It is a known fact that retailers across the globe face a big challenge in their business due to wastage of stocks caused by several errors such as over-stocking, waste of waiting due to unavailability of stocks on shelf, and others. According to Chris Baker, partner at management consulting firm Oliver Wyman, about one-third of all food produce is wasted – that is 1.3 billion tons and nearly a trillion dollars, annually, due to such wastage of stocks in a retail store. Even though retailers consider this wastage as a cost of doing business, technology adoption and advanced analytics have built solutions that guarantee massive improvement in bottom-line profits over a consistent period of time. A major bottleneck in adopting one such solution, among retailers, is a relatively lower level of awareness about technology, and the much-needed patience to witness a tangible return on investment. This article provides a clarity on how to choose the right Purchasing Manager app. that is best for your business size and guarantees a return on investment for your retail business
Choosing a Purchase Manager App. for your Retail Business
In the wake of increased purchasing power among consumers in India, it is apparent that retailers continue to witness increased demand for a variety of products in their stores. The terms such as ‘inventory management’ and ‘wastage of stocks’ now find regular usage and attract more visibility inside retail stores. Depending upon the size and value of your retail business, your Purchase Manager app. should address the issues listed below:
Reduce regular wastage of stock in your store
Reducing the wastage of stock calls for a purchasing manager solution that is not only a light-weight and robust, but also comes handy as a mobile app. that manages all purchases in real-time, and is easily handled by a restaurant owner or a Purchase Manager at a retail outlet
Reduce your overall cost of business to a marginally significant amount
A good Purchasing Manager solution provides a seamless experience of managing inventory, creating orders, listing & tagging the suppliers and their products, and sharing the purchase orders with suppliers using email, online messenger, and text. This end-to-end, real-time online cum offline solution ensures that shelves are efficiently replenished in time, and extra stock is emptied without delay
Provide intelligent insights to grow your sales in the future
Other than managing day-to-day purchasing operations in a seamless manner, a good Purchasing Manager solution also provides intelligent insights drawn out of the data being captured in the app. Therefore, it is extremely important for you to ensure that your suppliers are effectively using the software to receive orders and upload their products data. For example, if your suppliers are used to visit your store to receive orders – it will require a different paradigm of process to enable them to start using the Purchasing Manager solution, whereas, if your suppliers are already using an existing software – they will be easily aligned with the Purchasing Manager solution and will more readily empower you to achieve your quarterly sales goals.
Should not cost a fortune and give an immediate Return on Investment (ROI)
With a number of automation tools providers offering solutions at various prices, it may get confusing to decide your budget to spend on the Purchasing Manager solution that suits your business needs. In that case, it is important to consider the total cost of app. subscription in a month, quarter, year, service cost to maintain and sync data, analyze your existing retail database or creating a new one, number of SKUs involved, and amount of time needed to train your employee(s) who would use the software. Considering all these factors before signing up for a Purchasing Manager solution helps you optimize your Return on Investment (ROI)
Should be aligned with your business expansion Plans
Choosing a Purchasing Manager solution is invariably a long-term commitment for a retailer to witness tangible results. In essence, the Purchasing Manager solution is a driver of success of your business expansion plans. Therefore, make sure to consider your yearly growth plans while you evaluate the effectiveness of a good Purchasing Manager solution.
Schedule a Demo or Take a Trial
Trial period of such retail enterprise solutions give you a first-hand experience of using the solution, and gives you a fair idea of the magnitude of effort required to derive both short-term and long-term business results related to all aspects – namely, inventory management, supplier data management, online and offline data sync features, communications with suppliers, and accessing data insights for effective demand planning.
How to Effectively Get Started with Using the App
Download and install the app. if it is built for mobile applications, or, sign up for a trial period of the web-version of the product. A good Purchasing Manager solution essentially allows you to create supplier profiles, import their products data, create Purchase Orders (PO), send PO to your suppliers, save those Orders, communicate with suppliers via online messenger, email, and text
One of the sophisticated and robust Purchasing manager solutions, Purchasing.ai provides features to order via app., manage multiple vendors, add vendors, products and categories, and the facility to order through an in-app barcode reader, among other features.
The decision to switch to a Purchasing Manager software solution is critical to a retail business growth, but may appear daunting to most retailers. The process involves a lot of aspects to consider, from a series of communications with the solution provider, to discussions with Purchase Managers and suppliers who’d use the software on daily basis. Moreover, a lot depends of the size of your business, the culture of your organization, number of SKUs/Cases/ product categories, your business expansion plans, and extensive training of your staff and suppliers, for the first few months of app. subscription