In recent years, due to the heavy FDI, many of the Global Retail Giants are coming into the Indian market. Also, the local brands are expanding their stores across multiple locations. In this multi-store expansion process, the competition has been increased drastically.
Since the Retail industry comes under the B2C category, customer retention and customer satisfaction are at utmost priority. And for this, the retailers have to work constantly on the better service. The retail industry majorly carries the perishable goods, and due to the multi-store concept, it becomes necessary to monitor the warehouse stocks and their inventory.
The Limitations of Traditional Systems :
The retailers who are using traditional applications, always need to customize their systems to adopt the multi-store trends. As the key business segments like Inventory Management, Store Management, Demand Planning, Supply Chain, Promotions Management, Workforce handling, Accounting, and Finance are crucial, the need for ERP becomes very essential.
The separate applications for different departments, many times become a barrier in getting insights and visibility. The scalability of the organization gets hampered resulting in poor growth and narrowed customer satisfaction.
The ERP Concept :
The ERP or Enterprise Resource Planning software integrates all the business segments of an organization into a single platform, which helps the decision-makers and the operational management in taking the crucial decisions. To learn more about the ERP, you can click here for the other article.
The Role of ERP Systems in Retail Industries :
To increase the scalability and the profitability of the retailers, the following segments need to be considered :- Inventory Management
- Warehouse Management
- Store Operations
- Point-of-Sale
- Supply Chain
- Vendor Management
- Customer Management
- Human Resources
- Demand Planning
- Order Management
- Revenue Management
The ERP applications are rich with the above features and give deep insights along with the Account receivable (AR) and Account Payable (AP) reports helping them in serving their customers in a better way. We can also refer to the 5 Pillars to grow our Retail businesses extensively.
The Oracle NetSuite ERP is a Cloud ERP Platform, helping the retailers across the globe in expanding their businesses. It provides Business Visibility, merchandising and inventory planning, Customer Service & experience leading to the 40% optimization in the customer invoicing cost, 10-20% increase in the Day Sales Outstanding (DSO), 40% to 70% optimizations in the IT investment and more.
To understand how ERP can help in growing your Retail Businesses, feel free to reach us at :
Website: https://saturotech.com/
Email ID: sales@saturotech.com
Phone Number: 020-711-796-33 (& press 2)
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