Stay In(ventory) Control:

The Crucial Role of Inventory Control and MYPOS Connect

Chris Heath
April 17, 2024

In any retail business, success hinges on the ability to manage inventory effectively. Whether you're a small single store or a multinational chain, optimising your stock levels is essential for meeting customer demand, reducing costs, and maximising profitability, below we'll explore the importance of inventory control in retail businesses and how implementing a MYPOS Connect EPOS system can revolutionise the way you manage your inventory.

Why Inventory Control Matters:

Customer Satisfaction: When customers walk into your store, they expect to find what they're looking for. Poor inventory management can result in items being out of stock, leaving customers disappointed and driving them to purchase from your competitors.

Cost Management: Excess inventory ties up capital and incurs storage costs. On the other hand, being out of stock can lead to lost sales and missed revenue opportunities. By optimising inventory levels, businesses can reduce carrying costs while ensuring they have enough stock to meet demand.

Data-Driven Decision Making: Effective inventory control relies on accurate data and insights. By tracking sales trends, seasonality, and other key metrics, retailers can make informed decisions about purchasing, pricing, and promotions.

Improved Cash Flow: Efficient inventory management can help businesses free up cash by minimising excess inventory and reducing the need for emergency orders.

Enter MYPOS Connect

MYPOS Connect features a full inventory management system as standard, allowing you to track your inventory levels in real time via our cloud portal and received notifications when key lines hit re-order points or drop below acceptable levels, MYPOS Connect Standard Features include;

Purchase Order Management
Create, Request and Receive Your purchase orders directly in MYPOS, giving you total oversight of your incoming stock

Re-Order Notifications
Set Re-Order Points and and Minimum and Maximum Stock levels and generate PO's and alerts to ensure you never end up understocked

Historic Sales Comparison and Suggested Orders
View Sales for historic time periods and let the system suggest order levels based on minimum and maximum orders and re-order points.

Wastage and Adjustments
Record Wastage and Stock Adjustments in real time from the till front end or Portal, making sure your stock levels are always accurate.

Stock Counts and Checks
Perform Stock Checks, stock counts and cycle counts using our Android and iOS Inventory App or Cloud Portal to ensure stock takes are a breeze.

Integration with ERP & E-Comm Systems

MYPOS Connect Can also be used for inventory control in conjunction with your existing ERP or E-Commerece system, via our Open API we can pass and collect stock data and adjustments to ensure that both systems stay seamlessly in sync, we have experience integrating stock control with a wide variety of systems including SAP s/4 Hana, Oracle, Linnworks, WinMan, Shopify and more, choose to manage your stock in one system and pass the data to the other, or oft for a fully integrated system where stock is managed and synced in both.

In Conclusion no matter if you are a small retailer or a much bigger chain inventory control has never been so easy with MYPOS Connect and it comes as standard in all MYPOS 10 systems, speak to us today if you are struggling with inventory control with your current EPOS supplier to find out how we can help!