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Education

Leveraging sales data, customer feedback. That's your edge
over competitors.
inventory management Inventory management:
not just for retail
for higher profits Inventory management isn't just

about physical products on shelves;
By Elie Y. Katz it's about resources, as well. For re-
National Retail Solutions (NRS) tailers, inventory software aids in
maintaining optimal stock levels, re-
ducing aged inventory, and automat-
n an increasingly data-driven world, running a business without utiliz- ing tasks for accuracy and efficiency.
ing data is like sailing a ship without a compass. This article sheds light The result is reduced wastage and
on how retail and service-based businesses can harness the power of increased profitability. Service-based
I sales data and inventory management to steer toward higher profitabil- businesses also have a form of inven-
ity. As an ISO, merchant level salesperson or other merchant services provider, tory, be it time slots, equipment or
you can leverage this knowledge for your own business as well as for others in human resources. Proper manage-
your capacity as a consultant. ment ensures optimal allocation,
The importance of sales data improving the overall efficiency of
the service provided. Just as retail-
Sales data is the pulse of any business. It provides insights into customer be- ers forecast product demand, service
havior for retail businesses with a POS system. Knowing the features and bene- providers can predict the demand for
fits of popular products helps businesses adjust stock and fine-tune marketing their services and allocate resources
strategies. It eliminates the guesswork, turning decision-making into a more accordingly. This process is crucial
precise science. But what if you're in a service-based business? The same princi- for setting prices that are both com-
ples apply. Data analytics can identify which services resonate most with your petitive and profitable.
clients. You can then offer packages or incentives specifically tailored to the
most popular services. The trick is to add a unique feature or value based on The synergy of sales data,
inventory management

The real magic happens when sales
data and inventory management
are not isolated functions but inter-
twined aspects of business strategy.
For retail businesses, imagine you
want to run a special promotion on
a hot-selling item. Sales data tells
you it's popular, but your inventory
management system alerts you that
stock levels are low. By syncing these
two data points, you can proactively
restock before launching the promo-
tion, ensuring you meet customer
demand without a hitch. This boosts
sales and enhances customer satisfac-
tion, as shoppers find what they're
looking for without any disappoint-
ing out-of-stock notices.

For service-based businesses, think
about a popular consulting or coach-
ing session you offer. The sales data
shows high demand, but what about
your inventory, which is the consul-
tant's time in this case? Your inven-
tory management system can show
the consultant's availability, allowing
you to optimize scheduling. Maybe
you'll find that demand for these
services spikes on Tuesdays. Know-
ing this, you can ensure your top
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