We have all been there. You sit down to accomplish a task and just as you get into it, you discover you don’t have the information you need to effectively complete it. Often times in retail not having the whole picture can be frustrating and costly, especially as it relates to buying. This area of your business can make or break you. Trying to place buys on the fly can tie up one to buy dollars and result in less profits.
Having a robust inventory management system for your retail business is key to effective buying. The right inventory management system can lower inventory costs and increase revenue. Inventory management is more than on-hands and sales. Every system collects data, but not every system can crystalize the data in a meaningful way that allows you to easily and quickly make important business decisions.
The buying process is a key beneficiary of having great data. Running reports with your data offers a full picture of where your dollars are allocated. Seeing sales, on-hands, on-order, and futures all in one view is powerful. When you sit down to put together your next buy ask yourself, am I really using my open to buy dollars wisely? If the answer is no, then consider investing in a inventory management system and stop making buys on a hunch.
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