Keeping track of inventory can help retailers not only meet customer demand by keeping shelves stocked with high-selling items, it can also help them keep a faithful watch on high theft items.
Keeping track of inventory can help retailers not only meet customer demand by keeping shelves stocked with high-selling items, it can also help them keep a faithful watch on high theft items. Inventory errors and shrinkage can result in lost sales and profits. In addition to optimizing inventory placement and movement, it is crucial to utilize cycle counts (physical inventory counts) to avoid shrinkage and inventory errors. Creating cycle count tickets through Petrosoft’s cloud-based back-office system, CStoreOffice® simplifies the process of spotting store errors and can help eliminate future errors from occurring.
A cycle count is an easy way of placing physical inventory counts on a cycle based on certain factors, including the item or category’s turnover rate, level of risk and any errors encountered through scanning at the point of sale. Cycle count tickets make it simple for owners to accurately track item-level inventory within their store locations at any time. The most common use for these are when a physical inventory count is being conducted, but you can also create a cycle count ticket to get current inventory levels of specific items and categories. Once the cycle count ticket is processed, an “Item Shortage Report” will be produced that informs the customer of where their overages and shortages are coming from.
Store owners can optimize their store inventory and increase their bottom line by putting cycle counts in place to prevent future shrinkage, spoilage and out-of-stocks. They can then utilize Petrosoft’s cloud-based back-office system, CStoreOffice®, to pinpoint other details such as invoice processing errors, issues with item movement and even over-ordering of a product.