Best ERP For Retail Industry Major Advantage And Benefits
- February 27, 2020
- Posted by: Shashi Ranjan
- Category: ERP For Retail Industry
Microsoft Dynamics 365 Business Central and Oracle ERP Software for retail industry is considered as the best ERP for retail business. This ERP becomes the best option for retailers who are eager to strengthen their capabilities. The need for powerful Retail ERP software is increasing for all the store owners around the globe especially in Malaysia, Srilanka, United States, United Kingdom, India & UAE.
Microsoft Dynamics 365 Business Central and Oracle ERP for retail industry include components to ensure that every retail business area within the organization in Sync This retail ERP helps staff to make better decisions faster, Microsoft Dynamics 365 Business Central and Oracle ERP have already proved their clients worldwide. This will helps to improve overall the productivity and help to increase the customer satisfaction.
Microsoft Dynamics 365 Business Central and Oracle Fusion ERP software Implementation for retail business And retail stores will help a retailer to increase operational efficiency and modernize inventory. This will also help to reduce the issues in the business as the total retail process is highly automated and simple to follow.
Major Advantages Of ERP Retail Software
- Stock Management
- Data Management
- Order Management
- Monitor The Sales
- Pricing And Discounts Management
- Purchase And Supply Management
- Vendor Management
- Customer Management
Best ERP for Retail Business Benefits:
1. Real-Time Information – The crucial role information plays in the business operation is undeniable. Yet, the more you expand your organization, the harder it becomes to synchronize the data across all the units. So, what drawbacks can this lead to?
For beginners, a price change might not be reflected uniformly across the units, allowing someone to take the advantage of this mismatch. There is also the possibilities of incorrect records being used while the rectifications are not reflected in the proper way. The biggest fault would be the delay in information propagation, which in turn causes the delay in overall the operations and the loss of efficiency.
However, ERP can solve most of this. It must be understood that the entire ERP software operates on data and information. In other words, information is the fuel for ERP (Enterprise resource planning). The ERP system tool seeks and distributes the real-time information to all the relevant units, leaving no scope for error or delay.
2. Customer Management – Anyone in the retail would know that the customer is their everything. Brand loyalty is like a sandcastle on the beach, and there is always a fear of losing customers.
ERP in retail could play an important role in customer management and retention. As mentioned earlier, the Enterprise resource planning system operates on information; information that can be important once you analyze it. For instance, you can sort the purchase history of the customers and pick the most active ones, showering them their reward points.
The customer history also gives you an insight into customer habits and allows you to create the promotions and the deals that cater to their needs. Going beyond sales and the marketing, ERP also helps you to solve customer complaints in a timely manner.
On the whole, the Enterprise resource planning system provides you with an integrated view of all the customers and makes it accessible to every relevant faction of your business.
3. Employee Management – Of course, the primary advantage of using ERP in the retail industry is managing the employees. The retail businesses, in particular, operate via the retail outlets, spread over various geographical locations. Hence, aside from the usual challenges of managing a huge number of employees in any industry, the geographical constraints make it more and more difficult.
Enterprise resource planning helps in the management of employees through an integrated system. Many vendors add mobile solutions with the ERP package, thereby making employee management more possible. All the Essential employee details are stored in the ERP software, along with real-time information like shift timings, working hours, etc.
All of this contributes in managing the employees more efficiently and making communication with them easier, like handing out new assignments, tracking goals met and offering bonuses or promotions.
4. Inventory Management – The retail industry primarily consists of FMCG (Fast-moving consumer goods), which makes demand very volatile and dynamic. Inventory management is a very critical problem in retail businesses because both excess inventory and inability to meet the demand can lead to financial losses.
Realizing the importance of the system, ERP offers inventory management as an integral feature. It stores details of your entire inventory, including the details of the individual products. This ensures you to know exactly what is present in your inventory and which items are going to run out of stock. It tracks the shelf life and notifies if any product is about to expire.
Additionally, the ERP system has the ability to make the demand forecasts. It can Analyze past trends and the customer’s habits and forecast if the future demand would rise or fall. It gives you an edge by allowing you to modify your inventory accordingly as per meeting the demands.
5. Point-of-Sale System – PoS system/Point-of-Sale System is certainly new compared to the traditional sales methods, but it has become increasingly vital in the retail industry. PoS machines are basically a type of, a kind of or a system that oversees the transactions happening in any retail outlets. A major advantage of the PoS machine (Point-of-Sale machine) is that it automatically feeds the transaction details into the system, thus eliminating the need for the extra effort and the scope of human errors.
ERP tools now come integrated with the PoS machines (both with hardware and with software), which is a big reason behind real-time data. In simple words, the ERP system takes advantage of PoS machines one step further: all the transactional data is reflected immediately not just in the retail outlets, but also in the central ERP tool too.
6. E-Commerce Integrations – No one will go to deny the importance of e-commerce in the retail industry today. Some might argue that e-commerce has become the poster boy for the entire retail businesses. In any case, e-commerce is inevitable for retail, which is why Enterprise resource planning tools now come with e-commerce integration.
Like Point-of-Sale machine (PoS machines), e-commerce integration allows the ERP tool to get access to real-time data about the transactions. This data can then be used for demand forecasting, inventory management, etc.
7. Sales Analytics – Sales is what the entire retail businesses boils down too. A majority of decisions taken in any retail business are about improving their sales. ERP comes with the features that can help you in this.
Primarily, ERP software allows you to perform analytics on customer trends and past sales. It can give you insights into what products have been popular and what haven’t, which helps you in deciding which product you must promote and which you must discard. The various factors associated with sales, like pricing, sales offers, discounts, etc., can be improved with the ERP system.