We believe our values should underpin all that we do and that is why we refresh them regularly.
Our values were reviewed recently and summarised into 5 key statements that represent what Markinson stands for.
Stronger Together: By working together we can make the biggest difference with our clients, partners and our team members. We are on a journey together for the long term.
Performance is our Reality: We are each responsible for how we perform and how our software performs. We track our success by the businesses we transform.
Our Word is our Bond: Our commitment is what transform a promise into reality. We do what we say we will do, on time and to a high standard. Our commitment is absolute.
Curiosity is Key: We are curious about everything. We enjoy learning and sharing our knowledge bringing insights and experience to every conversation.
Transformation is Everywhere: We have a drive to lead change based on our continued commitment to transformation. We are always asking “How can we do this better?”
Over the coming weeks and months we will be sharing stories of where and how the Markinson team live these values every day.
Information gathered through your Point of Sale software can deliver valuable business insight.
Here are six things that retailers are sometimes surprised they can discover by using Point of Sale software:
- Details of failing stock items. Several reports are available to list items that have not sold in a specified period of time.
- Return on Investment reporting to see the genuine value delivered by inventory.
- Employee sales performance data.
- Trading period comparison by department, category and supplier to see how the business is tracking.
- Customer value. See a customer’s spend over a given period of time for deeper insight into their true value and loyalty.
- Top sellers reporting. While many retailers know their top sellers, few understand the percentage of sales (dollars and units) delivered by these to the business.
If your business engages in wholesale distribution, maintaining efficiency while reducing expenses is an important pursuit.
While it’s too late to make big adjustments to your enterprise resource planning (ERP) and distribution systems in time for the end-of-year-spike, the lull that can follow as the new year starts is a great time to take a big-picture look at your processes.
At Markinson, we’ve put together several ways to improve wholesale distribution management while reducing your costs:
Inventory is expense
Everything in your warehouse is incurring a cost. Keep inventory as low as possible by implementing systems that allow you to treat your warehouse as a node in the link between your supplier and customer, and not as a home for goods. Also identify slow-moving inventory and price it to reflect its higher warehousing cost.
Manual processes equal added costs
Business-wide electronic and real-time tracking not only reduce costs by improving processes within your business, but also makes your business more attractive for customers (and suppliers). Share your data with customers and suppliers so that they know what you have stocked, what you can source, where products are and how long they’ll take to arrive. Doing so will help to move your inventory – creating revenue while reducing storage costs.
A better crystal ball
Your sales team’s projections aren’t the only to predict future demand. Focus on using the information generated within an enterprise resource planning system such as MomentumPro as a more accurate predictor of future trends.
Eliminating duplicate systems is a quick way to reduce costs. Drive cost reduction by ensuring there’s a single point of responsibility in your business for keeping a handle on excess inventory. Don’t forget the basics, such as getting rid of aging inventory.
Prioritise cost reduction
Make reducing costs a priority by creating KPIs around expense reduction. If you don’t have one already, create a dashboard view of your expenses, report on them, and ensure that the business is aware of where its costs lie. It may not always be as glamorous as sales, but reducing costs plays just as valuable a role in improving profit.
Drive down your cost of processing sales and extend the hours you can trade and regions you can target. Provide a self-service portal for customers to free up your customer service resources.
Contact us to find out how we can provide solutions for your wholesale distribution challenges.
Stock or inventory management is the process of overseeing the flow of items into and out of your inventory. A well-functioning stock management system keeps stock costs under control and helps to achieve positive cash flow.
Ensuring the right stock is at the right place, at the right time is critical to manage supply chain volatility. Stock control software can streamline operations by consolidating sales information, and giving employees access to current and reliable inventory data.
But what passes for an effective stock management system and what features should you look for?
Stock management software should ideally deliver up-to-date inventory figures, comprehensive financial management and fast, easy reporting capabilities in one easy-to-use interface. It should address the following functions as a minimum:
A stock management system should give you the capability to monitor changes in customer demand, and track input costs for improved production capabilities. This will increase purchasing efficiency and reduce delays in new inventory orders. It will also allow your employees to access up-to-date and reliable information on current inventory, thus achieving complete inventory control.
A good stock management system will also allow you to update, monitor and implement special pricing structures across various locations, customers and products throughout the financial year. It will help you keep track of accounts and perform various banking and reporting functions off-site.
Your stock management system should allow you to quickly track customer orders, update profile information and record sales figures.
By increasing the speed of transactions and providing customers with up-to-date inventory information, you will increase productivity, improve customer satisfaction and capture more revenue in the long term.
When considering inventory software, remember that the goal of implementing a solution is to keep your businesses’ cash flow on track by better managing operating capital.