POS Software and Open to Buy Meant to Work Together
Remember the old saying, plan your work and work your plan. That is exactly what open to buy planning does. Your POS Software and the built in open to buy planning will give you the tools you need to change your purchasing habits from buying more merchandise, to buying the right merchandise. The end result should be products that turn fast, have good margins and give you a good sell through percentage.
Buying the right merchandise at the right time can only be accomplished by knowing how your merchandise and vendors are performing. This helps you eliminate overbuying and gives you the right product mix. If you carry multiple like items in a department from different vendors, you need to identify your best performing vendors and eliminate much of the product from your poorer performing vendors. After your plan is developed and you have forecast your open to buy dollars, you need to revisit this plan frequently and make it a work in progress. Evaluating the amount of inventory and the product mix can be fairly simple if the POS Software you use is seamless and fully integrated with your open to buy.