Enterprise Resource Planning (ERP) systems refer to the software packages that integrate all the data and the related processes of an organization. Designed to facilitate the optimization of internal business processes across an enterprise, ERP packages have become a competitive tool for large retail organizations. An ERP software uses a single database that allows different departments to communicate with each other. ERP systems comprise function-specific features that are designed to interact with other modules such as Order Entry, Accounts Payable, Accounts Receivable, Purchasing, etc. Retail ERP software packages have an enterprise-wide reach that offer cross-functional capabilities to the organization. Main components of Retail ERP System
ERP for retail allows retailers to undertake planning activities as per the need of the situation. It focuses on the different strategies to be employed in order to help a retail store increase sales turnover.
This component enables retailers of all types and sizes to effectively manage the inventory levels and track goods. Inventory Management is the process of overseeing the constant flow of units into and out of an existing inventory.
ERP for retail helps streamline operations related to the store management function. The store operations are central to retail chains since market basket analysis, merchandising, inventory management, workforce management and much more is part of this.
Capture vendor details, lead time, performance and other vendor details. Perform comparison between vendors and choose preferred vendor with ERP for retail.
ERP for retail manages the end-to-end supply chain for retailers. Shipping of products or materials dealing with potentially massive amounts of data scattered throughout the world, ERP systems can help ensure information stays interconnected and can be easily accessed by all relevant stakeholders.