Point of Sale Success Part 5 : Understanding the “Ins and Outs” of Inventory Receiving

By
Tom Modeen
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The procedure for inventory receiving with a comprehensive Point of Sale System will be handled in two different ways:

Inventory Receeiving

Inventory ReceivingInventory receiving from manual, faxed purchase orders will require a line by line entry via a robust inventory hand held device.

 

Inventory ReceivingInventory receiving via an EDI 855 Confirmation and Acknowledgement record, a result of an electronic purchase order (EDI 850), can be automatically received with inventory additions and ultimately, new cost and price updates.

 

Inventory ReceivingAs you can see, the process is a blended one and will require flexibility from your Point of Sale System. More importantly, it should be noted that every time you are receiving inventory, you are presented with unique opportunities to enhance store merchandising and the image of your store.

Unique OpportunityUnique Opportunities Presented at Inventory Receiving:

*The opportunity to review new invoice pricing and adjust retail pricing to reflect those changes, considering market visibility.

*The opportunity to link bonus size UPCs to the primary item UPC for accuracy in scanning at the POS register.

*A second chance review of products ordered and how they fit withing your merchandising plan. Am I ordering the correct package sizes? Am I carry too many options within the product’s array? All of these elements are important in your general plan for success.

Shopify published a valuable post recently on proper ordering and merchandising theory. The principals detailed are broad based and can apply to any type of retail operation. “How to Source Products for Your Retail Store” https://www.shopify.com/retail/how-to-source-products-for-your-retail-store

Multiple Areas to Receive Inventory? Consider This!

Most retail stores carry inventory that is placed directly to the floor for customer purchase. However, most retail stores also house stock rooms to house excess inventory to eventually be transferred to the selling floor.

Retail pharmacies often dispense OTC medications that support the patient’s medication therapy, so in this example, we have identified three areas within the store where inventory resides. How do we account for that?

Ordering InventoryThe answer is that the Point of Sale System must support multiple inventory locations for every item sold. At inventory receiving items are received in “bulk” from the purchase order. From there, area and department inventory needs are recorded and transferred via a robust handheld inventory device such as the Point of Care Systems “Inventory Assistant.”

The importance of inventory receiving in a successful retail store should never be overlooked. It is a core element of Point of Sale Success!

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