Improve Inventory Management with Epicor Stock Transfer Balancing
"We began using the Epicor Stock Transfer Balancing module in the fall of 2010, and our ability to transfer merchandise was transformed."
Caroline Epstein, Controller | Dr. Ike's Home Centers
Must-have Solution for Multi-store Retailers
Dr. Ike's Home Centers has two locations in Laredo, Texas and one in Zapata, Texas. In an effort to minimize inventory purchases, the stores tried to move merchandise between stores. "We knew what we needed to do, but we weren't terribly successful at it. In order to do a transfer in Eagle, you had to move between a couple of screens, then write down the SKU and quantity and hope you could read your writing to enter it," describes Carolyn Epstein, controller, Dr. Ike's Home Centers. "We began using the Epicor Stock Transfer Balancing module in the fall of 2010, and our ability to transfer merchandise was transformed."
The benefit gains were immediate. "With Stock Transfer Balancing, the process is automated and very easy to manage. We now transfer overstocks on C and D items as long as the transfer value is over $50, with just a few clicks," explains Carolyn. "We also reduced our buys from our two co-ops True Value and Handy Hardware. Our inventory value has gone down by about $80,000. Our turns increased by one, which is partly attributable to the increase in inventory transfers."
"I view this solution as a must-have for multi-store dealers. By transferring stock between locations instead of purchasing, you can decrease your investment in inventory, which frees cash for other activities. We've used our increased cash flow to invest in new lines of merchandise, which is working quite well for us," asserts Carolyn.
Reducing Overall Inventory Value
Duke's Ace Hardware has served residents of south Chicago suburbs, since 1947, with a broad selection of merchandise. Today, the three Gniadek brothers each manage a store and together strive to deliver outstanding customer service. And a big part of that service is ensuring that the stores are stocked with products customers need.
"We knew that transferring certain products between our stores made good business sense, and we did that by using standard reports, viewers, and manual transactions in our Eagle system, explains Doug Gniadek, president, Duke's Hardware. "After seeing the Stock Transfer Balancing module, I instantly knew that it was a better solution for our needs."
In the six months that Duke's has been using Stock Transfer Balancing, moving inventory requires less time, and inventory has been reduced. "Now, each store runs a report, selects the merchandise to transfer, and the system automatically generates a transfer and updates inventory. We've reduced our Ace purchases, and our overall inventory level has gone down. I've been telling other multi-store Ace retailers to use this solution. It works very well," says Doug.
Saving Time on Inventory Transfers
Cole Hardware serves San Francisco residents from four retail stores and one commercial supply facility. Having used Epicor systems for nearly 30 years, Cole understands the importance of technology in business success. The staff at Cole recognizes the importance of transferring inventory between locations, but they didn't do it as frequently as they should have. "We would run a report and see what we could transfer between our stores. Then we'd write the SKU and quantity on a piece of paper and manually enter the transaction," details Robin Miller, inventory and technology manager. "Our process was cumbersome and had too many opportunities for human error."
Today with Stock Transfer Balancing, Cole Hardware easily moves inventory between its stores, which saves time and reduces inventory purchases. "Stock Transfer Balancing is especially helpful
for our Ace orders. We use a custom view of our Ace order and see what we should transfer instead of buying. In one screen, we create the transfer transaction and our Ace order is adjusted with no
manual effort," explains Robin.
"Our store managers used to do our Ace ordering, which took about 24 hours every week across all of our locations. Today it takes one person about six hours to do our Ace orders and transfers. That
six-fold improvement saves time and frees our managers to better manage their stores. Any multi-store Ace dealer should seriously consider this solution," concludes Robin.
Epicor Software Corporation is a global leader delivering business software solutions to the manufacturing, distribution, retail, and service industries. With more than 40 years of experience, Epicor has more than 20,000 customers in over 150 countries. Epicor solutions enable companies to drive increased efficiency and improve profitability. With a history of innovation, industry expertise, and passion for excellence, Epicor inspires customers to build lasting competitive advantage. Epicor provides the single point of accountability that local, regional, and global businesses demand. For more information, visit www.epicor.com.