ERP changing the face of retail industry – one transaction at a time
ERP in the retail industry is used by retailers who have large businesses and multiple outlets for transactions. Often used by retail brands who are present at two or more locations but have a significant volume of business to handle on a day-to-day business.
A mid-size retail establishment with 5 to 10 locations would be on a lookout for a long-term ERP solution which runs for around a decade at least. Such an ERP would also be helpful during the expansion of business when the company scales up in future. The ERP would stand as a crucial tool and prove to be of significance when the retailer ups their game.
Managing multiple data points with a system that is webbed together or cobbled up becomes difficult when the business expands. When a retailer has to operate from ten different locations then a sturdy ERP is the need of the hour. With multiple transactions and vantage points at play, it becomes important that an ERP with room for expansion is used which becomes a positive investment for the retailer.
An ERP is a package of software that integrates the important data related to the business and its operations, which has been designed so as each department works intrinsically supporting the other. Information can be accessed from different points by multiple users and at the same time can be fed into the software for the retailer to run the business. The basic function of an ERP in any enterprise is to facilitate the internal business processes up to their optimum. It helps to gain a competitive advantage over others. In a retail ERP, being a single database, it houses multiple features and functions which are carried out in a way so as interaction with other modules becomes seamless. The other modules being accounts, sales, order entry, warehouse data, stock entry, purchase, etc. Thus, the cross-functional capability of an ERP helps an organization grow from strength to strength.
What are the main features of a Retail ERP System?
The Retail ERP has multiple components which include the following:
Planning – It helps in planning in a retail store which helps to undertake and plan different strategies in order to increase sales volume and turnover.
Inventory – To manage inventory and track goods, every retail house needs a robust system in place which the ERP would take care of.
Operations – The regular day-to-day operations in a store are of significance as they are crucial in any retail store.
Demand & Supply – The demand forecast for products and end-to-end supply is taken care of by the ERP.
Customer Management – collecting customer data, future reference schemes, and activities, their preferences all can be tracked down and saved at a single point.
Vendor Management – ERP serves as the storehouse of vendor information by saving their details, performing an analysis of two or more vendors and preferred choice for the retail.
Financial Management – Accounting and finance functions can be easily tracked and maintained with the help of ERP.
Database Integration – ERP enables a business to access real time data which can then be further used for gaining insights into the financial status of a business.
ERP in retail helps in effectively and efficiently managing a business. It not only collates the significant data accessible from multiple points but works as a tool for better management of a business. ERP has emerged as an indispensable tool which has given a major boost to the retail industry and lifts the business as a whole.
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