Inventory precision is a crucial
performance matrix for every retail enterprise in the world. Inventory
stock-outs is an opportunity lost to sell to a prospective customer, be it an existing
customer or acquisition of a new customer.
Retailers experience around 30% stock-outs to customer needs. Unless a
customer need is instantly satisfied as demanded, retaining the loyalty of a
customer becomes an uphill task. In today’s digital world, it takes minutes for
a customer to switch allegiance and become habituated to another new
experience, forgetting earlier brand experience. Retailers need to ensure
stocks are available in the right quantities, smartly moving inventory at the
Various decision support systems
surrounding inventory movements across stores and warehouses can determine
optimum stock movements between warehouses and stores, to ensure stock-outs are
minimum or almost negligible.
Retailers need to get real-time visibility of their inventory as shoppers do transactions across multi-channels and replenish stocks depending on movements. Most retailers have thousands of stock-keeping units (SKU), and hence continuous monitoring becomes a daunting task. Merchandising module in retail ERP software precisely does this function of allocating inventory transfer depending on the movement of stock at stores and based on classification of fast, normal, slow, or non-moving. That’s precisely the reason that our Retail ERP has got an advanced merchandising module that auto-suggests or triggers stock transfers between warehouses and stores or between stores in a proactive manner. Since most retailers operate on batch-integrated point of sales (POS) system, they do not get minute-to-minute inventory status, which then pushes stock transfers to the next day, after end-of-day (EOD) processing is complete. Our Retail ViVA ERP POS is online and updates stocks in real-time across all channels so that one can see stocks online and take quick actions towards replenishment. A matured merchandising module is key to avoiding stock-outs of out-of-stock (OOS) situations
Many of our
legacy retailers are exploring change to being digital and omnichannel with
objective of providing unique experiences to their customers. Any transformation of this nature can’t be
accomplished unless the enterprise has got its basics in place. The core enterprise resource planning modules
must be in full stabilised shape with an integrated commerce solution as
traditional business process with new age digital experience process requires
careful planning and orchestration. The
change management needs to be handled in a positive and proactive manner. The concept of intelligently joining the
business as usual with newly sought-after channels with matching experiences
needs to be supported by an agile ERP technology that can transform traditional
business process quickly and on the fly.
Most legacy retailers suffer due to their current ERP being incapable of
matching other channel’s modern experience base.
becomes the centre point, all legacy processes must stand to change to meet
customer expectations. Today’s customer
loves to engage and transact with multiple devices, sometime physical,
sometimes digital and sometimes in combination.
The young, affluent and digitally savvy customers are inquisitive about
using the right channel that suits them at that moment. They switch their choices according to their
convenience and the difficult promise to provide the same experience to
customers merits detailed attention
Most retail ERP
products do not cover all business functions, forcing retailers to choose
multiple software and spend time and energy on integration to have omnichannel
setup. This also enlarges the time a traditional retailer’s desire to project
themselves beyond their store to the customer.
With agile ERP, the technology layer can be quite easier to adapt to
creating newer experience in traditional channel as well. That’s why we built most modules of our
retail ERP, Retail ViVA, in no-code platform, providing that agility to
enterprises to change their traditional business model quickly to match to
modern channels design.
Retail is no more about customer satisfaction, it is about consistent customer
experiences and omnichannel is no more a top floor offering, it is just a shop
Stock-take is a
process where the physical count of items in any shop or warehouse is matched
with its system stock quantity. There is quite often differences between them
due to reasons attributable to a) wrong barcoding; b) pilferage; c) breakage
are unable to perform stock-take during operating hours due to the use of an
off-line POS system, which updates stock of inward and outward once in the
night. Hence, at the time of stock-take, the system quantity is not live and
real and hence can’t be matched instantly. Further, due to time lag between
count and system stock updating, a lengthy reconciliation process is attempted
before a stock-take result is finally closed and count variances are posted to
inventory and financial general ledger. Given this lethargic process, often
stock take is delayed or neglected, leading to poor inventory control and
indicate a 30% difference between physical and system stock in a retail
environment, leading to poor customer satisfaction. Further, every stock-take
count takes about two weeks to close after prolonged backward reconciliation
stock take is a process where you use barcode equipped mobile phones to scan items
and instantly match with system stock. Intelligent stock take can be performed
at any point in time, including during operating hours of a store.
variances are reconciled instantly, and variances analyzed at the close of
every stock-take count and disposed of with count adjustments or otherwise.
Since it is online and real-time, intelligent stock take helps to identify
actual stock items where there are variances, thereby reducing variance
analysis time substantially. There is no need to do backward reconciliations
and waste precious man-hours
experience with clients using our Retail ViVA ERP, Intelligent stock take
improves efficiency over 300% while reducing cycle time by about 90%, compared
to traditional stock-take methods
stock-take also helps to do risk analysis of items that are perpetually
indifference and thus provides inputs for system and control improvisation
Responsiveness is an organization’s ability to recognize and be
ready to adapt to changes almost instantly as industry and customer preferences
change. If the company can’t be responsive, it will never be able to meet
constantly changing customer expectations
The centricity of success has changed from machines and logistics in
20th century to software and enterprise systems in the 21st Century, which
means that enterprise systems are directly and continuously and instantly
shaped by what the market wants. An enterprise that can make its enterprise
systems change flexibly almost co-terminus to market change is a successful
21st-century enterprise (21CE).
Unless 21CE’s reinvent their process and business models constantly,
their survival becomes difficult. It is just new normal that 21CE constantly
reconfigure their resources and capabilities. Since 21CE are highly digital and
offers complete digital experiences to customers, any reconfigurations
invariably lead to their enterprise systems change. That’s the flexibility 21CE
is looking for, to have flexible enterprise systems. However intelligent a 21CE
enterprise is, if it is not responsive, its intelligence can’t be
exploited. Every 21CE will be digitized
and effectively become a software company or majorly driven by software
algorithms, data, and analytics.
Enterprise systems to be considered flexible must allow for new
functionality to be introduced easily and quickly. The biggest challenge of
enterprise systems today is their scalability for new changes in a quick and
self-service manner. The dependence on multi-party service providers makes
companies wait for change and thus lose critical timeframes. Prolonged
interactions with service providers frustrate internal stakeholders without
being able to see the change instantly.
Internal stakeholders in any enterprise expect systems that respond to their
information capture and analytic needs in a manner that is the most natural or
self-service manner to them.
Companies who develop this responsiveness will successfully navigate
change and maintain their customer relationships and provide that unified
customer experience to delight.
Then what kind of enterprise systems do 21CE adopt? They must be
flexible which means it is self-configurable and fully on self-service basis.
And to respond to change quickly and to re-configure business models, it must
be driven by change at their end rather than waiting for an external service
provider to make the change slowly. A low-code/no-code is the best choice any
responsive enterprise must make which then gives them the agility to be dynamic
and adapt to change instantly.
That’s precisely the reason that Sathguru built sixteen of its
twenty-six modules bundled retail ERP, Retail ViVA through its own no-code
platform, to provide that flexibility to customers for making change on their
21CE are responsive enterprises that demand self-service creations and
what more than no-code be the answer to it!