When it comes to retail management, automated stock and distribution processes are paramount to success. If your business still exists in a space where manual stock and distribution processes are the standard, you need to consider a serious – and possibly life changing – upgrade in the way that your business operates. Not only will it give you the edge on your competitors, but it will also ensure that you are improving your business in real time. Here is how to determine whether or not your automated stock and distribution processes are competitive enough for you to stay ahead of the curve:
1. Are your processes actually automated?
While it may seem quite obvious, the reality is that many retailers don’t have automated processes in place which sets their growth potential back tremendously. If your business is in the small percentage that have started automating processes, you’re already in the lead. However, automation doesn’t necessarily mean you are being as efficient as you can be. It is imperative to ensure that your automated processes lead to better, more efficient practices within your business. If not, you may want to review your current solution, or perhaps put the necessary training in place.
2. Do you have policies in place?
A successful retail business is one where there are various stock and distribution policies in place to ensure optimised delivery, efficient service, and accurate stock management. Many businesses fail or gravitate towards failure when they do not have the necessary policies in place that dictate how things should be done, and how expectations should be met. While policy implementation may seem like a simple step in any business practice, many organisations skip this imperative step.
3. Do you have set budgets?
It is best practice for businesses to have an annual inventory budget, which is prepared in advance, to allow for optimised procurement. However, there are some organisations that skip this step in their planning processes which results in an out-of-pocket financial challenge half way through their financial year. If your business sets aside a budget for efficient stock management and procurement, you’re already ahead of the game. However, it is imperative that this budget is managed correctly and efficiently to ensure success.
Once you have determined whether or not your automated stock and distribution processes are competitive enough to keep up with competing brands, you can make an educated decision on how to improve your business.
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