Inventory manager is also used to determine what inventory is to be purchased, when it is to be purchased, where the inventory is to be located and the pricing policies to be adopted. It can also be used to suggest inter-branch transfers. This module is used as an aid in the decision making process regarding range planning and product availability in order to maximise sales opportunities. Pricing policies can be easily implemented and manipulated as market forces dictate.
The major processes within Stock Manager are as follows:
- Product Range Planning
The merchandiser is able to build a range of potential products, which may be purchased and sold in the future. From this range it is possible to create the actual products to be sold. When the new range has been agreed the information can be output to help in the creation of a product catalogue. Working within ‘Open to Buy’ budgets and limits which have been set within Finance Manager, the merchandiser is able to plan and monitor purchases.
A key element in any retail business is knowing when to buy inventory and in what quantity. The jobof knowing what to buy, buying it and entering the inventory onto the system can be one of the mostmtime consuming tasks retail businesses face. To aid with this task, a wealth of product sales information needs to be quickly and readily available, helping to bring the inventory to the right levels and avoiding over or under stocking; both of which cost money and contribute to lost profits. Stock Manager contains a purchase ordering module, which makes buying inventory quick, effective and easy. The Purchase Order module helps in making the right purchasing decisions; all relevant information is presented by the system and additionally a suggested order report can be generated and then automatically converted into a purchase order. Information regarding supplier performance is available to help the merchandiser plan future deliveries.
- Inventory Transfer
Once inventory has been purchased, another key element is to ensure that it appears in the correct location within a network of retail outlets to maximise sales. Inventory Manager contains a despatch ordering module, which makes transferring inventory quick, effective and easy. The Despatch Order module helps in making the right allocation decisions; all relevant information is presented by the system and additionally a suggested transfer can be generated and then automatically converted into a despatch instruction. Inventory replenishment can be made from a variety of warehouse locations and where necessary, the system alerts the user to the need for re-ordering. When operating a multi Branch system with Network Manager, inventory can be controlled centrally and branch inventory information automatically updated.
- Product Pricing
The Stock Manager module is designed to provide a focus for profit control within the business operation. The merchandiser is able to allocate the appropriate selling prices against planned profit margins. Promotions can be determined and confirmed for use within all other modules of Opus Retail Manager. Prices are entered for all products, including against current and pending cost price adjustments. Price changes can be applied to specific products or by a range of products, such as all inventory from a particular supplier. New prices become active as soon as the changes are confirmed, and are then immediately available at the point of sale. Suggested price changes can be automatically created based upon profit margins. Also, a range of specific discounted prices can be applied to special customers. Opus Retail Manager will create suggested selling prices automatically based upon product profit margins.
Opus Retail Manager allows the user to re-price or prepare promotional price products in advance of the pending activation date. Multiple promotions can be in operation giving the flexibility of settingm different prices for different time periods. For instance, a product can attract a 10% discount for a particular month. Additionally, a further promotional price may be set against the same product for specific days within that month. Merchandising Manager ensures that the correct price is in operation at all times.A price rounding facility is available to enable prices to be automatically changed up or down to match pre-set price bands. The price rounding model can vary for different product ranges within the system. Profit margins can be set specifically for each product, or pre-determined minimum margins can be set for products within groups, departments or individual suppliers.
- Products can be linked together for the following purposes:
- Multi-buy promotions. E.G. Buy a Camera and get two free films or, Buy a Camera and get 50% off a case a memory. Product Information. E.G. Warning that product should only be sold to over 21 age group.
- Product Kitting. E.G. A Camera may be sold with two films as a kit, or the Camera and films can be sold individually.
- Discounts on product Groups. E.G. Buy any 4 items for a fixed price.
- Product labels can be produced at any point within Opus Retail Manager. For example labels can be created at the time the purchase order is raised, the goods received location, or at the sales location. The software can be configured to enable label production to take place at the appropriate business locations.