Page 107 - DMGT553_RETAIL_STORE_MANAGEMENT

Retail Store Management

Notes
Implementation was simple. After categorizing the catheterisation lab’s stock into logical,
manageable sections, a consistent nomenclature for item descriptions was developed. The
items were then entered into the Wasp database, and barcodes generated for each individual
stock item. Rather than placing a barcode label on each stock item, the hospital elected to
create a folder containing the barcodes of the stock items.
Now, managing stock is efficient and intuitive. As cath lab stock
arrives in the department, it is scanned into stock, and then
removed upon use. The mobile device allows staff to scan cath
lab inventory out of stock as it is used on the patient.
Determining accurate cost per procedure is easy and compelling
with the Wasp software. Using Crystal Reports, which seamlessly
integrates with Inventory Control, GOSH customized a
professional-looking report that includes a list of the items used
and total cost for each procedure. The lab now has access to a
variety of reports, including total cost of cosumables used per
month and per year, average cost of certain procedures, and total value of items in stock,
with the click of a button.
Complicated, inaccurate end-of-year stock audits are no longer an issue for GOSH.
Inventory Control offers audit functionality, allowing the hospital to compare physical
inventory to the database and create discrepancy reports.
A lab representative elaborates, “The Wasp system is flexible and provides a good value
for our money. It is an efficient stock control solution in a clinical environment.”
Questions:
1. Analyze the case and interpret it.

2. Write down the case fact.
3. What do you conclude from it?

Source: http://www.waspbarcode.co.uk/stock_control/case_GOSH.asp
6.4 Summary

Retail Stock refers to the goods stocked for future use.
Every retail chain has its own warehouse to stock the merchandise to be used when the
existing stock replenishes. Retail Stock management refers to the storage of products to be
used at the time of crisis.

The retailer keeps a track of the stocked goods and makes sure there is surplus Retail Stock
to avoid being “out of stock”. Such a process is called as Retail Stock management.
The stock which is never been sold by the retailer and now not even being manufactured
comprises the new old stock. Such products do not have takers and may not be produced
any more.
Stock out refers to a situation when the retailer fails to fulfill the customer’s requirement
due to lack of merchandise.
The merchandise is not available in the current Retail Stock and thus the customer has to
return home empty handed.
Effective stock control is essential in the retail industry.

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