By Adrian Thomas
April 10, 2019
For most retailers, success in the midst of competition means controlling the bottom line, lifting margins and analyzing data. Trends affecting product assortments and enabling order fulfillment are well-meant, but how much is forgotten by a crippled inventory management process, and at what cost?
Streamlining these efforts and controlling this data will provide the necessary intelligence and best-in-class operations needed in order to see those dollars reappropriated and invested in the organization’s best interest.
Below are the top 8 ways to protect your assets by bringing a better inventory count solution in-house:
Save time and money by ensuring your backstock is filled accurately with products that are selling, not items just sitting and collecting dust.
You want your brand power to be synonymous with a great customer experience. If your store employees can’t find products due to poor inventory systems, customers will lose patience and take their business elsewhere.
Streamline your process by cutting out the middleman. When you choose self-directed scan with Datascan, you choose only the essentials. Say goodbye to vendor management and take counting into your own hands.
Put your inventory in the hands of those who know it best. Your employees already know your merchandise and are familiar with store operation procedures, minimizing disruption and saving you time and labor costs.
An expiration date isn’t the only way your products go bad. End-of-life or dead stock can be taking up valuable real estate on your sales floor and stock room; keeping you from enjoying better product turns and margins. An efficient inventory management system provides the knowledge you need to order and move the right amount of product. Automated sales reports can help you recognize if an item is “dead weight” before you buy it.
Without a process for tracking your damaged or returned product, you have no way to identify patterns, find solutions and move forward. Making the switch to self-scan means that you can keep track of damaged or returned goods and mitigate the issue in-house.
According to the National Retail Security Survey, inventory loss accounts for about 2% of sales*. If your store does $100M in sales per year, that’s $2M disappearing from your bottom line. The good news? Employee theft, shoplifting, paperwork errors and supplier fraud are the leading causes of shrink, all of which can be mitigated by employing Datascan’s proven inventory counting solution.
When you outsource your inventory count, you’re putting your count data into the hands of someone outside your organization, which opens you up to inaccuracy and error. In order to identify problems and make informed decisions, you need real-time visibility and control. This level of oversight comes from a well-managed count handled by the real experts–your own staff.
How much is it worth to have a healthier bottom line and the data you need to make better-informed decisions? Datascan’s premier retailer partners will tell you that staying informed makes all the difference.