Retail Group Georgia partnered with Paragon for inventory management solution. Inventory management procedures took places in Tbilisi & Batumi in RGG’s Retail Brands such as Zara, Massimo Dutti, Aldo, Olysho, Charles and Keith, Mango, Parfois, Sungluss Hut, Stradivarious, Kiko Milano
Inventory work in retail refers to the systematic process of managing and tracking goods available for sale within a retail establishment. It encompasses a range of activities aimed at ensuring that the quantity, condition, and value of stock alignwith the operational demands of the business. The primary objective of inventory management is to maintain optimal stock levels, thereby balancing the availability of goods with minimizing excess inventory. Effective inventory control mitigates the risk of stockouts, where demand exceeds supply, as well as overstocking, which can result in increased holding costs and potential obsolescence of products.
The importance of inventory management in retail
In an academic context, inventory work is critical to understanding retail supply chain efficiency and the operational sustainability of businesses. It involves the accurate recording of inventory data through manual counting or automated systems, often using barcodes or RFID technologies to track product movement in real-time. Furthermore, it plays a pivotal role in financial reporting, as inventory represents a significant asset on the balance sheet, impacting the company’s liquidity, profitability, and overall financial health. Effective inventory management requires the integration of forecasting, procurement strategies, and sales analytics to predict customer demand and streamline supply chain operations. Retailers aim to align inventory practices with consumer behavior trends, seasonal fluctuations, and supplier lead times. Ultimately, efficient inventory work enhances customer satisfaction, optimizes cash flow, and strengthens the competitive position of a retail business in the marketplace. In conclusion, inventory works are indispensable for the smooth functioning and success of any company. From enhancing operational efficiency and financial accuracy to facilitating informed decision-making and customer satisfaction, the benefits of meticulous inventory management are manifold. Companies that prioritize and invest in effective inventory works are better positioned to navigate the challenges of the business landscape, capitalize on opportunities, and achieve sustained growth and profitability
Scope of inventory management work
- Identifying the company-owned assets
- Marking assets / assigning inventory stickers
- Creating a database based on the assets accounted via inventory
- Sorting and grouping of the accounted assets
- Connecting assets accounted via inventory with the client accounting database
Process of inventory The inventory works included inspection of all spaces were movable assets (except for the inventory) were located. After the inspection of each asset, Paragon Database was created where each asset was recorded along with its relevant specifications with unique codes assigned to them.
