Inventory Management

Effective management of inventory is crucial for a soft goods retailer to succeed. Too much inventory negatively impacts cash flow. Insufficient inventory translates to lost sales. The proper mix of inventory results in increased cash flow and satisfied customers. RICS Inventory Management provides the tools necessary to keep your inventory accurate and optimized.

Inventory Inquiry

  • View real-time inventory for a selected SKU in a two dimensional (2D) grid format
  • View inventory for one store, selected stores or all stores
  • Access a consolidated view of:
    • Where you have been (MTD, YTD and Last Year sales)
    • Where you are (on-hand and in-transit)
    • Where you are going (on-order, model stock and reorder point settings)
  • View a detailed list of all inventory transactions for the selected SKU

Purchasing

  • Perform centralized purchasing or store level purchasing
  • Assign a user-defined PO number or let RICS auto-number purchase orders
  • View on-hand inventory for a selected SKU during purchase ordering
  • Order by case pack
  • Include supplier cost on a purchase order for custom manufactured items
  • Duplicate an existing purchase order and make changes
  • Export purchase orders to Excel
  • Export sales, inventory and open order data to RMSA to support Open To Buy analysis
  • Report on open and closed purchase orders

Receiving

  • Receive SKU by SKU or the entire purchase order and transfer order
  • Receive stock not on a purchase order
  • Activate a SKU for use at the POS upon inventory receipt
  • Queue stock labels for printing for each SKU received

Transfers/Store Replenishment

  • Perform inter-store transfers
  • Monitor in-transit inventory
  • Report on transfer recommendations
  • Generate auto-transfers based on model stock and store priority
  • Reconcile problem transfers
  • Balance stock between stores:
    • Transfer stock based on product models, multiples or sales
    • Rank stores based on ROI, turns or sell thru
    • Calculate ROI, turns and sell thru based on any date range
    • Optionally include a minimum ROI or sales quantity when determining store ranking
    • Optionally include on-order amounts (all “at once” orders or those orders due to be shipped within the next X days)
    • Transfer stock out of stores that have less than X sizes on-hand
    • Preview recommended transfers prior to committing the balancing transfer order

Stock Labels

  • Select standard stock label formats
  • Setup custom stock label formats
  • Define the stock label format on a SKU by SKU basis
  • Automatically generate labels at SKU creation or inventory receipt
  • View a list of stock labels queued to print
  • Sort and filter the print queue of stock labels by store, user, supplier and/or SKU
  • Restore a batch of labels and reprint them if needed

Model Stock

  • Configure model stock by the desired quantity to maintain on-hand or the minimum reorder quantity
  • Configure date-based model stock to enable multiple models per SKU (e.g., core, holiday and annual sale)
  • Copy a model for one SKU to one or more SKUs within a store
  • Copy a model for one SKU to that same SKU at one or more stores
  • Utilize model stock to drive Automatic Purchase Orders and Automatic Transfer functions

Price Adjustments

  • Configure date-based price adjustments to select the activation date
  • Adjust retail price and/or establish a price discount/markdown
  • Set price adjustments by SKU or a group of SKUs (supplier, class, user-defined groups)
  • Calculate the price adjustment based on a percentage or an amount
  • Calculate the price adjustment based on today’s price or the price at the start date of the change
  • Group price adjustments into a batch to enable changes before or during a sale
  • Preview the impact of a price adjustment prior to committing the change

Physical Inventory

  • Count the entire store or spot check selected stores, suppliers, classes or SKUs
  • Quickly scan stock, download data from the reader and update inventory
  • Print a list of UPCs that were not recognized by RICS
  • Print a list of SKUs that did not have a physical inventory count entered
  • Print a list of SKUs where there is a discrepancy between the count and the actual on-hand quantity
  • Resolve inventory discrepancies