It's Time To Evolve

Point-of-sale systems (POS) of today can help with the process, but even still, it leaves a great deal of "art" in the journey and a lot less "science." The tools critical to excelling in this role would include: a POS system able to report on inventory levels, performance and hi...

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Bibliographic Details
Published inThe Shooting Industry Vol. 67; no. 11; pp. 30 - 31
Main Author Yacek, Hank
Format Trade Publication Article
LanguageEnglish
Published San Diego Publishers Development Corporation 01.11.2022
Subjects
Cash management
Inventory
Profit margins
Profitability
Trends
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Summary:Point-of-sale systems (POS) of today can help with the process, but even still, it leaves a great deal of "art" in the journey and a lot less "science." The tools critical to excelling in this role would include: a POS system able to report on inventory levels, performance and history; a personal understanding of Key Performance Indicators (KPIs), which identify inventory success; a reliable channel of communication with the sales team to inform them of inbound, sale, clearance; and other critical facets of inventory management. Ultimately, for the vast majority of products, if a store has owned it for a year they'll be losing money on the sale of the item - even if they sell it at the full asking price. [...]it's the inventory manager's job to understand the profit potential of every item in the store, know the timeframe it remains profitable and take actions to turn said item back into cash.
ISSN:0037-4148