Tech Audit

Stock management is a complicated task and there are lots of tools and systems in the market that are designed to make this job easier.

With the ‘new kid on the block’ AI being bandied around as the answer to all your problems, this gives retailers an even bigger headache. Being able to work out which systems will support your retail business and are worth their cost can be time consuming and difficult.

The size of your business will be a factor into whether you should have an all singing, all dancing tech solution or whether you need to start small and set up the basics in Excel. Although, not an advocate of all things in Excel, often it is the best place to start. As you grow, Excel will need to be replaced by a tool or system that is more automated and can offer you a quicker and deeper insight.

The Tech Audit is designed to go through your stock management processes and delve into the detail to discover if your tech stack is fit for purpose and supporting you to make the best decisions.

By the end of the process, we will have worked on what your specific issues are, possible solutions and what areas need to be prioritised to gain the most benefit first.

Following the audit, you will receive a summary and recommendations of next steps based on what has been discussed.

FAQ's

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Not sure what a Merchandiser does?

It's not Visual Merchandising which sits under marketing, and works out perfect product placements both in store and online. Merchandising is all about supply chain, logistics and stock. The job starts at the point of deciding how much to order, monitoring the progress through the suppliers, intaking the stock into the warehouse, trading to maximise sales and then exiting any left over product out of the business.
I am overseas or in a hard-to-reach location, can you help me?

Although based in the UK, we have worked with companies overseas. Instead of doing a day in person, the same results can be achieved by splitting the topics over a few video calls.
Is my company too small for this service?

No, we have worked with companies of many different sizes, companies whose turnover is under £1m generally only need a half day.
What do I need to do to prepare for the Stock Audit day?

You will be sent over some questions before the audit so that we can cover your responses on the day. The responses will provide a clearer understanding of the challenges your business is facing, what your priorities should be and recommended next steps.
My margins and very tight, what is the benefit for me to invest in Merchandising?

Putting in the best practise Merchandising tools and processes should pay for itself. If you are overstocked, the amount of money you need at the beginning of the season to pay for supplier orders will reduce and free up cash flow. If you are understocked, you will see your sales and in turn your profits increase.
What services are the most common ones that you offer to clients?

· Weekly Trade Reports · Monthly Order Reviews · Seasonal Lessons Learnt · Forecasting future season orders · Planning your next season for both sales and stock · Training to develop these skill sets in house
What tools and systems are available for stock management?

For planning, you may come across these: Category Plans Option Framework Range Plans WSSI (Weekly Sales Stock and Intake) For trading, you may come across these: WMS (Warehouse Management Systems) OMS (Order Management Systems) Replenishment and Line Cards Delivery Schedule
Is my company too small for this service?

No, we have worked with companies of many different sizes, companies whose turnover is under £1m generally only need a half day.
I am overseas or in a hard-to-reach location, can you help me?

Although based in the UK, we have worked with companies overseas. Instead of doing this in person, the same results can be achieved by splitting the topics over video calls which are shorter, although this way of working will take slightly longer.
That is a long list, do I need all of them?

You will have a version of most of these tools and systems, however, the area that most retailers are lacking is the planning area. It is key to have a plan at the beginning of the season so that as stock arrives and starts to sell, there is a clear view as to its performance. Without a plan, businesses will be on a back foot and react to trade rather than feel in control and make better decisions.

Hanna, One Life Clothing

Thank you again! I really enjoyed the session. You reminded me that working closely with the product, it's easy to forget that customers may not understand its benefits and USP and how developing new product areas need to have synergy with the brand. And more importantly, how to look at my data to make informed business decisions. Such a worthwhile morning.

Esska Shoes

As our business grew, our Excel planning and educated guesstimates of what and when to buy were really not meeting our needs. We were also undertaking piecemeal planning rather than in being integral to the business.

Working with Alison has really helped us understand our data, our sell through, stock holding, cover and most importantly what to buy and when to have it delivered. All of this helps us reduce our risk while ensuring we have sufficient stock to meet our customer’s needs.

Alison’s easy going nature and commercial understanding alongside her ability to simplify complexity makes working with her a dream.