Vendor management has been a long-standing challenge for businesses of every size. Juggling multiple vendors that supply the various products you sell can turn into a logistical nightmare if your vendor relationships and inventory controls are not properly managed.
The addition of a retail iPad POS system can simplify how you manage your vendors through the use of high-tech inventory tools. The powerful integration of cloud-based POS technologies and mobility options will serve to provide nearly instant access to all of your vendor relationship and inventory tools.
Of the tools that are currently available on today’s market, there are a handful that are specifically geared toward small retailers and will present you with a productive approach to vendor management.
1. Powerful Data Management for a Strong Inventory Foundation
Any task that requires you to manage an aspect of your business will generate information. Exactly how you store and sort this information will directly impact your ability to manage vendor relationships and inventory stock levels. Fully integrated sales and inventory data will be the keys to driving a forward-looking inventory strategy that will create a solid foundation from which you can more appropriately manage customer and vendor expectations.
Having efficient inventory controls will directly correlate to how strong your vendor relationships are. Strong data analytics help you avoid potential strains on your vendor relationships, making the order placement and delivery processes run much smoother.
2. POS Data for the Development of a Just-in-Time Ordering Strategy
Possessing a strong data backbone allows you to develop a just-in-time ordering strategy that will save you both time and money. It will also aid in strengthening the partnerships you have with your vendors through a new proactive approach that inevitably simplifies order fulfillment. By ordering a product just ahead of when you need it, the risks involved with excessive inventory are eliminated, as are the associated costs of trying to liquidate a product after it has fallen out of favor with consumers.
An iPad-supported POS solution will offer predictive data analytics that will help you to optimize your ordering strategy based on real-time product performance assessments. The mobile nature of iPad hardware will allow you to access inventory information from anywhere in your store, and will provide staff with an empowering set of tools that presents them with the ability to place special orders for new items or items seeing an unexpected surge in sales.
3. Invoicing Tools for Easier Vendor Payments
Streamlining your product ordering based on precision sales information will deepen vendor relationships and give you a proactive approach to inventory. However, bills must be paid, and the timely ability to create or pay invoices is imperative. While you cannot necessarily control how vendor invoices arrive, you do have control over the invoices you send, as well as how invoices are managed once they have been received.
A web-based invoicing solution that is mobile-friendly will give you the ability to invoice customers from anywhere. It allows invoices to be managed, monitored, and remitted from almost any mobile device in your store. Items can be drop-shipped from your dock to customers with a high level of shipping and payment accuracy. Using web-based invoicing tools can be an indispensable aid in keeping your accounts receivable and payable balanced.
4. Sales and Inventory Data Analyses for Accurate Book Balancing
An important aspect of vendor management is the ability to keep accounts up-to-date and accurate. A retail iPad POS system will provide key insights into where your money is going, both through balancing sales and inventory amounts, as well as through the ability to integrate third-party accounting software. Mobile devices will help you to accomplish this without interrupting the flow of staff during your operating hours.
Payroll and tracking sales commissions become more accurate when staff utilize mobile technology to record their hours and sales. Accurately tracking commissions helps you to further refine inventory controls—as these will also determine rates of returns or exchanges—providing you with a better view of product popularity. Having the ability to see through all of the layers in your sales funnel will be instrumental in getting your books and inventory under control.
5. Device Mobility for Enhanced Customer and Vendor Relationships
Using iPads in a retail environment will provide you with a very important customer-facing benefit—the enhanced ability to predict your customers’ future needs and preferences. Sales staff can utilize iPads anywhere they serve a customer in the store, and can add a personalized touch to every customer engagement.
Also, customer requests for variations in what you sell can be quickly communicated to the appropriate vendor so that customer expectations can be better met. Opening the doors of communication between your vendors and your customers will help you to build a winning inventory combination that will positively impact your margins.
Learn More About How a Retail iPad POS System Can Change Your Vendor Relationships
The most capable retail iPad POS system will present you with multiple options and tools that can be used to strengthen vendor relationships. These same tools can also be used to add a data-driven inventory strategy that builds the bottom-lines of your business and your suppliers. Utilizing iPad-based POS technology can be the driving force behind long-term vendor and customer relationships, ensuring your future success.
Developing a partnership with the expert consultants at talech offer will provide you with a retail iPad POS system that will drive both your vendor and customer relationships to new heights. The cloud-based, mobile capabilities will help you achieve a data-driven approach to inventory management that streamlines processes and simplifies tasks.
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