Why Retailers Need Enterprise Resource Planning in their Inventory
22nd Nov 2023
Director of D365 for Financial Operations, Brendan Geraghty discusses the potential benefits retailers can unlock with ERP software, NP Retail.
Enterprise Resource Planning (ERP) software was once viewed as a solution exclusively suited to Fortune 500 companies, but there has been a shift in recent years in terms of market perception and uptake.
Nowadays, businesses of every size and sector can tap into the host of business benefits offered by ERP. One beneficiary is the retail sector, which continues to be defined by intense competition as physical and digital global retailers compete amid spiralling operational costs and growing customer expectations.
From inventory intricacies to point-of-sale (POS) systems to financial administration, ERP software enables businesses to manage various aspects of their operations and can be the ultimate game-changer.
Retail-focused solutions, such as NP Retail, act as a digital hub for day-to-day retail management, integrating various functions and streamlining processes through the automation of tasks and the elimination of IT redundancy.
With the retail sector heavily influenced by changing trends, customer data is paramount. Retail-tailored ERP systems simplify data management, providing real-time insights on inventory trends, sales patterns and consumer behaviours. This equips businesses with the information needed to track market shifts, support decision-making, prevent inventory shortfalls and inform marketing strategies – thus driving maximum business impact and enhancing the customer experience.
Take, for instance, inventory management. With the ability to access real-time insights into particular products, down to their size and colour, retailers can seamlessly align inventory levels with market demand. This prevents the costly pitfall of holding excess stock for underperforming products while ensuring that the most popular items remain in stock and on the shelves.
While traditional ERP software can deliver a host of business benefits, retailers can unlock the most value from their technology investment by embracing a solution tailored to address the complexities of the sector. These solutions are designed to not only overcome challenges posed by fluctuating demand, complex pricing models and promotional cycles but also to seamlessly integrate critical business systems such as POS and warehouse management solutions.
To find out how Storm Technology and the NP Retail solution can help your business streamline operations, enhance customer experience and grow market reach, call 028 9049 0979 or visit www.storm.ie
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