Inventory Management System
All the Inventory Management You Need, when you need it!
We built our reputation by becoming the Canadian leader in inventory management systems for one of the most complex retail environments— campus retail stores. With an inventory that is constantly changing, integrated across multiple campuses and subject to rigorous auditing standards, campus stores need a stock management solution that can do it all. Now, your retail store can have it all too.
Since developing FastLane Retail Management Solution (RMS), we’ve helped customers solve their stock management challenges, managing stock keeping units (SKU’s) numbering in the tens of thousands.
FastLane POS’ inventory system is built for dynamic, multi-store, multi-location retail environments. We offer our clients robust business management and stock management solutions developed over our 25 years serving the Canadian retail industry.
When a shipment is received, it is matched to its purchase order and all shipment and invoice information is recorded in one convenient location. FastLane then moves items through the perpetual inventory system as they arrive, ensuring new items are ready for your store’s shelves.
When the items are received, FastLane updates the inventory throughout the perpetual inventory system and across all your locations, including the web. This means accurate inventory information is instantly available at all of your POS terminals.
FastLane notifies you if any items are received for a customer order, and a picking list for the order is automatically printed. Short-shipped and damaged item reports can also be generated from the receiving program. Individual product barcode labels, as well as display labels are automatically generated for products that require labels.
The inventory system allows you to easily create new items and specify item-specific return policies or special rules for multiple quantity orders.
Items are instantly available at all your locations the minute they are created. Each item is tracked as it moves through the purchasing process and the item’s history is easily accessible whenever you need it.
Inventory counts are easy to perform by using scanners and bar coded count sheets. Detailed inventory reports can be printed for count discrepancies.
FastLane RMS order management system automatically creates requisitions from the point of sale when an item reaches its minimum inventory level. The software also adapts to short shipments and unique customer requests for out of stock items, providing you with all the tools you need to manage unique ordering circumstances.
You can also easily sort requisitions by vendor, allowing you to track your entire order history with individual suppliers. Once requisitions are approved, FastLane tracks them through the built-in purchasing program.
Queue damaged goods for return to vendors with a single click right from receiving. FastLane’s retail management software allows returns to be created either manually or through special easy-to-use worksheets generated by our inventory management system.
FastLane retail management worksheets access your return policy and compares the invoice date for each item to the length of time the item has been in stock. All items listed on the returns worksheet can be automatically added to a return memo for the vendor.
The memo on each return credit is then archived and can be viewed whenever you need them.
Complex Inventory Management
FastLane’s kitting program allows you to create unique items for your business. This feature allows a range of options, as simple as gift baskets with t-shirts and mugs, or as complex as products with multiple suppliers for parts.
Our inventory management system gives you the power to:
- Assemble finished goods into a larger whole;
- Place two or more items into a grouped item sold as a single item from inventory (for example, 2-for-1 sales, gift baskets, etc);
- Deliver pre-determined quantities of components and sub-assemblies to your retail floor where they can be put together in selling packs; and
- Take kits apart and put them back on the shelves in their component parts.
The FastLane kitting program is designed to assist you in:
- Determining accurate costing and profit margins for complex products that require multiple components;
- Efficient management of custom products where component parts change frequently;
- Providing you with a holistic view of your inventory, critical when dealing with multiple products that require overlapping components.
Your store sells two t-shirt bundles. One bundle includes a t-shirt and a mug, while the second has a different t-shirt, but the same mug. Lets say you want to stock five of each bundle in your store and you only have five mugs. FastLane will reserve those five mugs for the first bundle and order five more for the second bundle without you having to worry about figuring out how to manage your inventory.
FastLane’s kitting solution automatically determines your complex inventory needs and creates requisitions for components based on your total inventory needs.
FastLane includes an inventory dashboard that performs an ABC Inventory Analysis of all of your products. This will rank your 70% most profitable items as “A” items, the next 20% as “B” items, the last 10% as “C” items, and anything that has not sold in a year, is a “D” item. This simple ABC inventory ranking system provides immediate results as you know that you need your “A” items in stock, and you should be clearing out your “C” and “D” items.