StoreReport Releases First Web-Enabled Perpetual Inventory and Computer Assisted Ordering System for Retailers

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Retailers and suppliers connect to form 'Supplier Partnerships' in real time

StoreReport has released a new POS and software suite that will revolutionize the way retailers, especially convenience store operators, manage their inventory and help to recoup the $40 Billion lost annually due to inefficiencies in the supply chain.

The new product has been named “StoreReport Perpetual Inventory Management & Computer Assisted Ordering System”- “StoreReport MSP” for short. “MSP” stands for “Managed Supplier Partnerships” - a relationship in which product lines are forecasted by a supplier from a retailer’s data, planned by the supplier, and delivered directly to the retailer - and that’s exactly what we set out to accomplish.

General overview:

1. Scan an item at the point of sale, and the scan data is immediately available in the back office, store headquarters, the distribution center, at your supplier’s headquarters and at your home or hotel room if you are traveling.

2. Audits can be performed on any or all items on demand, and that information is also instantly available at any of the locations mentioned in paragraph 1 above.

3. The information is used to maintain a well-guarded, perpetual inventory management system at our safe, secure, and reliable centralized database.

4. The supplier or distribution center may use this information, through the strict controls retailers place over their data, for the purpose of completing a delivery ticket to accompany the inventory to the retail store.

5. Inventory to be delivered is tracked from the distribution point until its arrival at the store.

6. Once received, the information is used to automatically generate and invoice and queued to be paid to the supplier on its intended due date.

Tightly integrated into StoreReport's headquarters back office accounting systems, this new product can be rented separately from their back office system, so that retailers may utilize StoreReport's services regardless of which back office system they are currently using. Purchase orders can be generated by StoreReport directly to a retailer’s headquarters and their supplier using XML, EDI, or spreadsheet compatible ASCII files. At that point, the retailer can do anything he chooses with the data. Having StoreReport's headquarters system will make it a lot easier for retailers of course, because StoreReport networks their customers’ stores to their mainframe computer and transferring data is not necessary as the retailer and suppliers have constant access to the live database where the data resides.

The hardware needed at the convenience store location consists of a POS system with scanning ability that will allow polling of the “tendered” transactions and a permanent Internet connection that will allow the StoreReport computer to poll the POS system at intervals, preferably every 15 seconds, but it can be adjusted to a dial-up environment.

The retailer’s inventory is maintained on the StoreReport computer and frequent audits using a hand-held device can help to keep the inventory accurate.

By using a combination of “preferred on floor”, “current inventory levels”, and “conversion formulas” to convert units into “package sizes”, a supplier of any size may log onto the StoreReport computer and view an accurate accounting of the inventory in each store and the packages needed by the retailer at any moment in time.

The supplier then ships the inventory based upon the needs of the store, completely eliminating the need for a purchase order. When the supplier tells the StoreReport computer that the order has been shipped, the retailer is informed that the inventory is on route to the store and the supplier can track the inventory in his delivery trucks.

When the inventory arrives at the retail store, the retailer may scan the inventory using a wireless hand-held device, sending the results to the StoreReport computer and StoreReport will instantaneously print a “receiving ticket” at the store. The “receiving ticket” will report any discrepancies between what was shipped and what was received. If the receiving ticket does not match the shipped quantities, the received inventory may be re-scanned until the store receiver is satisfied that the quantities received are accurate. Descrepencies will be reported to the retailer's hedquarters and the supplier instantly.

When a received inventory is confirmed as being accurate, the StoreReport computer will create an invoice in the retailer’s headquarters back-office system, and flag it to be paid on a date agreed upon by the retailer and the suppler.

Since the retailer and the supplier are performing these functions on a centralized database in real time, this will completely eliminate the need of the supplier sending an invoice to the retailer.

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Bill Scott
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