Ways Inventory Management Software Increases Sales & Profit
In previous blog articles, we have discussed some of the ways that supply chain software can improve communication across departments and lead to a direct increase in revenue and even profit. In retail, supply chain management software and retail sales analysis software can be especially beneficial across departments because of the enhanced reporting tools associated with these software systems.
What is retail analysis software? You may be wondering,
Retail analysis software is part of our supply chain management software suite and provides your business with an overview/comparison of your customers. For example, if you were selling home improvement products, you may want to see a comparison of retail metrics between Lowes and Home Depot. That way, you can get a better idea of where to focus efforts. This type of report that retail analysis software offers can change depending on your department because different departments may focus on different metrics.
Your sales department, for example, may look at the retail analysis software report and compare strictly sales, or revenue, across different locations/customers (depending on the business model). They will be able to see where overall revenue is increasing and where it could use a boost as well as which products are selling in high volume and which products are slow-moving.
This analysis could change completely when taking the perspective of a finance department. Rather than looking strictly at sales and the generation of revenue, a finance department may focus on running an analysis to determine the profitability of each location. There they would focus more on the profit generated by each location, as well as volume of profit each individual product is producing while also keeping an eye on the rate of production relevant to the quarter each product was sold in.
This type of differing analysis across departments makes for a healthy conversation to be had between a finance departments and sales department that will determine the ultimate focus the company will take. When departments are able to look at the same tool and run an analysis for different aspects of a business, that is when productive communication is able to take place and both departments can make their case based on the same data that is in front of both.
Obviously, there are many more uses for retail sales analysis software across many different departments. The above represents just one of the many ways that retail sales analysis software can benefit a company as part of a supply chain management software suite. So, the next question then becomes:
What is supply chain management software?
Whereas retail sales analysis software is a part of the software picture, supply chain software is the entire software suite. Supply chain management software contains several software solutions such as demand planning, sales forecasting, and other systems that feed into solutions such as retail analysis software. Companies like Avercast offer cohesive supply chain software systems so that you do not have to go software shopping in every single department within your company.
Supply chain software suites are the perfect way to launch your business ahead and are designed for growing companies. Perhaps you only have a small budget to invest in one of the many solutions a supply chain software suite has to offer, you can make that investment now, use the system to increase revenue and cut costs, and then invest more as you get a return from your software system. Not only will you be able to see a return in revenue, but you will also be able to see an increase in profit, increase in productivity, decrease in unnecessary employee costs, increase in innovation, and easy, long-lasting implementation.
Avercast is a company that is willing to grow with you and we understand the importance of a test drive before a sizeable investment. We offer a free quick call, or free detailed demo so that you can both make sure the system meets your requirements and also makes sure that you are able to use the system with your data and business model.