The Ultimate Guide to Retail Audit Software

As your FMCG business grows, it is vital to monitor your retail store operations, procedures, and performance to assess its health. 

Keeping track of store operations, inventory supplies, product layouts, compliance, customer behavior, and more with random notes in different places becomes nearly impossible. 

These conventional methods involve manual counting, slow submissions, lost paperwork, and more. Ultimately, they exhaust your team, disappoint your customers, and lead to a loss in sales and profit.

You don’t want this to happen to your business, do you? No. That’s why you need a Retail Audit Software.

This comprehensive guide will explore the technologies that are revolutionizing retail audit software and explain what to consider when choosing it to drive perfect retail execution across all stores.

Top Features of Retail Audit Software

Critical features of retail audit software typically include:

• Efficient Data Collection: This software simplifies data gathering using mobile devices like smartphones or tablets, capturing product availability, pricing, shelf placement, and promotional displays swiftly.
• Tailored Audits: Create customizable audit templates aligned with your retail environment, products, and business goals. These templates ensure consistency across multiple locations, guiding auditors through the process effectively.
• Task Management: The software includes task management features to assign audits to team members, monitor progress, and prioritize tasks based on urgency or importance.
• Compliance Monitoring: Ensure adherence to company policies, industry regulations, and brand standards by detecting deviations during audits. The software flags non-compliant activities, maintaining integrity across operations.
• Reporting and Analytics: Gain valuable insights into store performance and trends with robust reporting and analytics capabilities. Generate real-time reports customizable to various stakeholders' needs, enabling data-driven decision-making.
• Integration with Other Systems: Seamlessly integrate with POS systems, inventory management software, and CRM platforms to synchronize data and streamline operations.
• Remote Access: Some solutions offer remote access, allowing managers and stakeholders to monitor audit progress and access data from any location with an internet connection.

Retail Audit Software: Then & Now 

The definition of digitalization & technology transformation has changed over the last decade. While Mobile and Mobility allowed CPGs to embrace digital applications to supplement their business, then came the age of Big Data and ‘data era’. This enabled many teams to reap the benefit of data analytics and make better decisions. 

Now the technology evolution has taken the next giant big leap with AI and Machine Learning. This is now called the “ era of AI and predictive data’. Up until now, Retail Audit Softwares were survey driven or form based applications which still involved manual counting and logging the data into them. This did not fundamentally change the process of auditing to make it faster, easier and error free. While many CPGs and their on-ground field force teams relied on this manual auditing process, a few CPG manufacturers started to adopt new and next generation technologies such as Computer Vision and AI to supplement their audit operations.

Image Recognition involves the process of simply capturing a few images inside the store using a mobile or connected camera and processing them via Image Recognition algorithms to decode and tag every SKU, POSM or pricing in the image, thus making Image Recognition-based Retail Auditing the next wave in the retail execution operations. Here is how AI-powered retail Audit softwares are helping CPGs across the globe:

• For Speedy Results: Instant visual proof of store shelves that enables you to see what's happening in your store at your office desk. 
• To Improve  Compliance: Automated retail audits reduce store-level non-compliance with established standards and procedures. By enforcing correct protocols, retail audit software helps monitor and flag stores that frequently violate set guidelines. 
• For Extensive Store Coverage: Retail audit software allows for extensive store coverage by the field agents. By reducing audit time and enabling more daily visits, businesses can monitor performance and identify areas for improvement across every store in a given region. 
• To Reduce Errors: Transitioning from manual data entry to AI-powered retail audit software drastically reduces errors in data gathered, thus impacting the decision making capability of sales & category leaders. .
• To Elevate Customer Satisfaction: By streamlining operations and ensuring accuracy, retail audit software contributes to an enhanced shopping experience. Satisfied customers translate to stronger brand loyalty and increased sales, making the software an essential investment for businesses.
• For Time and Cost Efficiency: Automating data collection reduces manual efforts, and time being spent inside the store thus reducing labor costs.
• ‍To Enhance Field Force Productivity: Retail audit software liberates field forces from repetitive tasks, allowing them to concentrate on building relationships and driving sales. Also reporting mechanisms can also help supervisors track and monitor auditor activity and ensure timeliness.

Also Read : How ShelfWatch Helps Perfect Your In-Store Execution

How to Choose the Best Retail Audit Software for Your Needs?

Choosing the right retail audit software is a big deal. Here's what to keep in mind:

• Packed with Features: Make sure the software has all the tools you need to manage journey plans, pre-populated task list, and last visit audit data. 
• User-Friendly: Look for software that's easy for your field force to use to figure out and use. Everything from user experience, ease of capturing shelf images and accessing reports must be seamless. 
• Integration capability: Is the application integrable with standard CRM & ERP softwares used by your businesses. That helps facilitate flow of data between the two systems. 
• Scalability: Choose software that can handle more data and locations as your business grows. 
• Customization Options: Every business has its quirks, so pick software that lets you tweak reports and analysis to fit your needs perfectly.‍
• Security and Rules: Your data needs to be locked down tight, so go for software that follows all the rules and has strong security measures in place.

Access White Paper: Navigating Retail Execution: How to Pick the Perfect Image Recognition Partner?

ParallelDots ShelfWatch: Digitized Retail Store Audits Using Image Recognition & AI

ShelfWatch is a game-changer for retail store audits. It uses fancy image recognition and AI tech to help businesses improve their retail game. Traditional audits are a pain – they take forever, are prone to mistakes, and just slow things down. ShelfWatch fixes all that with its cool 'Click and Go' feature. It lets field reps snap shelf pics easily, cutting out the need for manual data entry. That saves time and ensures the info they gather is spot-on. Here's what makes ShelfWatch awesome:

• Quick Audits: Field reps can snap shelf pics fast, making audits a breeze.
• Accurate Info: ShelfWatch's smart tech spots and fixes blurry pics, so the data is super reliable.
• Instant Updates: Get detailed info on shelf conditions, stock levels, and prices right away, helping you make smart decisions ASAP.
• No Internet, No Problem: ShelfWatch works even in places with bad or no internet, so you can audit anywhere.
• Worldwide Coverage: ShelfWatch is everywhere – in over 30 countries and covering a million retail spots worldwide. It's a big help for businesses looking to boost their retail game on a global scale.

If you wish to know more about the features and capabilities of the ShelfWatch Retail Audit application, then you can schedule a demo with us and see it in action.

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