The pace at which technology is evolving is unmatchable for any sector to leverage all the benefits. If we consider only the retail space then it can be considered as one of the fastest growing sectors in the world in terms of technology and services that are catered.
One important factor that has played an important role in the retail sector since the very beginning is the ERP system. The initial level at which ERP was incepted focused on integrating the daily tasks and subtasks with the system to develop a dynamic workflow.
As time passed, the features increased, and so did the ERP system evolve. Functionalities were added regularly to make the system more robust and facilitate the retail workflow. Well, in order to see how ERP has evolved in the retail space, Control ERP is here with 7 ways how the role of ERP kept on changing in the retail space.
Customer management made easier With the changes in the ERP system, the actual importance of customer in the retail space was identified and highlighted. The reason for this being customer retention and management. If there is a slight hindrance in this area then brand loyalty will be on a stake, which is totally unacceptable.
With the added features for customer management, there are various options that can assist you in providing a customized view of each customer, their history, etc. In the latest ERP systems, you get an integrated view of the customers and their data correlated with each of the features of the business.
Efficient employee management
There is no virtue of any business or system without manpower. And so the evolving ERP systems have provided features that are easing out the tasks for the employees as well. The basics of retail space is that the stores are geographically distributed over various locations and it is a task in itself to manage the employees across all the locations. The features got added one after the other from shifts of the employees to their real-time punching and so on. And the robustness has reached a level where the employees can see their working hours, holidays, and all the details relevant to their job profile.
PoS System was introduced
PoS machines are basically a digitized version of the traditional sales methods and have made their place in almost all the retail outlets. The working of PoS machines includes data feeding into the system of all the transactions that are taking place without any manual work. The current ERP tools are integrated with the PoS machines and provide you with hardware and software combo. And thus the retail space owner can get all the real-time data. This can be considered as one of the greatest advantages of ERP for the retail space.
E-commerce integration to ease out the processes Retail industry can be considered incomplete without E-commerce and there is no need for any explanation as well. And this is the reason that now all the latest ERP systems come with an in-built E-commerce integration.
The data that is received from the E-commerce integration with ERP systems can be used for forecasting the demands of the products, inventory management and so on.
Easy inventory management and real-time information availability After PoS machines and E-commerce integration into the latest ERP systems, it is quite evident that the inventory management will be a cake walk. Just enter the name of the product and here you go. Along with that, it is made sure that the real-time information is available to employees, customers as well as the management.
To know more about the importance of ERP in the retail market and embark your journey with Control ERP, send us your needs and views today at RFP Link.