Your liquor store and distributor may have the biggest challenge with payments. Here's 5 credit processing scenarios that will definitely give you a...
How Retailers and Suppliers Are Achieving Seamless Collaboration: Data Sharing Solutions
Here's how retailers and suppliers are achieving seamless collaboration with enhanced data integration systems for more transparent partnerships.
The link between retailers and suppliers is an important one to keep cohesiveness in every retail environment. Just one miscommunication could cause a chain reaction that frequently leads to downtime scoping out a problem. It's even more problematic when still using paper-based systems (or aging management software), which can't compete in a more complex retail world.
Your retail business is perhaps stuck in this trap now as you realize your infrastructure can't keep up with today's demands. No doubt you're noticing how your own method of data sharing is far too complicated to assure accurate information and getting everyone on the same page.
Your invoices, sales information, pricing data, and analytics need a collaborative system to eliminate having to hold endless meetings. If you're finding it impossible to meet with suppliers and constantly deal with confusing communications, you obviously need to streamline things soon.
Using Automated Systems
No doubt you've heard plenty about automated systems for payments and how they prevent everything from identity theft to helping your credit score. It's true that with an automated process, you can process orders in a more orderly fashion while helping how you communicate with your supplier.
How many times have you had to call or email your supplier because you discovered an order discrepancy? In other cases, your supplier may have to call you because records indicate you need more inventory when you really don't.
These communications only create more downtime because it involves lengthy emails or phone calls requiring protracted explanations. Then it requires searching numerous sources to find all the information you need.
An automated order entry goes into a consolidated database so the retailer and the supplier can access the data at any time. Both of you will know it's accurate because it doesn't involve manual entry that's prone to error.
Better Ways to Create Invoices
While receiving order information needs better organization, so does invoicing. If you've grown tired of having to create invoices manually, then you know you need a change to make your supplier collaborations more efficient.
Sharing invoice information between you and the supplier is vital to eliminate discrepancies. Nightmares could easily occur trying to locate just one invoice gone missing. Or, getting an error corrected on an invoice could lead to far too much time wasted trying to resolve it on both ends.
It's easier when you can correct errors before you pay an invoice to a supplier. Improved data sharing platforms do this for you so corrections aren't needed later.
Better Visibility on Sales Data
Have you been able to keep up with all your POS sales and accurately reporting this to your supplier to maintain inventory? Your supplier won't know the proper amount of supplies to send you if you don't have an accurate method to determine what you need.
Real-time visibility on your sales helps amend this problem so you know what's occurring in every store location. The last thing you want is not bringing in enough inventory to a store location and annoying loyal customers who depend on your products.
More Thorough Analytics
All businesses realize how important reading analytic tools are now in giving a 360-view of operations. While this is essential to keep track of all departments, it helps in your supplier collaboration as well. You both can keep on top of what's occurring in sales, inventory, and other minute details without having to question whether it's truly accurate.
Even more important is having trend data so you and your supplier see what's ahead based on past performance. This gets both of you better prepared keeping things easier coordinated without blaming each other for a mistake.
Contact us to learn about our own SaaS platform using superior data sharing solutions.