Are You Making These Common Product Management Mistakes?
What’s the big picture with product management? It’s the plan that keeps you from making mistakes like overbuying some products and not buying enough of others. It should incorporate all the strands of your business; marketing, catalog, merchandising, ecommerce, etc. and be considered a continuous process that touches all of them. ChainDrive’s best product data management software helps you avoid making common mistakes.
If you don’t have an accurate projection of sales based on what your past years have been like, you won’t be aware of what you need for the coming season. You need to analyze the past in order to predict the probable future inventory needs.
If you don’t have an accurate inventory tracking system, one probably accurate prediction is that you have miscounts and pilfering somewhere along your chain of supply. EDI and bar code scanning along with cycle counting will begin to get accuracy on everybody’s radar.
Failure to prioritize your highest selling items will cause you to spend a lot of time and resources on forecasting, reviewing in-stock positioning, and orders of items that generate a small percentage of your sales. Get a system in place that lets you figure out what is on your “A” list so you can give your highest selling items the proper attention.
Using the product management system you’ve always used for product management means you will just keep making the same mistakes every sales cycle. ChainDrive offers a free live demo of our integrated retail management solution that includes product management and can keep you from making the mistakes that are costing you profit.
If you are in the Montreal area next month, we are hosting our first customer conference, Focus14. We welcome you to attend and find out how ChainDrive best product data management software can be exactly what you need to manage all the strands of your retail enterprise with fewer mistakes.
