Mobile Inventory Management for Small Business
One of the greatest challenges for independent merchants is inventory control. In most cases, inventory is the largest investment for the independent merchant. So, controlling costs in this area is critical to the success of the small business. Automating the ordering process, the checking in of shipments, physical counts and controlling shrinkage can be time-consuming and painstaking tasks for smaller retailers.
The big box stores have used sophisticated technology for decades to control inventory. Larger organizations have always had the capital resources to deploy these control systems. Historically, it has taken both human capital and financial capital resources to accomplish the ultimate inventory controls in retail. The big box stores typically had both. So, they would deploy EDI systems, logistic controls for shipments, handheld devices at the store level, cameras and RFID devices to reduce theft, etc. Again, controlling retail inventory on any level can be a daunting task.
So, where does this leave today’s independent retailer? After all, most have adopted POS systems that assist in controlling the inventory. Most have invested countless hours in performing physical counts, ordering processes, employee training, etc. Some have simply thrown in the towel and resorted to the eyeball method. What can be done to decrease the time spent on feeble attempts to control inventory?
Go mobile…
That’s right! Go mobile! All the buzz in the industry is about mobility. Merchants are being hammered by companies trying to sell them mobile marketing, mobile shopping apps, mobile loyalty, mobile POS systems, mobile websites, etc. However, many of these mobile applications are so new and so immature that independent merchants have been slow to adopt them. Many independent merchants do not understand the concepts or see the need for them to be deployed in such a hurry. Why fix what isn’t broken, right?
Inventory is broken…at least in most cases. It has always been a pain point for independent merchants. When broken down into small pieces, inventory is actually quite simple. It is the size of the beast that becomes overwhelming for many merchants. Retail inventory is made up of many moving parts. If a merchant only sold widgets and received a new batch of widgets every week, inventory would be quite simple. However, that is rarely the case. Merchants deal with multiple vendors carrying 1000’s of unique items. These vendors ship products multiple days of the week using multiple delivery methods based on volume of orders and other logistics.
So, go mobile. Right?
Allow me to explain. Most of us own a mobile phone or an iPod Touch. If we don’t, we have children, nephews and nieces that do. The most difficult and time-consuming parts of controlling inventory are the parts that are typically removed from the POS system. These are the parts where independent retailers rely on people and pencils and paper. The good news is that companies are now manufacturing scanning devices that attach to the everyday smart phone or iPod to automate some of these time-consuming inventory tasks. The better news is that software developers are building apps that make these devices useful and affordable to the independent merchant. These devices and applications can assist the retailer with:
- Physical counting of inventory
- Receiving shipments of inventory
- Spot checks of inventory for ordering
- Mobile POS applications
So, even if the merchant is unready or unwilling to embrace the mobile revolution, deploying a mobile inventory solution can save countless hours while gaining significant controls over the cumbersome task of inventory management. Most POS software solutions will support some type of integration with these devices and mobile applications. So, save the paper and the pencils for your next art project. Save the manpower and redirect it into customer service efforts. Go mobile with your inventory management.
To learn more about POS and inventory management, download our free checklist today. It provides 10 items to consider when seeking integrated solutions for independent merchants.