Once you’re all set up, it’s time to run the data. “Retailers with a POS system can generate reports more easily than those not tracking sales and inventory at the SKU level,” says Guillot. While you technically can use Excel spreadsheets and manual reports, modern tech like Vend’s POS system will make inventory reporting easier, more accurate, and more valuable. In fact, 15% of inventory distortion issues are due to software that won’t integrate. You’ll want reliable inventory management software to speed up the process, avoid human errors, and sync data across tools. With so many metrics to consider, this will keep your reporting process focused and actionable.Ĭonsider your tech stack - in other words, the technology tools you use to run your business. “Outline the key performance indicators (KPIs) your organization will track,” she says. Learn More How to create an inventory reportīefore doing anything, Juli Lassow, founder and principal of JHL Solutions, recommends asking yourself what you want to get out of the inventory report. Need insights into the type of inventory reports you should be generating? Here are 6 stock and sales reports to keep an eye on in your retail business. “With inventory reporting, one report will reveal actionables across multiple departments.” “ Monitoring inventory shrink across months can highlight opportunities for the merchandising team to re-merchandise to prevent theft, opportunities for the operations team to catch SKU integrity errors and areas of internal theft,” he says. Walters gives an example of data-driven insights in action. That data doesn’t have to be ‘big data’ because directional data is more informative than no data at all.” “They help you tell a compelling business narrative that’s backed by data. “Retail is an art and a science, and inventory reporting is an important piece of that science,” says Chris Guillot of Merchant Method. The industry’s top performers are data-driven, and inventory reporting metrics provide both big picture and hyper-focused views into the business. The value of inventory reporting mainly boils down to the insight it gives retailers into their business. Retail businesses rely on inventory to generate revenue and profit - without it, you don’t have anything to sell. “Inventory reports are important to monitor the biggest and most expensive asset of your business ,” says Elliot Walters, implementation manager at Stitch Labs. Why should you generate an inventory report? There are many types of inventory reports you can use, each serving its own purpose. It distills details like how much stock you have, which products are selling fastest, category performance, and other information about the status and performance of inventory. What is an inventory report?Īn inventory report is a summary of a retailer’s existing stock. While that may seem insignificant, when you’re using data to inform business decisions, it could be the difference between tanking and having a successful sales period.īelow, we’ll take a look at what an inventory report is, as well as how to create reports to improve your retail business. This makes retailers susceptible to inaccurate reporting. But nearly half of small businesses either don’t track their inventory, or they use a manual method to do so. In retail, inventory and sales reports hold a wealth of information.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |