Produce a report which compares and contrasts inventory control systems to suggest a suitable system for a local off license/convenience store
Inventory control in the convenience store business is important because these businesses depend on the rapid turnover of the inventory items with a limited shelf life at relatively small margins.
The convenience store must be able to satisfy the customers by being able to supply the desired merchandise when required and not have a large amount of capital tied up in the inventory items lying in the store. The items that are likely to be in demand must be ordered just in time and then sold prior to the expiry of their shelf life. In order to satisfy the customer and make a decent profit, CRM, inventory analysis and control as well as automated ordering systems are very much desirable in a convenience store. These systems are most appropriately software applications which are capable of running on a back office computer system which can interface with a variety of gadgets for automation including cash registers, bar code readers, item scanners, magnetic card readers, electronic display boards and electronic point of sale terminals. The inventory control systems make it possible to analyse the inventory in real time in order to make informed decisions and some of these applications can also assist in moving the inventory items by providing instant advertising and promotions for specific stock items. A large number of automated inventory control system products are available from a number of suppliers, making the task of selection difficult. The decision to utilise a system for inventory control is important for all retail businesses because such a system is acquired for operations once in a long while and has an impact on the store operations. In this report, an attempt has been made to analyse convenience store inventory systems and to present the most appropriate solution for a variety of stores.
Convenience stores are expected to provide friendly customer service with an uncertain turnover being generated on products that are not very expensive to purchase and hence have low margins of profit. It is important for the convenience store management to ensure that items which may be required by their customers who rely on the store and live close by are available when required. The customers in the neighbourhood must be satisfied and happy because they are the individuals that the business depends on. Satisfied customers from the neighbourhood bring in good business and are loyal to their local convenience store from which most purchases are made on a regular basis. It is, therefore, important for the local convenience store operator to be able to keep track of the items that are available on the shelves and to ensure that the requirements of their customers are met without any items becoming out of stock. While it is important to ensure that items that are in demand are available at all times, it is equally important to ensure that items which have little or no demand be identified and their stock levels be reduced in order to minimise cash tied up in items that are not likely to sell. Perishable items or items with a limited shelf life must be ordered just in time so that they remain fresh for consumption by a consumer and are not wasted. With limited levels of investment and limited margins, there is a requirement to maintain a close watch on the store’s inventory and make correct as well as timely decisions about replenishment. Running a convenience store can, therefore, be exciting with the store managers or owners attempting to maintain good coordination with the distributors, maximising customer satisfaction and minimising capital tied up in inventory as well as attempting to reduce inventory wastage in their store. Sophisticated inventory management and ordering systems for retail chains and giant retail stores such as Wal-Mart, Target etc are available, but these are too expensive for the convenience store which has a special requirement for a computing and information technology or IT to assist with their operations (Mowatt, 2003), (Zebra Technologies, 2004) and (Retail Systems Alert Group, 2004).
A convenience store can have too much, too little or the right levels of inventory with the inventory mix being important. It is important to be able to identify the recurring usage items which have been sold or used on a regular basis in the last month or the last few months. Because labour is expensive and customer satisfaction important, it is also desirable that some automation system with a scanning or bar code reading capability be available for fast check outs and upgrade of inventory statistics. The convenience store managers must be able to analyse items for sale that are to be kept on the shelves and determine inventory related values such as safety stock quantities which is the ‘insurance’ stock that is maintained in the store for protection against unexpected consumer demand and delays associated with goods delivery. Inventory order points which take into consideration safety stock quantity and the predicted demand as well as the time to deliver by the vendor or distributor and minimum order quantities must be ascertained and brought to the notice of the store management so that replenishment orders can be placed. The line point or the predicted demand during the supplier order cycle before replenishment is made available should also be considered when maintaining levels of inventory and determining their replenishment levels. Sporadic usage items which have an unpredictable level of consumption must be identified and made available for the customers. Hence, there is a need in the convenience store for a modest level of automation which can assist the store managers to cope with the demands of running the store and providing good customer service. The convenience store managers or owners must aim for efficient store which involves providing a complete and easy to shop assortment of products desired by the consumers, efficient replenishment that ensures that items are available to the customers at all times, efficient promotion in coordination with the manufacturer and distributor as well as efficient product introduction of new products which are likely to be wanted by the customers of the convenience store. Thus, inventory management and the management of the supply chain are important for the local convenience store as well as its customers who depend on the store to meet their requirements. Convenience stores can also play their part in providing good shelf pricing, shelf space, brand imaging, logistics and building customer relationships for better retailing power (Schreibfeder, 2003) and (Schreibfeder, 2005).
The convenience store industry has now progressed from the mom and pop phenomenon into a multi billion pound industry, not just in the United Kingdom, but all over the world. The level of automation in this industry is constantly increasing with stores moving towards full automation, installation of scanning systems and back room computer systems that can help with the business. The term store automation refers to the bringing together of all electronic equipment and aids installed in a convenience store on a single platform so that the managers of the store can capture, collate and analyse data related to the store in order to determine the levels of profitability and make intelligent decisions to enhance levels of performance for various areas in the store or different product lines. Many automatic devices are already found in convenience stores, including electronic cash registers, gasoline dispensers, money order machines, lottery or lotto machines, electronic safes, laser bar code scanners, mobile bar code reading terminals, credit / debit card authorisation terminals and tank level monitors as well as some form of internet connection and computing power which is in line with the proliferation of the internet (National Association of Convenience Stores, 2005). Store owners can sometimes be confused with what automation is appropriate for the better management of their stores and there has been a tendency to focus on Point of Sale or POS terminals to assist with fast customer check outs. However, store automation refers to the judicious integration of technology into a store in order to assist with its operation and can include hardware, software as well as integration of systems. The expenditure that is to be made on store automation must be justifiable in terms of the availability of better information, higher levels of productivity, a better executive information system and in terms of the ability to develop more sophisticated product supplier partner relationships. Hence, returns on investments must be available to justify the expenditure of funds for hardware and software systems in a convenience store. Information technology systems in the store should be able to provide for higher levels of corporate profitability and customer service (Wysoscki, 2004).
A convenience store can most certainly benefit from an automated inventory control system because of the benefits that such a system is capable of providing. Proper inventory management is fundamental to the profitability of a store and its ability to provide good customer service. Thus, there is a valid need and the returns on investments are available. However, along with needs there are also choices that are available and these choices have to be carefully analysed in order to arrive at a decision that is likely to be the most appropriate for a situation. Some factors that are likely to influence choices include the needs of the organisation and the desired results, the time, money effort and training that can be provided along with the expectations of performance that are associated with choices. Relevant questions that should be asked when introducing automation into a store should include those related to the likely training that may be required to be able to use the technology being introduced, the support that is available, what is required to be done and what can be possibly done with the technology. A careful consideration of all relevant factors will prevent frustrations after the technology has been implemented and will provide a realistic picture about expectations that can be fulfilled (Friedman, 2005).
There is no shortage of software products for convenience store inventory automation, which is the most appropriate way to manage retail inventory in a convenience store. However, it is important to study the pros and cons of each product and what important functional advantages can be provided prior to making a decision. A system which can capture important information about store transactions and present a real time picture of the store inventory as well as presenting information about consumption patterns can work wonders for the decision making related to efficient running of the store. Point of sale terminals and bar code scanners have become a necessity in the present age when a convenience store may be required to smoothly serve a large number of customers and process credit card transactions for the purchase of groceries, gasoline or other products from the store. These transactions must be processed in real time and within reasonable time limits. Depending on the size of the convenience store, it will be important that the data related to purchasing from various points in the store is as far as possible correlated automatically, with minimal manual processing (National Association of Convenience Stores, 2005). Many a times, the nature of automation that can be introduced into a store is determined by the store’s profitability, history, culture and management styles. Merely throwing money to solve a problem is not the answer, but judicious selection and integration of systems is the correct approach. A typical first step to introducing information technology automation in a retail store may consist of introducing a cash register followed by the installation of a back room computer system, linking of the cash register or a point of sale terminal to the back room computer and integration of the gasoline pump controls to the POS terminal which can also have bar code readers and scanners. It is the back room computer system that can host a number of software applications which can provide additional support to the store management and the store inventory control system is also one of such applications. Other features that can be added to the store’s backroom computer system include cash and sales reporting, fuel inventory control, labour control, merchandising support, shift analysis, accounting, vendor compliance and management information support. The back office computer can also assist in providing an enhanced level of connectivity to vendors and distributors of inventory items through the World Wide Web, assisting with rapid stock replenishment. The justification for a back office computer system can be found in the smallest of convenience stores where a store manager or operator can spend several hours a day in preparing manual reports, dealing with correspondence and matters related to purchasing. Such a computer can also assist in the management of the “price book” which is an electronic record of information related to pricing information, purchasing costs, sales cost, gross profit margin and any discounts which may have been availed from the vendors and suppliers (National Association of Convenience Stores, 2005). The management of the electronic price book in a convenience store is not an easy task because many items for sale in convenience store do not have bar codes and hence have to be manually entered into the system. There can be a large number of inventory stock items and these may have to be replenished many times a year. Hence, attempts should be made to automate a convenience store because even in the smallest of establishments, the automation can provide many additional leisure hours to the operator (Sayers, 2004). There has to be a plan for implementation and a commitment as well as consideration for costs. Automation can be introduced gradually in stages with the growth of the operation. The application of information technology must be able to provide new information that can be acted on and this should lead to improvements in the manner in which the store operates. A new approach to doing business will have to be incorporated into the store that attempts to use the automation and the extra information provided for making judicious decisions. Forecasting of inventory levels and demand are not only important for minimising capital tied up in inventory but also for predicting the most appropriate replenishment levels.
Costs associated with carrying unwanted inventory can add up as a result of handling stock receipts and moving material and providing additional space to store the items in the inventory. Additional efforts are required for counting the inventory and greater losses are associated with inventory shrinkage and obsolescence due to the expiry of shelf life. Capital tied up in unwanted inventory can also result in an opportunity cost associated with not being able to invest in other opportunities or conveniences. The carrying costs associated with inventory is the sum of all additional costs from the previously mentioned factors including the opportunity cost divided by the average value of the inventory that is stocked in the convenience store. Additional rental, maintenance of storage space, labour expenses etc can all add up to become substantial. If an inventory management system can reduce these overheads associated with maintaining inventory in order to ensure customer service then it is paying for the automation that has been installed and may even be saving money for the convenience store (National Association of Convenience Stores, 2005).
Because a large number of convenience store automation system products are available, including hundreds of inventory management system products, it makes sense to try and find out which one of these products is likely to be the most appropriate investment for a typical convenience store. The modern inventory control system for retailing and convenience stores is certainly going to be an information technology based automated solution, reflecting the increasing importance of computer applications to retailing. There are many web sites which provide a listing of such products and information related to their features in addition to the information that is available from the manufacturers. Some websites that describe the presently available software products related to convenience store inventory management software products include (KnowledgeStorm, 2005) and (Search.com, 2005). In this dissertation, an attempt has been made to compare and analyse the features available from a number of inventory control management products which are suited for application in the convenience store. Such an analysis will assist in better understanding what features are available and what product will be the most appropriate for a particular situation. However, before proceeding with the comparisons, it is appropriate to consider just what is involved in an effective inventory control and management system. The methodology and practices associated with inventory control and management are discussed next.
2.1 Effective Inventory Management and the Inventory Control Process
Prior to discussing automated systems for inventory management and control systems in a convenience store which take the form of a software package running on the store back office computer, it is appropriate to spend some time thinking about just what is meant by effective inventory control. Convenience store operators who have been in the business of managing such stores have discovered that without any inventory planning, they may have just too much of a product stacked on their shelves or in the store room without anyone wanting to purchase the product. Other scenarios which may be encountered may include situations in which items are out of stock and backordered and no one knows what is in the inventory store or it is not possible to find out where a stock item is in the store warehouse. Obviously, the larger the buffer stock that is maintained in the store, the higher is the probability that items will be available to the consumer and the level of customer service will be enhanced. However, maintaining too high a level of stock items with a limited shelf life can only result in wastage and unsold merchandise. Effective inventory management is, therefore, about implementing strategies to meet or exceed customer expectations related to a product’s availability by maintaining a sufficient stock of each stock item which will also maximise the convenience store profits (Schreibfeder, 2002). The term inventory control refers to effective management and control of inventory items which have already been purchased and are in the convenience store warehouse. It is important to know what is available, where it is stored, how much is the monetary value associated with the stock item and when will the item’s stock life expire. Inventory management, on the other hand, refers to the activities associated with the ordering of the inventory, things like determining what to order, how much to order and from which supplier. Inventory control is the first important activity associated with maintaining stock in a convenience store because unless it is known what is available, it is not going to be possible to determine what to order and by how much as well as from where. An effective inventory control system will, therefore, maintain a real time record of items that are added to the inventory and those items which have been sold out or removed from the inventory. Incoming purchased items will be counted, categorised, described and their monetary value recorded while those items which have been sold out will be converted into cash receivable to be reconciled in the accounting package of the convenience store. Stock is added to the convenience store’s inventory in order to be sold and is expected to have but a limited time in the store, while a lot of other stuff can also be lying around which may not have any substantial commercial value. It is better to liquidate the stuff that is lying around and depreciating with no application in the convenience store before it depreciates to a zero value. The stuff may be sold in a sale, returned to the vendor or passed on to a non-profit or charity, however, it is important to know just what is in the store room, in what quantity as well as of what value. It is equally important to be able to know just how well the sales of various items are doing so that efforts may be made to stock only those items which are in demand. A product which is doing poorly in regard to the sales that it is generating may be substituted by a less expensive product or a product which is better in quality. Human judgement and retail experience cannot be substituted by automation, but the automated inventory control system can assist in managers making informed decisions. The storage location in the warehouse of fast moving inventory items must be optimised so that store personnel end up exerting minimal effort to replenish shelves and fill orders. In well designed inventory control software, an attempt will be made to minimise the effort that will be required to fill orders for fast moving items because these will be more frequently processed. It is bad enough to have a valuable resource capital tied up in inventory, but it can be worse to have this capital tied up in the wrong kind of inventory. Inventory control helps balance out the stock in relation to consumption and identifies the winning as well as the loosing items. Whereas it is possible to control and manage inventory by using ancient techniques including the eyeball system in which the store manager attempts to measure inventory levels by attempting to gauge out of stock items while inspecting the store in order to determining what items need to be replenished as well as the reserve stock technique, perpetual inventory systems using the card system or the computer – operated system are more exacting and realistic in the present age. For the relatively larger retail operations, computer – operated inventory systems can automatically trigger a buy signal when the inventory level in the store reaches a minimal level as items are removed while being scanned out of the inventory system. The money value or the unit value of inventory being used up is analysed to help determine the optimal strategy for the management of stock items. The computer – operated system eliminates reams of difficult to manage and correlate records on paper including out – of – stock – sheets, open –to – buy – records, purchase – order files, supplier files, returned goods files and price books which are maintained in light of the sales policies of various vendors, replacing all these with electronic data on a hard disk which can be readily moved (Score, 2002, Pp. 3 – 6) and (Transportation Research Board, 2000, Pp. 7 to 14).
Forecasting demand is an important component of inventory control and management. Thankfully, most items in a convenience store are relatively inexpensive and hence errors associated with forecasting are not likely to be expensive. Seasonality, service level objectives, variations in lead times and ordering schedules, historical and projected usage as well as market conditions can have an impact on forecasting and have to be considered in the light of the desire for enhanced customer satisfaction and minimisation of inventory investment. It is inefficient to spend a considerable amount of effort trying to grapple with complex formulas in an attempt to forecast demand for low priced items. Simple projections coupled with insights related to seasonal demand patterns can provide effective answers. Food items in convenience stores are likely to have regular demand while other items such as scissors, sewing kits or handy tools will have unpredictable demand patterns. Hence, the demand patterns for items in a convenience store may be stable or intermittent and different replenishment techniques may be used to handle items that are associated with these demand patterns. A fixed period replenishment method is appropriate for the stock items with a stable consumption pattern, while a min / max approach with ordering at the minimum stock level is more appropriate for items showing an unstable demand pattern. Computerised inventory management systems should be programmable to generate alerts based on the most appropriate replenishment strategy for various stock items. Techniques such as the weighted – average quantity, exponential smoothening and economic order quantity or EOQ can be used by a computer inventory control system to predict future demand for stock items. Weighted – average quantity refers to the prediction of demand for an item based on the average consumption, while exponential smoothening is a statistical technique for fitting consumption data with respect to time in order to make predictions. EOQ attempts to take into consideration the ordering costs as well as the storage costs in order to determine the replenishment order quantity for items in the inventory. The following formula for EOQ has been quoted in literature related to inventory control (Transportation Research Board, 2000, Pp. 19 – 23):
Figure 2.1 Independent Demand Patterns for Inventory in a Convenience Store (Transportation Research Board, 2000)
In a convenience store, items that are in everyday consumption may be re-ordered using forecasting and EOQ techniques while items with an irregular consumption pattern may be re-ordered using min / max techniques. These methodologies for re-ordering inventory items can be programmed into most decent inventory control software systems using the formulas that can be selectively incorporated into the software. Distribution schedules, price discounting, market conditions, newly released products and industry practices can have a bearing on the quantity that will be ordered from distributors or vendors (Score, 2002, Pp. 4 – 8).
The nature of arrangements that a convenience store operator can have with the vendors or distributors may also have a bearing on the profitability of the store operations. Standard purchase orders are for one time purchases, blanket purchase orders that are usually associated with bulk purchase of a number of items from a vendor while annual or multi year contracts with vendors may have commercial advantages in the form of price discounts associated with them and hence can be negotiated with distributors or vendors. Various payment terms and credit arrangements including local purchase orders, purchasing cards, electronic funds transfers or accounts may exist between inventory stock suppliers and the convenience store as well as the convenience stores and the customers. Hence, the computerised retail system in a convenience store should be capable of either assisting with financial transactions or interfacing with the retail accounting system to make the task of managing the store accounts more productive and efficient. An electronic catalogue of items that are required to be carried in a convenience store can be very important for the store and these records will also be required to be maintained as the markets evolve over time. For different localities, the local tastes and hence the demand associated with various items can be different as will be the sources for supply of these items. Thus, the store operator will have to put in a considerable effort in building up such a catalogue and incorporating this into the retail system. A lot of local research, experience and thinking can go into the construction of the electronic catalogue and price book which is the core of an automated retail system. First in first out or FIFO as well as last in first out or LIFO techniques may be used for placing a value on the inventory and determining what unit costs are to be used for inventory valuation. Average costs may be used for fluctuating prices, or order – specific costs may be considered in relation to the inventory. For long term contracts, a standard or fixed cost can be evaluated for items. The convenience store’s retail inventory management system should be able to deal with various inventory valuation techniques and provide reports as well as analysis to the store managers. After an investment in an inventory control and management system, there should be a lowering of the capital invested in the inventory and an increase in the level of customer service as shown in the diagram below (Transportation Research Board, 2000, Pp. 32 – 38).
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Figure 2.2 Enhanced Customer Service with Lower Capital Invested in Inventory after Investment in an Inventory Control System
In the real world, it is important to observe performance. Vendor performance must be constantly measured by the convenience store management in terms of prices in relation to other suppliers, timely deliveries, quality of merchandise and any other bonuses that are passed on to the retailer. The performance of the inventory control system itself may be measured by the number of times items are unavailable for sale, inventory accuracy related to reconciliation of actual versus system indicated inventory levels, data available from computer systems, reports that can be generated, inventory turnover or the ratio of annual inventory pounds used and the total inventory value in pound sterling. The ratio of the staff time spent on performing inventory controlling functions versus the time spent on dealing with sales transactions are also important measures of the effectiveness of the inventory system. A good inventory management and control system should be able to enhance all aspects of the inventory function (Transportation Research Board, 2000, Pp. 32 – 38).
After having discussed various perspectives associated with inventory control, it is now appropriate to discus how automation is being incorporated into the retailing world. In the next section trends related to the application of information technology in retailing and convenience stores are considered and examined.
3.1 Trends Related to the Application of Information Technology in Retailing and Convenience Stores
There is a growing trend towards convenience store automation in the United States of America and Europe including the UK usually follows these trends (Accenture, 2004). Already, a trend towards retail automation in Europe is becoming obvious with the introduction of automation in supply chain management even in countries such as Spain (Giménez, 2004). Even more exciting possibilities are being explored outside Europe, in Japan (Rapp, 2003). Retail IT is increasingly becoming a strategic enabler and experiments have even been conducted with online grocery stores which can cater to the needs of those who are too busy to do their shopping (Jones, 1999). Concerns associated with ROI in a relatively depressed economic scenario that had existed in many parts of the world did not halt IT investments but had rather shifted the emphasis on investments with a quicker payback. 63% of UK businesses increased their spending on e-commerce and 69% see greater potential in new forms of e-commerce. There is going to be a trend towards just –in -time information and automated expert analysis with comprehensive analytics, price optimisations, AI based modules and collaboration with trusted partners. The trend is towards the adoption of XML standards and XML applications with proactive customer alerts and personalised services using mobile devices. Retailers will make money by better handling the customer at all levels and by reducing costs through automation. Hence, it is recommended that the average convenience store operator move towards harnessing the power of information technology. Spending on POS hardware, peripherals as well as back office hardware, which refer to IT systems not observable by the customer, continued to increase in 2003 / 2004 period. The areas in which the largest investment took place included POS software and hardware as well as back office software followed by network infrastructure and wireless applications as well as shrink management and network bandwidth. The reasons for IT investments by retailers included efforts to reduce costs and improve processes as well as attempts to increase profits. Some attempts to deploy kiosk systems were also undertaken but it is unlikely that these will continue to attract enhanced spending (Moonwatch Media, 2003). Therefore, it can be safely concluded that the installation of an automated inventory control / management system is very much in line with the requirements of the day.
In the next section, an attempt has been made to take a look at some inventory control / management offerings which are suited to convenience stores and their relative merits as well as demerits.
4.1 Automated Inventory Control and Management Systems for Convenience Stores
As has been previously mentioned, a very wide range of software packages are available for enhancing and automating the inventory control function in a convenience store. The software packages should be able to support other assistive hardware devices which are available for store operations. Some of these devices are shown in the figure below. The convenience store personal computer in the store back room is where software packages will be installed and operated from. The store backroom computer may be interfaced to other automation devices such as the cash registers and mobile terminals. Thus, a good package should be able to support the operation of these devices and be able to interface with them. Out of the variety of software inventory control and management packages that are available, the more reputable offerings are from Microsoft Business Systems Inventory Solution with prices ranging from £ 500 upwards, JDA Portfolio from JDA Software Group Inc, Retail Pro from Island Pacific, Inventory Power Inventory Software for small and medium enterprises, iMagic inventory software for about £ 150 for a minimal single user package and Atrax by Millennium Software for £ 200 amongst many others. Out of the software packages which have been mentioned, the JDA Portfolio product from JDA Software Group Inc is world renowned and leading software which has been widely accepted by the very large retailers around the world. This software runs on an AS400 and is definitely out of the reach of a small convenience store owner. Even the inventory control software offering Retail Pro by Tech Pacific is for the bigger end of the market and perhaps this is the reason why the any mention of price is thoroughly avoided. Pricing for the Retail Pro package is only available by contacting the company and discussing the application.
Figure 4.1 Some Hardware for Retail Automation (Datasym)
Even though the Retail Pro software package is a high end package which is not appropriate for the small convenience store application, it is instructive to take a look at some of the features that are available on this software package in order to get an idea of what can be expected from such software packages. Retail Pro Version 8 is a native 32-bit Windows system that has incorporated touch screen POS with user-defined layouts, navigation and documents; multi-store management; integrated e-commerce; customer relationships; and extensive retail business analytics. The list of cliental using this software includes Gianni Versace, Baskin’s Department Store and St. Thomas (Retail Information Systems, 2004). Some of the features included on this software include the following:
General Features
-Multi store pooling for a number of stores using internet connection
-Electronic catalogue tool
-E-mail with pooling
-Ability to change languages on display
-Toggle between a sort able list and individual items
-Program label customisation by user
-A page designer package which can design any form on a number of pages
Inventory Control Features
-Vendor list and history look ups
-Merchandise may be viewed by item or style with a three dimensional grid of quantities that can define items by attribute, size and location
-Pricing formulas which can be defined by department
-Tags which have been designed can be printed for selected items
-Default vendor terms which are capable of being modified with an order
-Barcode scanning of items onto documents
-Batch receiving of an entire carton by barcode
-Transfer-out slips for inter store stock control
-Remote order processing on store sites
-Tracking and display of committed inventory
-Capability for quantity pricing based on user defined rules
-Department definable pricing formulas
-Purchase order receiving and edit exception
-Price manager with a mark up / down utility
-Control of item movement amongst bins or sub locations
Point of Sales Features
- Foreign currency, EFT, store credit, split tender and gift voucher capability
- Item number, alternative number, bar code scan or UPC capability
- Capability of setting and changing price levels at POS
- Holding or un-holding receipts
- Tracking of discounts by reason or cashier
- Quick find for customers, items etc
- In store charge account
- Capability of rapidly adding customers
- ZIP Code look-up
- Daily sales breakouts for stores and locations
- Cash reconciliation
- Order prioritisation
- Bank deposit preparation
- Employee check in / out as well as view in / out
Reporting
- Capability for generating merchandising reports in a chosen format
- Capability for consolidating summaries from many formats
- Filters and reports may be set to user specifications
- Customisable layouts, field names and filters
- Rich print and font options
- Document by document journal reports
Additional Features
- Multi store receiving against central purchase order
- Check verification
- Transfer orders which are automatically generated
- Stock auto – generation by sales history
- Multi level user defined store groupings
- Size of orders may be pre-defined
- Weight measurement for scale
The Retail Pro software is suitable for a chain of convenience stores and does not seem to offer the scalability which can be used to start a relatively small installation and move up to something larger.
When it comes to offering reliability, scalability, price competitiveness as well as the ability of adding additional application modules and software support along with offering the ability for constantly upgrading the application, nothing can compare with the offering by Microsoft Retail Management system. This system can start with a basic configuration for a single check out lane and may be expanded to situations in which there are 50 check-out lanes. Microsoft retail management system offers point of sales operations, inventory control and tracking, support for pricing, sales and promotions as well as employee management and a customised report generation capability with information security. One to twenty five store locations may be catered for by the system and the system is so general that it may be used by almost any general or speciality retailer ranging from convenience food stores, wine and liquor stores, pharmacies, auto part merchants and many others. Microsoft also provides free software upgrade for the first year of ownership and Microsoft Certified Partners can be found at almost any location in the world. These partners can work with the retailer to tailor make a custom system for the requirements of the retailer and software support is readily available through the web as well as the dealer network. It has been estimated that this system can save about twenty four hours of labour per week in a typical application which comes to a saving of about £ 5000 per annum. This means that the system has paid for itself in the first year of operation and has also provided savings for a typical convenience store. In addition to assisting with inventory control, the system also enhances customer service by flashing customer advice on the purchase of merchandise which can be communicated to the customer by the cashier. Microsoft Retail Systems suite also provides the capability for tightly focused marketing campaigns and works well with other Microsoft Office applications as well as accounting applications such as QuickBooks, Peachtree, and Blackbaud etc. A number of POS peripherals including printers, magnetic stripe readers, and bar code readers can be readily interfaced to the convenience store back office computer which only needs to be an IBM compatible PC with a decent disk drive, (8 GB memory), a Pentium 500 MHz or faster processor and 256 kilobyte of RAM. Thus this software for inventory control does not require the expensive AS400 type mainframe systems and is eminently suited to just about any retailer with an office computer. Microsoft retail technology has been proven on many sites round the world and the Microsoft muscle ensures that the technology remains leading edge technology (Fairway Management Services Inc, 1998) and (Segel, 2004).
Microsoft retail solutions software is built around the Microsoft SQL server and Windows DNA framework. Microsoft SQL server can easily scale up from a desktop database to an enterprise size database. Thus, the retail solution offered by Microsoft is equally suited to the smallest retail operation and a chain of retail stores. The Microsoft Retail Management solution may be combined with Microsoft Small Business Server to permit interfacing with a host of store peripherals. The operation as well as installation is claimed to be simple and uncomplicated. Informed decisions can be made with real time data and it is possible to view each customer individually regardless of the sales channel and information flows are easy for the customers, business partners and employees. Running on any version of the Windows operating system from Windows 98 to Windows XP, the retail software can accommodate bar code readers, magnetic card readers, cash drawers, electronic scales as well as serial and parallel pole displays. There are extensive point of sales capabilities associated with Microsoft Retail including multimedia advertising, electronic receipts, customer info, store credit, daily sales graph and quick access to journals. Microsoft Retail can generate customised reports on thousands of items in seconds and report definition is flexible with easy comparison being made available for key information. The POS can be empowered with corporate information which can be exchanged either through LAN, the internet or the WAN (Fairway Management Services, 1998). A software automated store assistant that is built into the software assists with easy database updates, eliminating the need to change several items manually. A new inventory wizard assists in the addition of new inventory items and custom labels as well as invoices can be quickly designed and printed. Selected inventory items can be quickly put on promotion, the prices changed, vendor information altered and sales tax information can be easily changed. A wide variety of inventory types can be handled including standard, service, matrix, lot matrix, gasoline, weight and voucher. It is possible to quickly track and manage all inventory types while supporting up to three serial numbers per item. Inventory replenishment can be automatically calculated and this may be based on the quantity that has been sold or the restock level that has been entered into the system. Purchase orders can be rapidly generated. Bar code labels can be easily printed and inventory can be rapidly transferred in or out of the system. Special notes and reminders may be attached to each item in the database. Matrix items may be looked up and modified based on specific attributes such as colour, size, item description etc. There is little or no training requirements associated with using Microsoft Retail Management System. Customer buying patterns may be monitored more efficiently. Work orders, back orders, services, layaways etc can be easily handled. Some of the reports which may be generated include daily sales reports that are related to cashiers, suppliers, cash registers, category as well as department. These reports can be printed in two or three dimensional views. A summery of daily sales tax that is collected can also be quickly generated by the system. Cashier floor limits, return limits and a number of security policies may be assigned for the store to permit privileged information to be accessible to only those who are authorised to view this information. A customer list is always available for query and the system can point out top customers, suppliers, sales representatives, best selling stock items or cashiers as well as the total sales related to a store or a number of stores which represent a region. Item price list, quantity list, value list, reorder list as well as item movement list and a list of store suppliers is always available on the system. Hence, the installation of the Microsoft Retail Management System means that the convenience store office consumes a minimum amount of paper and much of the information is available online at the touch of a few keys. Apart from the inventory management function, the system can also assist with the customer management and marketing function and the employee management function. Customer accounts may be created at the POS terminals and customer statements as well as sales summaries can be quickly and easily printed. Mailing or emailing lists can be quickly generated to facilitate communication of marketing related information such as special offers or promotions. Employee information records, sales commission structures, time card reports and cashier log reports can also be quickly generated. The Microsoft Retail System can also be expanded to provide web service for the retail operation and the system can readily interface with the Citibank Merchant services or similar banks for flawless credit card transactions (Segel, 2004) and (Microsoft Corporation, 2004).
The Inventory Power inventory software for small and medium enterprises or SME by Inventory Soft is the software package that can cater to the requirements of a small convenience store without having impressive features for connecting to branches. The main advantage of the software is its small price tag of £ 150 for a single user and about £ 250 for five users, as well as its simplicity of operation. This inventory control software can work for convenience stores, book stores, pharmacies etc but it does not have an impressive set of features for internet connectivity and hence the program is not as sophisticated or scalable as the Microsoft Retail Management System. The software package works on an IBM compatible personal computer running on a Win 98, 2000, NT, Me, XP operating system. The hardware requirements are for a 333 MHz Pentium II with 64 MB of RAM and a few hundred MB of hard disk capacity. The program has a programmable sales tax and currency structure which means that it may be used in any country of the world. The program can interface to a barcode and a barcode scanner but not with the frills to be found for the Microsoft product. The inventory list may be constructed by scanning barcodes and if there is no record of an item in the existing list, an inventory window opens up for the information to be entered into the system. The software package can manage invoice, stock balance and handle staff sales info through a client and server approach. The back office computer will have the server installed while the cash register computers will have the client software, with connectivity being provided through the convenience store network. This program is in use at the HalfCircle IT store in Cardiff, Wales as well as in similar stores in Canada. The products appears to work flawlessly and simply for those businesses which do not want to complicate the inventory management function and are not in need of the customer relationship management or accounting interface. The inventory list, inventory information and the staff sales information can be readily exported in Excel CSV format. The program specifications did not mention a capability for generating signals related to stock replenishment and there is no capability for the generation of analytical reports related to inventory control or customers purchasing that have been highlighted in the product brochure. It can, therefore, only be concluded that this is a program that works simply and flawlessly without generating any errors, but is most suited to the mom and pop type convenience stores, without any remarkable capabilities for expansion (Inventory Soft, 2004).
The iMagic inventory software package requires a Pentium processor with a Microsoft Windows 95 OSR 2.0, Windows 98 SE, Windows Millennium Edition, and Windows NT 4.0 with Service Pack 5, Windows 2000, or Windows XP operating system. 32 MB of RAM with a minimum of 24 MB of hard disk space is required for the software. The software is capable of supporting bar code scanners and is priced at approximately £ 120 for a single user version and £ 300 for a five user version. This system can also handle a number of currencies which can be set by setting the system’s default currency value. Invoices can be easily created and this software package also has a modest customer relationship management facility, permitting the client database to be converted into a marketing tool with possibilities for email and personalised mailing. The system is slightly superior to the Inventory Power Software but this application cannot compete with the Microsoft Retail Management package in terms of scalability, complexity of analytical reporting as well as features that are provided. This system is also not capable of providing the sophisticated web support and promotional support that is available with the Microsoft software. The system is not capable of supporting more then one convenience store, but it is a better choice then the Inventory Power software because of its superior capability for generating reports and customer relationship management or CRM as well as the ability to automatically manage stock levels (iMagic Software, 2005).
Atrex inventory control software from Millennium Software LLC is priced at approximately £ 200 for the first or single user and the same for each additional user. This product too has been tried at several installations and is similar to the iMagic software. It does have a few additional features associated with it including rudimentary support for e-commerce links and bad cheque / debt indicator. However, the ability to generate more then ninety standard reports for inventory control is a definite plus. External reporting and connectivity is afforded by an ODBC driver and it is possible to integrate this package with some credit card verification systems. However, this system too is not as scalable as the Microsoft Retail Management System and appears to be unnecessarily complicated to operate, without any superior functions being made available. It is possible for a purchase decision for iMagic or Inventory Power software package to be understood because there was a requirement for a real cheap, no frills and really simple inventory control system. However, the Atrex package offers complications without the scalability and when considering scalability, features with easy operation as well as the available support, this package too cannot beat the Microsoft offering. The package does provide the users with an ability to email a vendor or a supplier through pop up screens but there is no mention of an ability to manage reorder points based on consumption history or min / max inventory levels. Hence, it appears that a lot of hype and complications are included but with little additional features that are really useful. This package too cannot be scaled up to manage inventory for a chain of stores unlike the Microsoft Retail System. Even for someone looking for a simple and cheap convenience store inventory control system, Atrex is likely to be difficult to operate and manage, with a higher price tag (Millennium Software, 2004).
There are very many other software packages that are available but the inventory control packages that have been mentioned are a representative of the high end packages suited to large chains, the scalable packages and the no frills, simple to operate and cheap software that is available in the market. It is now appropriate to discuss what product is likely to be the most appropriate choice for an average convenience store. This is discussed in the next section.
5.1 Discussion
When evaluating inventory control solutions the important considerations relate to the cost, the features that have been provided and the scalability that is available as well as the ease of operation and the ability to upgrade for the future. The support that is available from the vendor is also an important criterion for evaluation. Ease of operation is important and the process of adding an inventory item using inventory control software package can be very informative about the quality of the software that is being considered. This simple process can tell the user how intuitive the software design is with regard to the tasks that are required to be performed. It is possible to gauge the general feel of the system and gain an understanding for the depth of features which have been provided. The help feature which is provided on the software being tested should be able to provide good step by step operating instructions for the software feature which is being queried. A good inventory control software will have well organised and easy to understand data screens. Some difficult to use software packages can force users to go through a number of screens to set up an inventory item on the application and the questions that a user should be asking when adding new inventory items while using a software package should include issues related to the support for matrix pricing, support for multiple warehouses, barcode tracking, support for consignment inventory as well as support for exploding and imploding quantities. A long description field of 256 characters is preferred with a second description field and support for a bill of materials at several levels should be included in a good inventory control product. Inventory classes and price unit conversions should be supported along with shelf or bin numbers and sales quantity discounts. Commissions, default vendors, margin and mark up pricing along with lead times and alternate items should all be supported. The better inventory control software should provide support for alternate inventory items or substitutes, item pictures, item weight, country purchase codes, item pictures, lots as well as multiple bins, serial numbers and scrap percentages. The speed with which an inventory control software package handles transactions in general and the POS transactions in particular can be very important for the business. Intelligence features built into the software which make it possible for the software package to present suggestions for purchasing from vendors that are offering lower prices for the same merchandise can be of a real benefit for the convenience store business operating on tight margins and quick inventory turnover. The manner in which POS transactions are conducted is also important for the image of the business because customers like to be checked out quickly and efficiently without waiting for ever for their card transactions to be cleared. Good inventory control software should also be able to provide comparison shopping analysis and it is most important that there should be no errors that are introduced into the system. A system that is capable of generating useful reports such as Gross Margin Return on Inventory Investment or GMROII and informs the store management about employee productivity as well as inventory that is lying around is providing useful information to the manager which is helping them run their store efficiently. It is increasingly very likely that most vendors will be providing electronic ordering facilities and taking advantage of these facilities in a fast moving world will not only become a necessity but also a saving for most convenience store operators. Good customer analysis, analytical reporting, accuracy and better vendor management are attributes that are associated with a good inventory control software package. Good retail management systems should not only be able to assist in the management of inventory but also in increasing inventory turnover and real time promotions with rapid price changes to help speed up slow moving inventory items and present instant offers on electronic displays to the customers (Segel, 2004). Thus, any inventory control package for a reasonable sized convenience store operation should have the built in features for taking advantage of these capabilities that will soon become widely available and will result in cost savings for businesses. There is no software product that is perfect, but inventory control software should be able to do the job for which it is to be deployed and be easy to operate and use. The requirements of the convenience store are also important in this regard. Small single store convenience stores have less stringent inventory control requirements especially if there are no immediate expansion plans for multiple store sites. These stores may, therefore, opt for the extremely simple to use and uncomplicated inventory control software products such as iMagic or the Inventory Power software package. However, the question that needs to be asked is why the standardisation, scalability and the ability to interface with a number of other business applications along with the great support offered by the Microsoft Retail Management software should not be utilised from the very beginning. The Microsoft product is upgradeable and capable of growing with the business to multiple store sites and provides support for one to more then twenty five check out counters as well as a host of other store automation products. All new software applications will need time to get used to and investment of time in learning as well as training. Hence, it is most appropriate to invest on a product that has been accepted as a standard round the world and which is very likely to constantly evolve with time and be available when others have gone out of business (Collins, 2005).
The inventory control software solutions that have been considered in this report include those products which are high end products and are installed in the large retail chain type businesses. The solutions by JDA software and Tech Pacific are installed in several speciality retail chains which are leading industry players. These solutions are too expensive for a convenience store to contemplate and the JDA software requires expensive mainframe computers such as the IBM AS400 to run. Tech Pacific and JDA software solutions undoubtedly provide what is appropriate for large retail chains, otherwise they would not have been installed, but they are a definite overkill for even a chain of convenience stores. Modest convenience stores with ambition for growth are better off looking for highly scalable solutions that are very versatile and can grow with their business interfacing with many other applications. The solution which can cater for the requirements of a performance and image conscious retail chain, without becoming obsolete is the Microsoft Retail Management Software. It is very likely that the manner in which retailing is conducted in Europe may change as is being experienced in some countries outside Europe, such as Japan. Although shopping for food and groceries is still considered to be an experience that many individuals like to indulge in personally so as to keep in up to date with the new items that have become available and to avail themselves of any special offers, there are many busy individuals who will like to make their routine purchases over the web. In Japan, the purchasing of school textbooks is mostly done through the web and there is an increasing tendency to place orders for retail purchasing by consumers over the web (Rapp, 2005). Although this trend is not so prolific in Europe, it is possible that this is because relatively few entrepreneurs have attempted to venture into web based grocery store retailing. Attempts have been made in the United States of America to sell groceries online and it is likely that about $ 10 billion worth of groceries may be sold online in the United States in the year 2005 (Jones, 1999). Thus it is likely that a convenience store may want to try new experiments in retailing along with its traditional ways of doing business or may be forced to try new methods in order to stay in line with the competition. An investment in an inventory control software system may be a trivial investment for only the smallest of the convenience stores. Even for a modest sized convenience store or a chain of stores, the purchase of an inventory control system or for that matter any other software application is a decision that must be made after careful deliberation because this decision is likely to have an impact on the business for years to come. Out of all the packages that have been considered in this report, only the Microsoft Retail Management System is versatile enough to provide support for a web based businesses as well as the traditional check out counters. Because only Microsoft has the muscle and the wide acceptance in the desktop computing business, therefore, it is this company which can provide the best levels of support to its products. Even vendors like JDA which provide inventory control systems for the really big retailers cannot compete with the company. It is very likely that a computer dealer just round the corner who routinely deals with Microsoft products will be able to solve any problems in a few minutes, while a retail operation may be grounded waiting for hard to find expertise from JDA or a small software inventory control supplier which has very few dealers and a product which very few people know about. Microsoft also has the muscle to keep releasing innovative upgrades incorporating leading edge technology while others may be fighting just to survive. The price of the Microsoft product is not all that steep at £ 500 for a basic system with a free upgrade for the first year and all the support that may be needed when one considers that this basic system can be easily enhanced to deal with a large number of stores, four dozen checkouts, very many new technology gadgets and can also be used to propel the business on the web. The Microsoft product can interface with very many other business applications and has the ability to generate all kinds of intricate reports on the inventory as well as customer data that will be ultimately available as the business continues to operate. This system can also assist in moving the inventory by helping out with real time promotions and mailing or emailing campaigns. Thus, the Microsoft solution is the right solution and once purchased this solution will only be required to be upgraded and expanded as desired. The inventory managers and staff of the convenience store will very quickly get used to the Microsoft Retail environment and will never have to leave this environment behind. The proliferation of Microsoft Office and Business related software means that most individuals are already immersed in the Microsoft operating environment and only need the minimal level of training (Microsoft, 2004) and (Microsoft, 2005).
The iMagic software and Inventory Power Software for SME are the other two recommended software packages for the really small convenience stores which are perhaps owned by a retired pensioner. Such folks do not want to be bothered with the intricacies of computing and want to keep things simple and effortless. The simplest possible inventory solution is the Inventory Power Software which is error and hassle free as well as being very reliable, but it cannot be expected to provide its owners with any adventures.
6.1 Conclusion
A comparison of the many inventory control software systems that are available for convenience stores resulted in the Microsoft Retail Management System running on a back office personal computer emerging as the best system with the ability to serve the smallest and the largest of convenience stores. This offering is modestly priced when considering the fact that it not only serves as an inventory control system but also assists with customer relationship management and marketing. The product has the capability of growing with the business and providing support for web retailing. Microsoft is likely to keep producing the leading industry products, making it unlikely that a different vendor will ever be required for the future.
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References Related to Inventory Control Systems from British Libraries
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