26 6 Quick Tips to Improve Retail Asset Management 1. Utilize the features of your Point-of-Sale software. A large percentage of inventory shrink (shortage) stems from errors in ordering and pricing. Basic features of your POS system can assist with preventing these problems. Setting ordering minimums and maximums will help prevent out-of-stocks and overbuying. Generating and reviewing reports such as the “gross margin” report will allow you to catch costing/pricing mistakes early – before too much damage is done. 2. Update all distributor price books regularly. Most wholesale distributors in the RV aftermarket update their price files on a quarterly basis. By keeping your pricing current, your average costs will be more accurately recorded in your POS system – a factor which will give you a more accurate measure of profitability. 3. Establish a regular schedule for store conditioning. The fundamental technique of “fronting and facing” merchandise is golden! By keeping shelf stock neat and orderly, inventory is more easily controlled. 4. Organize backroom stock. ALL backroom merchandise should be labeled and arranged in a logical order. The smallest part could have a high value, so it is imperative to identify every single part. Back stock for the retail store should be segregated from special orders, and service parts should be arranged by manufacturer. NTP-STAG’s Part Ease program can help! 5. Use shelf tags to establish all product positions. Shelf tags should be used at the shelf edge and on display hooks to create a primary location for all SKUS. This location should be logged in your POS system as its “bin location.” This practice reduces “shelf creep” which causes lost sales and poor customer service. 6. Enforce a prepayment policy for special orders. A full or 50% prepayment policy for special order merchandise will help prevent the dead inventory and overstock that results from “no-shows.” One aspect of retail technology that we are often asked about is the benefit of a dealer management system (DMS) over a point-ofsale (POS) system. There is no clear-cut answer to this question; rather, it depends on several factors including the current and future needs of the individual dealership. The term, point-ofsale system, sometimes refers to the hardware and/or software portion of the package. For the purposes of this article, I will focus on the software portion of the equation. A point-ofsale system typically replaces a cash register in a retail establishment and can track inventory and records transactions such as purchases and returns. Also, many POS systems offer basic to moderate inventory management tools such as computer-suggested ordering utilities – powered by reorder points (minimums and maximums) – and basic report generation. Some POS packages also include time and attendance programming. A few popular (and effective) brands include Quick Books POS, QuickStore by Wasp, Microsoft Retail Management and The General Store. Dealer management systems (DMS) are more comprehensive in design and reach than a POS system. In addition to point-of-sale system functionality, dealer management systems typically include modules for managing back-end accounting, unit sales, finance and insurance, service, warranty, rental and storage and parts. This style of software connects the functions of the business by providing visibility of customer information across functional areas, linking processes in different modules and housing all information in one place. This typically results in more efficient operations, improved information for management and a decrease in errors. Wellknown DMS options include Topline Software, Lightspeed, Black Purl, Motility and Integrated Dealer Systems. If you are in the market for a new system for managing your dealership, I strongly encourage you to speak with representatives from the various software companies. Ask for a demonstration copy of the software or try to gain access to an online trial store setup so that you can test-drive the software before you make your purchase. I have found that these products offer many of the same features, but can vary greatly in look and ease of use. Ask pointed questions about technical support – hours of availability, response rate, upfront costs and hidden fees. Think about the processes that are important to you in managing your parts and service operation. Do you want to implement a cycle counting program? Do you want to establish bin locations and have the ability to easily update this information? Find out if the software supports these tasks and how easy (or cumbersome) the process is to manage. The purchase of a DMS or POS can be a major purchase for a dealership, and you will usually be living with this purchase for years to come. Research on the front end can minimize what we marketers call post-purchase dissonance on the back end. All dealerships, campgrounds and RV retailing organizations should automate inventory management tasks by one method or another. Again, I believe that the choice of POS versus DMS is best made on a case-by-case basis. In 2025, there is a vast array of options on the market that can range in price from $500 to $100,000. For mobile RV operations, one of the free smart phone apps may even be suitable. Regardless of the type of system that you choose, the acquisition and use of this and other retail technology tools can improve your business operation. The future labor savings, enhanced customer service and reduction in inventory shrinkage that can be realized from the use of POS/DMS technology make it an essential and worthwhile addition to your business. The NTP-STAG COMPLETE program offers asset management services and tools that are proven to assist you with meeting your profit and performance goals. Cycle counting, assignment of bin locations, reorganizing, POS system integration and the application of shelf tags are a few of the tasks that we can handle for you. For details, call your local NTP-STAG Sales Consultant today! By Val Bell Byrd, NTP-STAG; Merchandising Manager AUTOMATE YOUR PARTS MANAGEMENT PROCESSES
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