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USING TECHNOLOGY

Using computers and technology in your business will provide you with a competitive edge. Generally speaking, technology will provide you the following benefits:

Keep track of your vendors and your purchases.
Better mange your inventory.
Keep track of you customers and sales.
Provide you with various reports.

These benefits combined will ultimately enable you to better manage your business, provide good customer service and to achieve a higher level of efficiency in staff utilization and therefore make your business more profitable.

Keep track of vendors and purchases

Technology will enable you to track your vendor names, addresses and delivery times using vendor master record concepts. You will also be able to create purchase orders, send them to vendors and receive the goods into your inventory. Technology will give you the ability to run various reports on your vendors and monitor the status of your purchase orders. You can also take advantage of electronic data interchange (EDI); EDI is the way most big businesses communicate with their suppliers. You can use EDI to send your vendor an electronic purchase order, your vendor will then send you electronic confirmation of your purchase, delivery time and invoice.

Better mange your inventory

Another important reason for using technology, is that you will be able to track your inventory down to item level, at any time of day you can see how many cans of orange juice you have in stock, for example. If what is on the shelf does not agree with the system then something is wrong. Using technology will enable you to make use of automatic stock replenishment, in other words your system will produce a purchase order for your vendor once the stock level falls past a certain point.

Keep track of you customers and sales

The same way technology allows you to track your vendors it will also allow you to track your customers. This will enable you to provide better customer service. Once you perform a sale your inventory will be reduced automatically, using a bar code system will enable you to take full advantage of this, you will be able to precisely understand your sales situation and account for every piece of inventory you have. In the retail business, the software you use to manage your sales and customers should also act as points of sale, it does not make sense to have two separate software packages, one for your customer base and one for your POS.

Provide you with various reports

A good software package that manages your business should also contain various reports and analysis tools. These reports will give you a better handle on your business, for example at any point of time you should be able to get a complete picture regarding your inventory situation and you should be able to reconcile the inventory on the shelf with the inventory in the system. A good software package should also give you detailed sales reports so that at the end of the day you can tie the money in the cash register with what has actually been sold.

Integrated Software Package

As we have already mentioned previously, the software package you chose for your store needs to do a number of things like keep track of your customers, inventory, vendors. When you are looking for software to manage the bulk of your business the best decision is to go with software that fulfils as many roles as possible, ie an integrated software package.

The ideal integrated software would have the following components:

Point of sale (POS) and sales module.
Purchasing module.
Inventory management module.
Human recourse module.
Accounting module.