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Category Management

Category Management & Its Vitality in E-commerce

Category Management is a function in retail and e-commerce businesses wherein related products are grouped together under distinct categories. This is done in order to manage their performance in an efficient way by all means.

As a matter of fact, the e-commerce industry is enormous. Still, it functions in a smooth way. You might be wondering how it is possible in this competitive world. There is a secret recipe behind it, and it is ‘e-commerce category management. There is a specific group of experts who predominantly deal with matters of concern in various categories. These e-commerce category managers are the guardian angels of your business. They are in charge of everything- right from the pricing to space allocation, and much more. The list is endless.

Moreover, when a retail or an e-commerce business reaches a level, where there are thousands of SKUs across many different product departments, there will be a change in the scenario. The category Manager should assign tasks for his team members, and he will be solely responsible for the ROI, subsequently.

Category Management is often doled out by big retailers, such as grocery stores, home improvement stores, and major e-commerce players like Amazon, in particular.

Category Management predominantly stands for the organization of product categories, which provides solutions for everything in our modern world. Just recall your last trip to the Super Market: how long did it take for you to find the PANEER? You very well know that it belongs to the category of dairy products. Hence, it is located on the shelf next to the milk.

Just Imagine if the Paneer was classified, for example, as a dessert; how long would it take for you to find it? It will be really time-consuming, isn’t it?

Category Management regulates the organization of retail space, both offline and online! It is the categories you need to shape up when molding online store browsing and developing your website design.

In addition, Category Management involves working with procurement. For instance, knowing what is included in every category of your products and what KPIs it is supposed to meet allows you to choose only the best suppliers. Apart from that, you can also negotiate the most favorable collaboration terms in a professional way.

One of the shocking revelations is that owing to poor category management,  an online business can lose up to 30% of its customers. Hence, a professional category manager is worth their weight in gold, undoubtedly. So, what are their duties/responsibilities? How do they contribute and bring maximum results to your business? Let’s take a look.

How to Become a Category Manager?

A Category Manager is visualized as an independent business unit manager. Hence, in order to become a category manager, you should possess good business acumen and managerial skills. You will also be expected to have an extensive experience with or product knowledge of the category you will be managing.

Vital Skills Required :

  • Relationship Management 
  • Communication Skills
  • Business Acumen
  • Analytical Skills
  • Presentation Skills
  • Excel Knowledge
  • Category Knowledge

 Category Manager’s Role in e-commerce?

The phenomenal responsibilities of a Category Manager in the e-commerce arena include:

  • Data Analysis to determine the market trends and consumer requirements
  • Strategy Development for category management
  • Developing tactics for promoting specific product items
  • Communication with suppliers
  • Building long-term relationships 
  • Concluding favorable terms of cooperation with an excellent price-quality ratio;
  • Order Placement
  • Procurement Dealing
  • Placement of product categories 
  • Determination of the most competitive as well as the profitable prices for product categories
  • Demand Forecasting
  • Budgeting and cost optimization
  • Stock Replenishment

Benefits of Category Management:

The preeminent goal of the category management function is to make sure that each category’s performance is maximized to its fullest potential. This can be achieved by implementing different strategies and tactics. It includes supplier management, visual displays, and sales performance management.

In general, each category is treated as a stand-alone business unit and extra care is provided to the different product SKUs under that category. This determines that the products don’t get neglected, and inventory return is also maximized as much as possible.

Furthermore, each category will have it’s own Open to Buy, and managers will render extraneous insights into the sales forecast of the category’s products.

Another sovereign benefit of category management is a consolidation and achieving savings through economies of scale.

The reason behind this is, the purchasing for all the stores of the same retailer will be centralized through the category manager.  Hence, instead of buying for one or two stores, the manager will be procuring for a chain of 50 or 100 stores and will be negotiating for better product prices. Ultimately, an enormous bargaining power will be transferred to the retailers. This will pave way for further negotiation in addition to product cost savings.

Vital strategies:

  • Traffic Building
  • Transaction Building
  • Turf Defending
  • Profit Generation
  • Excitement Generation
  • Image Building

Category Management Tools 

Open to Buy Plan: One of the most important Category Management tools to plan and manage inventory is this OTB. Open to Buy (OTB) is a planning tool that gives an overview of the inventory levels in the category. Further, OTB also gives us an idea of the requirement of the inventory in order to deliver future sales goals.

Google Trends: Another tool that is utilized by marketers and that we have found to be of utmost use in category management is Google Trends. This tool aids the category manager or buyer in spying out specific trends inside their respective category. 

Category Management Considerations:

The primary goal of category management in the first place is to devote more attention and resources to each category in the business. However, since category management is a function of a bigger business, it is very imperative for the top-level management to ensure that the different product categories do not cross swords with each other or endanger each other’s plans. 

In the end, all the categories have to assure- that they communicate the same message of the business to the end consumer and also render their due in brand image building. This is especially important when it comes to the implementation of different pricing and promotional strategies. 

In a nutshell, we can say that the importance of Category Management is growing by leaps and bounds. For the enhancement of business, it is vital to follow a proper category management strategy. You can also reach us at www.infognanasolutions.com for further clarification.

Real Estate Virtual Assistants

Significance of Real Estate Virtual Assistants in the Digital Age

Introduction:

Nowadays, a lot of agents venture into real estate. The main reason behind it is, they want to work smarter, and not harder. Hence, one of the best ways to do that is to hire a virtual assistant. These real estate virtual assistants can lend a helping hand in completing some of the tedious tasks that are vital in sustaining and growing your business. As a matter of fact, that doesn’t require a real estate license or a lot of specialized knowledge to execute.

Generally, it’s not always an easy task to tell when you’re ready to take the step to hire a virtual assistant. Further, a newer agent won’t have enough business to keep an assistant busy and also engaged. Moreover, it wouldn’t be worth the money you’re spending on that assistant to enlist them. On the other hand, if you wait for a longer period of time to hire an assistant, then you’ll be spending time on tasks that require outsourcing. This is nothing, but a complete waste of your money undoubtedly.

Virtual Assistants aren’t as specialized, and they will not have the hands-on in preparing contracts or working closely and directly on transactions. But they’re easier to hire and also more affordable—therefore more accessible for most agents, subsequently.

To decide when is the apt time to hire a real estate virtual assistant, it is always advisable to spend a week or two tracking the time you spent on the different activities. The activities include:

1. Managing your calendar

A real estate agent’s calendar will be busy always… With the help of professional real estate Virtual assistants, good times for agents to meet with clients for listing presentations can be done. 

2. Scheduling Assistance

You may wonder – Isn’t this the same thing as managing your calendar? No, not exactly. A commercial real estate virtual assistant’s schedule also includes events and tasks for that they aren’t going to be personally present. 

3. Email Communication

A Virtual Assistant won’t be able to answer all your emails. It is advisable to set up your email inbox with appropriate filters. Subsequently, they can clear out a lot more than you’d imagine!

4. Website Updation

In an ideal world, how much time would you spend updating your website on a weekly or monthly basis? While you’re tracking your time, it is vital that you do your best to live up to that ideal vision. As a result, it will help you better determine whether a professional virtual assistant would be a worthwhile investment.

5. Social Media Handling

Love it or loathe it, social media has become an inseparable part of a real estate agent’s day. While some agents can pop onto Facebook and Instagram and come up with a perfect listing post. The post can end up getting a ton of organic engagement, seemingly without even trying. On the other hand, there are many who struggle to make the time spent on social media work for them.

6. Solicit Reviews & Feedback from Clients

It is customary to expect a positive review from their clients after a successful home sale transaction. Most of the agents love to have it. But do you know who has ample time to ask happy clients to submit testimonials? A virtual assistant!

These Virtual Assistants make a list of every transaction you’ve closed in the past month. They would then assess who’s provided a testimonial or review for you, and who hasn’t done. If you didn’t hear anything, they would reach out to the clients and ask if they’d mind giving you feedback either officially or unofficially. 

7. Email Campaigns

 A virtual assistant who’s got experience in creating and running email campaigns can get the foundation started for you. They can handle the basics while you have to just enhance them. It involves creating the segments using the criteria you provide, writing the emails, putting the campaigns in the software, and ensuring everything is sent without any snag. 

8. Marketing materials Preparation

A virtual assistant who has some background in design or writing can assist you to handle social media infographics and posts. Finding one with these specialized skills isn’t always easy-peasy. This is something that you struggle to do quickly. Hence, outsourcing can be a huge time-saver, and your materials will always look fantastic and fabulous!

9. Seasonal Gifts

Do you bestow your buyers and sellers any closing gifts? How about the Thanksgiving pies or Valentine’s Day candy? A real estate marketing virtual assistant can be invaluable for arranging those gifts. In this digital age, a virtual assistant can do literally all of it for you (ins and outs). 

Automated Solutions & its Evaluation

Now, you’ve successfully collected some vital information about how long you spend on these different tasks. Next, it’s time to ask yourself whether virtual assistant service(s) is the best answer to your time management problem. 

To do this, take a look at the different items on your list, and pose yourself the question- of whether the vendors are really helpful. Will they be able to support you with your needs, or whether there is a necessity to find another person to outsource those tasks?

Total Time Opportunity Cost – An Identification

You should definitely have a good sense of what you spend time on, at this stage. Moreover, it is vital to weigh the importance of hiring a real estate virtual assistant from a business perspective. 

There is no harm in taking another look at the hours you could potentially give to a virtual assistant, and then discarding anything that you’ve handled already. As a matter of fact, there are likely at least a handful of things left over that you’d prefer a human handle. 

Your next task will be to evaluate those leftover items. In addition, you should also find out the cost involved in getting the best real estate virtual assistants. 

 Imagine Your Budget

Always be realistic here; if anything, it’s best to underestimate. In general, consider the tasks that you could be working on every day to enhance your business, or to increase your referrals. It can also be anything else that can generate income for you. 

Although you shouldn’t overvalue your potential productivity, don’t forget to factor in that your virtual assistant is saving you per transaction. 

Conclusion:

For the smooth running of your business, it is imperative to hire a professional real estate virtual assistant. They will definitely add value to your business. In order to know more about virtual assistant services for real estate investors you can always get in touch with us. You can also click www.infognanasolutions.com

healthcare document management

Prominence of Document Management Services in the Healthcare Industry

Prominence of Document Management Services in the Healthcare Industry

Introduction

The healthcare industry has been in the limelight lately. However, it doesn’t spell out, that it was less important. The recent pandemic made it almost a vital thing all of a sudden. As a matter of fact, in order to assure smooth management of hospitals and other health care units, there has to be organized efforts and proper management by and large.

Notably, healthcare document management software fits well and it also precisely serves the emerging requirements.

Healthcare DM Software & its Necessity

Healthcare is a significant service and utility that requires full-fledged attention. You would have ascertained this over the last two years, more closely than ever. Documents are fundamental for the proper treatment and management of healthcare utilities. Hence, there is a necessity for a smart document management system.

Let’s have a look at the multiple utilities of a healthcare document management system, in terms of the healthcare industry.

Digital Storage

Earlier, documents were stored in big files, shelves, storage rooms, and other physical spaces. With the passage of time, there was an increase in the number of documents and files. This ultimately created a demand for more space. You might be thinking- How much space is enough then? You can’t provide a standard figure. Hence, Digital documents and a document management system came into the picture. Here, the documents are stored in soft formats as digital data; There is no need for any kind of physical space here.

Access Control

There is a prejudice over the utilization of online utilities. Even though there is a risk of intrusion, customized document management systems built by an accredited firm ensures its 100% safe and secure. The software grants access to only authorized personnel.

Document Confidentiality

Healthcare documents are highly sensitive and also confidential. When the respective documents are stored in a document management system, they can only be accessed by commissioned individuals. The DMS software is deciphered discouraging external threats. Therefore, it ensures document confidentiality and security.

Document Loss Prevention

Document loss is a common scenario at the time of data migration. Files get misplaced or damaged at the time of files transfer subsequently. This can be really awful because of the vitality that the healthcare data carries. Moreover, with digital data storage, there is seldom any requirement for migration. Users, even from remote areas can have access to it. Documents that are stored in a healthcare document management system also have a proper backup. This facilitates in document retrieval at any time.

Policy Management

Regular updates will always be the driving force in a healthcare document management system that aids in updating the existing information. Further, if there is any necessity for approval, revision, or reviews, they can also be obtained in real-time. In short, it saves your time and also keeps every stakeholder in the loop.

Undeviating Workflow

The Electronic Document Management System garners all the documents to a central location. Here, the authorized users can access these documents as per their requirements. There is no need for you to wait for the document which is required. This will facilitate in getting their work done without any hindrance. Ultimately, it ensures undeviating workflow which is of prime importance in a healthcare system.

Prominence of  DMS in Healthcare:

Cost Savings

Cost savings is one of the phenomenal benefits of laying hands on a document management system (DMS) in the healthcare industry. It is possible to slash down the costs in the following aspects,

Reduction in Materials & Equipment

Electronic record keeping will provide the assurance that your facility will buy less paper, cartridges, fax machines, and photocopiers. Apart from the purchase price, all of these machines predominantly requires regular maintenance. They also run on electricity which translates into hidden costs that have to be paid monthly.

Decreased Storage Needs

Larger hospitals have to surrender complete floors to the record-keeping and archives department subsequently. This paves way for less space for medical treatment and other activities that constitute the facility’s core functions. On the contrary, patient records digitization will pave way to store critical patient files on on-site servers. This kind of medical records management will ultimately require much less space.

Similarly, switching to a cloud-based data storage solution will signify that there is no necessity to pay for and maintain costly servers. Apart from that, cloud storage also doesn’t occupy any space at all. Ultimately, you will be able to free up all of the facility’s space to offer more and better services diligently.

Minimal Staffing Costs

Veering to a paperless system will automatically chaperone to a substantial reduction in clerical staff. There won’t be any necessity for employees to create or retrieve physical records. The reason is simple- all relevant information be accessed  instantaneously.

Nil Retrieval Fees

If your facility pursuits filing services, you will have to pay a certain sum every time you either request or return a paper record. As a matter of fact, digitizing the whole system platform will enable you to search the hospital’s extensive database. This can be made possible without any middleman.

In a Nutshell, we can say that there are multifarious benefits of electronic health records maintenance in the current age. Digital document filing system is reigning  in particular. To explore in detail the nuances of Document Management Systems, kindly click on www.infognana.com.