Bizgem Introduces New OTB Management Feature on StoreRecord

Bizgem Introduces OTB Management in StoreRecord

In an exciting development for the retail sector, Bizgem, a Tokyo-based company, has unveiled a new functionality within its StoreRecord software, specifically designed for comprehensive management of retail operations. This new feature focuses on OTB Management, which stands for Open-to-Buy, a crucial aspect for retailers, particularly in the high-seasonality apparel industry.

Understanding OTB Management

OTB essentially means keeping a budget open for purchases, allowing retailers to strategically manage their buying decisions based on current and projected inventory levels. The primary goal of OTB management is to prevent overstocking while maximizing sales and gross margin. By analyzing present sales performance and forecasting future sales, retailers can adjust gross margin rates and purchase amounts to maintain healthy inventory levels.

The Importance of OTB tables in Retail Management

Utilizing OTB tables greatly enhances inventory optimization, contributing significantly to the overall management practices of retail businesses. However, many companies struggle with the practical application of OTB management. Despite recognizing its importance, the labor-intensive task of aggregating and updating sales, gross margin, purchase, and inventory data on a weekly basis often hinders proper implementation. Additionally, accurate use of OTB requires sophisticated merchandise management knowledge, which presents a further barrier for many retailers.

Streamlined OTB Management with StoreRecord

The newly launched OTB Management feature streamlines this process by automatically entering last year's performance data, allowing users to enter current performance and forecasts. This automation calculates and visualizes sales, gross margin rates, gross profits, costs, purchases, and inventory amounts based on the sales end date. The elimination of cumbersome Excel calculations allows retailers to focus more on essential analyses and decision-making.

The new system features real-time adjustments; if changes are made to sales figures based on the sales end date, the overall numbers are recalibrated automatically. This flexibility enables retailers to modify their forecasts effortlessly. For instance, it assesses whether current progress suggests that summer inventory for 2025 can be adequately managed based on previous year sales trends and purchase patterns. As forecasts adjust, anticipated inventory amounts for the future are recalculated, providing insights into whether inventory reduction goals can be achieved before the end of the period.

The Future Outlook for StoreRecord

Bizgem is committed to its mission of delivering high-quality management solutions to retail enterprises through StoreRecord. The company plans to continuously develop and provide features that enhance the visualization, analysis, and decision-making of crucial management indicators demanded in retail operations. As they expand their offerings, they aim to make further advancements in supporting retailers to optimize their business performance.