MSM SolutionsMSM Solutions
  • CONTACT US
  • 1-800-832-3170
  • LOG IN
  • Technologies
    • RFID Technology
    • Barcode Technology
    • Mobile Technology
    • Printing Technology
    • Labels and Media
      • Ribbons and Labeling Services
  • Expertise
  • Industries
  • PortalTrack Solutions
    • Retail and Apparel Solutions
    • Manufacturing Solutions
    • Healthcare Solutions
    • Distribution & Logistics Solutions
    • Automotive Solutions
  • Service & Support
    • Barcode Models
    • Customer First Service and Support
    • Request Technical Support
    • Videos and Resources
    • Client Login and Restore
    • Zebra Trade-In Program
  • About
    • Videos and Resources
    • News and Blog
    • Our Leadership
    • Technology Partners
    • Careers
    • Contact MSM

What Is a Perpetual Inventory System?

Brett Wilkerson2019-08-27T06:35:44+00:00
By Brett Wilkerson Apparel Solutions, PortalTrack

Retail professionals know how vital inventory tracking is to staying profitable. It’s how you ensure that products are available when customers expect them to be. It’s how you prevent loss due to theft. It’s how you know when to order new product, how much product to order, and so much more.

Nevertheless, inventory tracking is time-consuming and many retailers continue to use inefficient periodic inventory systems. With periodic inventory systems, you only know what’s going on at specific times, following a time-consuming, physical inventory check. These types of checks are a grind – either you have to bring all your employees in for a massive physical count – which is boring, expensive to implement and may not be entirely accurate – or you pay the exorbitant fees for an inventory counting company to do it for you.

How a Perpetual Inventory System Can Help

If you’re relying on a periodic inventory system, investing in a perpetual inventory system can transform your business. A perpetual inventory system involves implementing a solution that tracks your inventory at all times and gives you a real-time picture of your inventory at the touch of a button, whenever you want.

The idea of perpetual inventory has been around for years, and retailers have often used barcode technologies to get as close as possible to implementing it. However, the best perpetual inventory systems now use radio frequency identification (RFID) tags on retail goods, combined with powerful RFID tracking software. These tools provide retailers with automatic inventory updates every time an item is sold, returned or arrives in shipping. The benefits of this system were detailed by a Wal-Mart-commissioned study all the way back in 2008, and RFID technology has only improved since then.

What is the difference between a perpetual inventory system and a periodic inventory system?

A perpetual inventory system that circumvents the time-consuming physical inventory checks of the past saves money, reduces overstock and ensures your customers are satisfied when items are available. Combined with RFID software, you can get your inventory numbers from the factory, the warehouse, and the retail store in an instant at any time.

In contrast, periodic inventory methods involve comparing the latest inventory counts to the previous numbers and checking total purchases for the accounting period to see how everything adds up. Because of this, retailers only have an accurate picture of their inventories after labor-intensive counts have been performed. At all other times, they are essentially flying blind.

MSM Solutions’ PortalTrack: Combining Perpetual Inventory with Omnichannel

More and more retailers are focused on omnichannel, which means giving customers the ability to order and pay for products online and pick the products up at a physical store location. In order to truly implement omnichannel, however, a perpetual inventory system is essential. You must have accurate inventory counts at all times in order for your website, mobile app, social media or any other channel to correctly reflect your stock. Without this seamless inventory tracking, customers may leave your store disappointed after discovering an item is out of stock despite your website saying otherwise.

MSM Solutions’ PortalTrack allows retailers to track their inventories from the factory to the retail floor, making perpetual inventory and omnichannel implementation a breeze. PortalTrack offers real-time inventory accuracy using the latest RFID technology, reducing the need for physical cycle counts. PortalTrack is also highly customizable to meet the unique inventory needs of your business. Aside from implementing perpetual inventory and omnichannel, PortalTrack is also proven to reduce shrink, lower operational costs and prevent counterfeiting.

Share this post

FacebookTwitterLinkedInGoogle +Email

Author

Brett Wilkerson

Leave a Reply Cancel reply

You must be logged in to post a comment.


Related Posts

How to Setup RFID Inventory Management Solution for Small and Medium Retailers

As we step into the future of retail, RFID inventory management systems have made it possible for a variety of... read more

RFID Tracking of Lab Samples Prescribed for Healthy Growth

As the number of Americans with health insurance continues to increase, the healthcare industry is keeping pace with rapid... read more

Video: MSM Solutions Celebrates 10 Years of PortalTrack Success in 2017

MSM Solutions is proud to announce that our proprietary Radio Frequency Identification (RFID) software component, PortalTrack, is now 10... read more

RFID Solution

Finding the Right RFID Solution – Technology, Software, Service

Did you know that one of the first RFID systems was used in World War II? Known as Identify Friend of... read more

Things Your Inventory Management System Should Be Doing for You

Retailers often fall into the unfortunate trap of not upgrading their “tried and true” inventory management system because it... read more

What to Look for in Healthcare Inventory Tracking Software

Healthcare administrators have enough to worry about when it comes to ensuring that patients receive the highest caliber of... read more

Do You Know Exactly Where Your Lab Samples Are Located?

It’s safe to say that the staff in any reputable laboratory or hospital knows what lab samples they have... read more

RFID Increase Inventory Management

How Does RFID Help Increase Inventory Accuracy?

RFID technology has many advantages. Among key benefits is the enabling of more accurate and more frequent inventory cycles while... read more

Modern Retail Collective | Retail Technology in Mall of America

McKinsey & Company Opens Its First Retail Store in Collaboration With Mall of America

Store Signals Brick-and-Mortar Is Critical to the Future of Retail MSM provides its EPC Printing and Encoding Solution to  “Modern... read more

Traceability Healthcare

The Importance of Traceability in Times of COVID-19

In an unprecedented measure to help the beset of the world’s worst outbreak of COVID-19, New York Gov. Andrew Cuomo, announced his... read more

Latest Posts

Serving up Software: 4 Reasons why BarTender is an Industry Favorite
RFID Inventory Management
5 Reasons to Update Your Mobile Devices
Secure Mobility and Printing
Supply Chain Disruptions are Rampant Due to COVID-19
Printer in Manufacturing
Is Your Barcode Printer Vulnerable?

Archives

  • January 2021
  • November 2020
  • October 2020
  • September 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • October 2019
  • September 2019
  • June 2019
  • May 2019
  • March 2019
  • February 2019
  • December 2018
  • November 2018
  • October 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • November 2017
  • September 2017
  • June 2017
  • March 2017
  • February 2017
  • January 2017
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • May 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • August 2015
  • June 2015
Get in Touch!

MSM Solutions – Barcode and RFID Integration

  • Address: 2677 Mount Moriah Terrace Memphis, TN 38115
  • Phone: (901) 360-8207
    (800) 832-3170 Toll Free
  • TECHNOLOGIES
  • EXPERTISE
  • INDUSTRIES
  • PORTAL TRACK SOLUTIONS
  • SERVICE & SUPPORT
  • ABOUT

LATEST NEWS

Serving up Software: 4 Reasons why BarTender is an Industry Favorite
RFID Inventory Management
5 Reasons to Update Your Mobile Devices

Follow Us

FacebookTwitterYoutubeLinkedinGoogle +
MSM Solutions
© 2018 MSM Solutions All Rights Reserved.
  • Technologies
    • RFID Technology
    • Barcode Technology
    • Mobile Technology
    • Printing Technology
    • Labels and Media
      • Ribbons and Labeling Services
  • Expertise
  • Industries
  • PortalTrack Solutions
    • Retail and Apparel Solutions
    • Manufacturing Solutions
    • Healthcare Solutions
    • Distribution & Logistics Solutions
    • Automotive Solutions
  • Service & Support
    • Barcode Models
    • Customer First Service and Support
    • Request Technical Support
    • Videos and Resources
    • Client Login and Restore
    • Zebra Trade-In Program
  • About
    • Videos and Resources
    • News and Blog
    • Our Leadership
    • Technology Partners
    • Careers
    • Contact MSM

Latest Posts

Serving up Software: 4 Reasons why BarTender is an Industry Favorite
RFID Inventory Management
5 Reasons to Update Your Mobile Devices
Secure Mobility and Printing
Supply Chain Disruptions are Rampant Due to COVID-19
Printer in Manufacturing
Is Your Barcode Printer Vulnerable?

Archives

  • January 2021
  • November 2020
  • October 2020
  • September 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • October 2019
  • September 2019
  • June 2019
  • May 2019
  • March 2019
  • February 2019
  • December 2018
  • November 2018
  • October 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • November 2017
  • September 2017
  • June 2017
  • March 2017
  • February 2017
  • January 2017
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • May 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • August 2015
  • June 2015