Successful Inventory Management Plays a Key Role for Success in Retail

If you ask a retailer what the most challenging part of managing their business is—9 times out of 10 they will probably say inventory management. This is because inventory management encompasses many things that affect many different parts of the retailer’s business--from warehouse management and on-shelf availability to loss prevention and inventory counts. It only gets more complicated as a retailer adds more product SKUs to keep track of, or the retailer adds locations. Managing inventory must be at the top of every retailer’s list of management priorities because it directly affects the retailer’s bottom line. Inventory shortages result in lost sales and lower customer loyalty, while too much inventory results in a higher increase in ‘Cost to Serve’. This ... Read More

Blind reconciliation: Use Your Point of Sale to Discourage Employee Theft

Retail stores are busy places. Owners and managers have several areas of responsibility and cannot be everywhere all the time. Also in today’s hyper competitive environment, one key area that retailers must focus on to remain profitable is minimizing loss—whether it is loss of inventory or loss of cash. The best way for a retailer to minimize loss is to implement internal controls to safeguard assets. These controls create operational efficiency but also provide accurate accounting records for the business. Unfortunately one cause of loss, or shrink, for retailers is employee theft. According to a retail theft survey conducted by Jack L. Hayes International, a loss prevention consulting firm, one out of every 40 employees was apprehended for theft by ... Read More