Month: May 2017

Six Tips For Inventory Management

Managing inventory and orders is an important part of business that should be taken very seriously. In many cases, not properly tracking these things can lead to mistakes such as lost orders, delayed orders, or even potentially losing a customer.

Here are six tips on managing inventory and orders to allow any inventory-based business to grow without operational headaches.

Tip 1: Understand the differences between product types

There are generally four different product types that businesses use to account for inventory:

  1. Item – a simple product that gets delivered to the warehouse. There is no packaging or assembling effort and the product is ready to be sold to your customers.
  2. Assembly – an item that needs to be assembled together by smaller item parts within the warehouse. For example, a bicycle is comprised of a frame, wheels, chains etc. and putting all the parts together results in a finished “assembly.”
  3. Family – a group of similar items or variants of a parent item. For example, if you have a t-shirt item and it comes in 3 different sizes and 4 different colors…then there will be 12 different variants a part of one family named “t-shirt.”
  4. Case Pack – also known as a “bundle,” usually a multiple of an item bundled together into one. For example, a case pack of 12 sunglasses would get shipped to the wholesale customer and then sold individually. The difference between an assembly and a case pack is that an assembly stays intact (as in it does not get broken down) whereas a case pack is bundled together for efficiency purposes and then can later be broken into single items again.

Tip 2: Always have SKU numbers, barcodes and product specifications

Similar to a driver’s license, every product needs to have a unique ID number known as a SKU (Stock Keeping Unit). A SKU is vital for internal use as there will be instances where a particular product needs to be found quickly and having an SKU will make it easy to find. Additionally, having a SKU is imperative because another company could have a product named “Black Pants” exactly like and resellers are dealing with multiple vendors, thus creating a need to differentiate between similar products.

Second, when working with other companies such as resellers whether it be an independent e-commerce store, a brick and mortar store or a big-box chain, a universal barcode/UPC number will be expected. A UPC number is another form of a SKU, but instead it comes in the form of a barcode which can be scanned and identified through a live database powered by GS1. Be cautious not to purchase UPC numbers from anywhere but GS1 or a valid reseller. The whole point of a barcode is to be scanned and looked up via a database, so having a barcode that brings up a different product from another company causes a lot of confusion and could potentially lose customers.

Finally, it is always good to have a system for listing all your products specifications. Those specifications should have at least the following:

  • Product Name
  • SKU Number
  • UPC Number
  • Description
  • Color
  • Size
  • Price
  • Weight
  • Dimensions (depending on product)

Tip 3: Track what you sell and to who

There is a vast amount of data related to a company’s products and who the consumer is. There are certain questions you should be trying to answer on a daily/weekly/seasonal basis to drive core business decisions. For example:

  •  Which products are top-sellers?
  • Which customers are buying the most?
  • Which months are our slow months when people rarely buy?
  • How many repeat customers do we have?

Not having the tools to track this information is like driving with a blindfold…it is just not a smart business decision.

The best companies rigorously measure key metrics to drive an increase in sales, customer lifetime value and purchase size. For example, if you want to run a profitable business, you need to analyze how much money it costs to get a customer (in terms of sales and marketing) and figure out how much that customer will spend with you over the next two to five years. If their lifetime value is typically three times or more than the cost of sales and marketing for that one customer, then you will have a profitable business.

Making business decisions based on gut feelings lead to disaster when dealing with inventory and order management. Even early on in the building of a business, making an investment in a system to hep with this can save a lot of time and money down the line.

Tip 4: Create a system for processing and fulfilling orders within your company

Number of orders is the most important factor for a business because it represents revenue. But many companies do not have proper systems to handle, process and fulfill these orders. The best thing to do is create a list of tasks that need to be completed to fully process and fulfill an order.

A typical process will look like this:

  1. Step One – Create a sales order in the accounting or order management system.
  2. Step Two – Check Inventory. See if the product is available.
  3. Step Three – If inventory is in stock, pack the order and figure out the cost of shipment.
  4. Step Four – If there is a credit card on file, charge the payment for the order total and any shipping and handling charges.
  5. Step Five – Convert the sales order to an invoice and apply the payment to that invoice to close the transaction.

Additionally, if you have other sales channels where you manage inventory separately or you have an inventory spreadsheet, adjust it. It is important that inventory remains the same across the entire system to avoid confusion.

There are many systems, like Shivit that completely automate this process so you don’t have to do all the manual work like managing inventory, customers, accounting, shipping processes and analytics. If you do not create a system, orders can get lost, delayed or configured incorrectly. This is an easy and common way to frustrate customers and potentially lose them.

Tip 5: Have monthly audits of your inventory

Even with the greatest technology around, we still need to reconcile the numbers in our books with real numbers. Inventory can get misplaced, stolen, damaged and thrown away. Doing a monthly or at the very least, quarterly audits of your inventory is a great practice. It’s an easy process that, with a well-kept system, will prevent major roadblocks in the future.

Here’s an easy way to perform a monthly audit:

Print out a sheet with the name of the product, the SKU number and the inventory number you have in the books. Leave an extra blank space next to the product so that you can quickly write in the counted inventory number and see if your system matches what you actually have in stock.

Tip 6: Perform daily audits of new and existing orders

Always do a daily audit of all the orders. If you start getting a large number of orders each day, it is essential that you check the status of each order and not delay them longer than they need to be. The faster you can get an order out to a customer, the more likely they will have a good experience and return to buy more from you in the future.

Thank You

About Author :

Team Shivit

Email: info@shivit.com

Website: www.shivit.com

 

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Benefits of Secondary Sales Tracking by Field Sales Force CRM

  • Accurate and real-time information on secondary sales order, billing, sales return, payment collection across the distribution channel Full automatic DA and Tentative and actual Expenses calculations by distance calculator
  • Better field level planning of Routes and Retailer visits
  • Auto access to the Proposed Visit Plan or Tour Plan on the mobile devices anytime anywhere
  • Effective measurement of Target Vs Achievement of Individuals and Team.
  • Sales team will clearly concentrate more on their Sales activities rather then offline clerical work for DSR submission
  • SR can easily add new Retailers and make immediate sales.
  • Accurately and timely capture the orders from retailers and pass it on to distributors for quick replenishment.
  • Helps to build efficient production planning with the help of actual sales insights from the market
  • Empowers implementation of measurable KPIs (Key Performance Indicators) to track sales performance based on region, area, sales person, SKUs, Brand, etc.
  • Provides Item wise, Retailer wise, Sales Person, Distributor wise … Sales Analysis
  • Integrates sales data with C&F agents, stock keeping partners, suppliers, distributors, sub-distributors, dealers and retailers on a single platform and facilitates easy and on-time time sales information processing
  • Auto Reporting of MIS & Sales information using Email schedule
  • Instantly locate your sales workforce anytime anywhere
  • Availability of Real time Market feedback after launch of new Products
  • Reporting and MIS made available directly in MS-Excel

Thank You

About Author :

Team Shivit

Email: info@shivit.com

Website: www.shivit.com

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Perfect Selection of Web Based CRM Software

A CRM Software or Customer Relationship Management Software is essential for any organization. That means, it should be accessible by everybody in the organization from anywhere. That additionally implies that you need steady access to your CRM software without interference’s from computer updates, crashes, installs, and fixes.

Shivit-CRM-Software
How a web based CRM Software is different ?

Web based CRM Software solution, which makes your whole Customer Relationship Management framework online and web-enabled. This implies there are no CD’s to purchase, no product to download and install. No updates to purchase every year to continue with the software system.

A flexible web based CRM has given entrepreneurs the capacity to meet both of those goals with a credible web based solution option.
There is no need of intermittent fixes or updates to introduce, no payment for software upgrade or new version installation, no lost time or data when your computer crashes, and the most important benefits everyone can access the information in real-time from any part of the world.
The best way to adequately build a client base is by recognizing and understanding the necessities of every customer. With a specific end goal to prevail with regards to doing this, all customer interaction must have some kind of tractability and significant tools to assess the information.
A powerful online Customer Relationship Management system will give all the essential features a business needs to remain on top of its client base. These features require enough adaptability to offer organizations the capacity to modify its CRM software in view of its particular plan of action.

The online CRM software must be a value adding component in the business. Any organization that can execute its web-enabled CRM and utilize that device to its maximum capacity will be situated to enhance its business figures and client retention numbers.

Selection Of best web-based CRM Software provider 
Regardless of what an organization’s objectives might be, there is a CRM software accessible for any circumstance. A cost-effective company will most likely advantage more by utilizing the cloud atmosphere rather than acquiring an on-premise solution in-house. A company that requires substantial client support will need to concentrate on CRM providers with strong customer benefit modules.
In the scenario that the business sales persons spend a great time far from the office, an online CRM that provides the access of real-time customer data on mobile is the best software.
While choosing most suitable web based CRM company the fist step should be recognizing one’s business needs and objectives. With such a variety of alternatives to consider, the task of picking up one best provider may appear to be horrifying. These are all particular business tasks that must be considered before taking a final decision.

Thank You

About Author :

Team Shivit

Email: info@shivit.com

Website: www.shivit.com

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How Software changes the face of Inventory Management ?

inventory management software solution

Inventory is the lifeblood of a retail business. Managing it well is very important. Poor inventory management is the main reason of small businesses fail.

What goes wrong?

Usually, a cascade of errors leads to bad decisions. In an environment of strong competition and low margins, small businesses simply can’t afford such miscalculations.

If you overestimate demand, inventory builds up, costing money to store and eventually hitting the sell-by date or going out of style before it’s sold. Conversely, underestimating demand frustrates customers, who may give up and go elsewhere.

Yes of course, you can never forecast demand with 100% accuracy, but if you don’t have correct, up-to-date numbers to start with, you don’t have a chance of getting it right. Unfortunately, that’s often the case.

Why so many mistakes?

According to research  43% of small business owners are still using pen-and-paper systems or spreadsheets to track inventory. Manual systems are rife with data-entry errors that lead to shipping mistakes costing time and money. Worse, they lead to incorrect forecasting, which can be catastrophic.

The Software Solution

Point-of-sale software systems provide pinpoint accuracy, but small businesses often fear the expense of investing in technology like barcode scanners or RFID tags.

No matter how comprehensive your resource planning is, if your inventory data is wrong, it won’t help you. Though inventory software can be expensive, software vendors face heavy competition,just as retailers do and many offer solutions and pricing attractive to small businesses.

Bird’s-Eye View

If inventory software is cloud-based, it allows business owners to see their stock in real time, either at a single store or across multiple locations. Dashboards help managers visualize information in a variety of formats, and they can access the system anywhere from a PC or mobile device.

Inventory software can be integrated with an ERP system to make forecasting easier and more accurate. It can also work with online sales, making it especially helpful in today’s omnichannel environment. Some retailers pass inventory data to online customers, who can find out how many items are left for a product they’re interested in, or whether a specialty item is available at a specific store.

IT Outsourcing

IT Outsourcing,as retailers scale,their cloud-based software can grow along with them, switching seamlessly to new shippers or scanning systems and calculating prices differently for larger accounts.

While these powerful systems are easy to use once they’re set up, making decisions about which features to deploy and how to integrate them can be complex. Today’s omnichannel strategies incorporate many different technologies for mobility, social media, logistics, and data analytics. The scope of knowledge required to implement them is often beyond the capability of the average retail IT shop,thats why retailers are increasingly outsourcing the work.

Inventory management is crucial to retail success. Whether it means upgrading to cloud-based software or getting help to manage complex systems, today’s retailers are not just hoping for a bright future, they’re investing in it and how connection helps. Our team of IT experts can help retailers streamline inventory management, leveraging a mix of bar code and RFID technology, cloud-based software solutions, and critical updates to infrastructure to optimize forecasts and save time and money.

About the author:-

Team Shivit

email id   : info@shivit.com

Mobile No:+91- 7503935107

website-www.shivit.com

 

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Top 10 Reason why Small Businesses Fail ?

According to the SBA(Small Business Administration)  U.S, over 50% of small businesses fail in the first five years.

10-reason-small-businesses-fail

Why?

following reasons for small business failure:

1. Lack of experience

2. Insufficient capital (money)

3. Poor location

4. Poor inventory management

5. Over-investment in fixed assets

6. Poor credit arrangements

7. Personal use of business funds

8. Unexpected growth

9. Competition

10. Low sales

These figures aren’t meant to scare you, but to prepare you for the problematic path ahead.

Underestimating the difficulty of starting a business is one of the biggest obstacles entrepreneurs face. However, success can be yours if you are patient, willing to work hard, and take all the necessary steps.

On the upside

It’s true that there are many reasons not to start your own business. But for the right person, the advantages of business ownership far outweigh the risks.

You will be your own boss. Hard work and long hours directly benefit you, rather than increasing profits for someone else. Earning and growth potential are far greater. A new venture is as exciting as it is risky. Running a business provides endless challenge and opportunities for learning.

About the author:-

Team Shivit

email: info@shivit.com

phone:+91- 7503935107

website-www.shivit.com

 

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Why Industries and Organizations need ERP Software?

Today across all industries, organizations are realizing the critical requirement of enterprise data analysis functions in achieving business outcomes to enhance business volume.
To stay up to date and competitive, companies of all industries must have clear visibility into procurement, manufacturing and supply chains, drive down costs, design relevant demanding products and get their products to the market faster and to achieve this goal companies must centralize sales, service, and marketing as well as accounting, asset management, distribution, inventory, manufacturing, people, and payroll. Company must aim to capture and analyze organization enterprise data in real-time to gain business intelligence that helps in taking smart business decisions. And it will enable their customers, employees and partners fast, convenient access to real-time information – anytime, anywhere, using any device.

“ERP Software Solution for your businesses – Transform your business operations

ERP Solutions Provider in Delhi NCR India
If you want to transform your business operation,than get Shivit ERP Software ,Providing Custom Software Solutions , fully-integrated ERP system for small and mid-market manufacturing,distribution and import/export Companies.

For More Details :-

Email: info@shivit.com

phone:+0120-4572107

Mobile:+91-7503935107

Website:-www.shivit.com

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