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Suppliers negotiate for better placement, promotions, and pricing agreements, while finance teams push for stronger profitability across SKUs. They need a structured, data-driven approach that accounts for competitive pricing, product performance, and promotional effectiveness across retailers.
In the fast-paced world of retail, managing finances effectively is crucial for the success of any business. From tracking sales to managing inventory and controlling expenses, retail accounting plays a vital role in keeping operations running smoothly. Monitor cash flow: Cash flow is the lifeblood of any retail business.
Advanced inventory management software integrates with point-of-sale systems, monitoring every sale and tracking stock levels. It even accounts for seasonal trends, promotions, and supplier lead times. These systems calculate the fastest routes while accounting for traffic patterns, driver schedules, and service time windows.
Essentially, OTB is a purchasing plan which takes into account current inventory levels and projected sales for a set time period. It’s part of a three-step open to buy process: Step 1 – Know your inventoryturnover. Turnover rates impact OTB. What is open to buy? Open to buy definition. OTB management.
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