Material Group:
Managing a retail inventory for multiple locations is an uphill task and consequently, you will be managing hundreds of products and multiple clients at a time, which is both confusing and troublesome as well. The POS inventory modules by CISePOS offer great flexibility in managing multiple inventory warehouses.
All the locations are integrated into a central inventory management system from where the retailers can analyze what the inventory position at each stock point is, it is essential to segregate inventory according to the locations.
It is mandatory as well because the retailers would distribute according to the needs of the customers.
To simplify this, IMS uses customization through material grouping. The inventory management system creates a list of similar products. It places them in a certain category, and this grouping can also be according to the sales traffic or by the current sales promotions.
IMS makes sure that the material groups should not overlap, and the products placed in those categories remain at the same spot as directed. This would not only speed up the process but also the wave of all the ambiguities in understanding the system.
Supplier Management & Re-order Reminders:
The POS inventory modules by CISePOS also deal with the supplier management, and it keeps a record of all the suppliers and supplies purchased. The records are kept to call up the suppliers upon the requirement of goods.
Vendors and suppliers are an essential part of a retail business. The IMS keeps a check on all kinds of purchases done on given time, so there shouldn’t be any ambiguity at the time of disbursal
While operating in a retail business, the business owners are always keen to regulate such reforms that can help them in the efficient control of their business. Using IMS with POS technology is amongst those measures. Incorporating such features can not only help in ease of operations in the business, but it can also speed up the business processes.With quality upgrades in the system, the IMS is also offering barcode tracing/tracking, which will be seen incorporated soon.