Retail is the broadest term to describe sales or the selling point for business-to-consumer (B2C) commerce. There are basically two types of retail divided by how and where a sale takes place.
As a part of the supply chain, inventory management includes controlling and administrating purchases from suppliers as well as customers. They handle the maintenance and storage of stocks, controls the amount of point of sale (POS), and order fulfilment.
A system known as Inventory Management System (IMS) is built for tracking inventory levels, processing orders, sales, and deliveries. This system plays a vital role in the retail industry for their day-to-day activities.
Businesses today are using an inventory management system (IMS) to connect all their sales platforms together. Spectrum’s inventory management module is one such example of an IMS.
Some of the features (highlights) of Spectrum’s Inventory Management include:
- Supports multi-company, multi-division, and multi-location stock management.
- Creation of Stock and Sales reports to give you a complete view on the entire transaction of each item for a given period which includes returns, transfers, offers/free, adjustments, and more.
- Provision to do stock audit regularly to generate stock discrepancy report by computing and comparing physical and system stock.
- Purvey warehouse stock to be managed separately. Transfer of stocks between warehouses and outlets can be done.
- Batch wise inventory analysis to seek out batch-wise expiry, batch-wise different rates, batch-wise offers etc.
- Inventory status can be checked on various parameters like a product, batch/lot, company/division etc.
- Trailing on the same product purchased from different vendors with different purchase cost and same MRP but different sales price leads to effective price management and instantly updates when the selling price of the product changes.