ERP News

Efficient retail software can weed out competition

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The retail industry has never faced as many challenges as it does today and the quality of retail software used, differentiates the market leaders. It is an industry with generally low margins and very high competition. Apart from market competition, regulatory pressures compound the challenge for a retail business enterprise.

The integration of its diverse internal and external business processes is essential to the success of a retail venture. The importance of systems like POS retail software and retail ERP cannot be emphasised enough. The point of sale (POS) software is utilized at the site where goods are sold to consumers. Retail management becomes much simpler with this software which can automate the following internal business processes in retail:

Adding up sales total
Computing sales tax
Recording each sale
Sales management
Price updates
Barcode scanning
Calculating change due to customer
Customer queries
Customer follow-up
General ledger
Inventory control
Accounts receivable
Accounts payable
Electronic ordering
Database management
Shop management

Each POS package is tailored to the unique requirements of the particular retailer. Some businesses require highly sophisticated software, while others need comparatively low-tech installations.

The enterprise resource planning (ERP) system is a highly effective tool in providing cross-functional capabilities to a retail enterprise. It facilitates access to crucial information in real time, making management decisions much easier, faster and better. This happens because the ERP system integrates all the various departments such as Operation, Inventory, Human Resource, Planning, Administration, Sales and Finance, into a unified information system (IS) with a consistent user interface.

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