Why Do You Need an Inventory Management ERP Software?
Inventory control plays such an important role that its inadequacy not only affects your organization’s efficiency and profitability but also troubles the growth of other related businesses. So you cannot simply rely on error-prone, manually handled methods.
Further, constant inventory management issues can cause distress with vendors and drive suppliers away, resulting in poor customer experience and dissatisfied clients. The bottom line is losing loyal customers often damages your reputation as a trustworthy company and faints your market presence.
Both overstocking and understocking have toxic effects on your finance and your overall business. While the surplus of products leads to excess usage of warehouse space with minimum or no place left to stock most selling goods, increase in inventory maintenance costs, piling up of unsold goods, and loss due to damages.
Both overstocking and understocking have toxic effects on your finance and your overall business. While the surplus of products leads to excess usage of warehouse space with minimum or no place left to stock most selling goods, increase in inventory maintenance costs, piling up of unsold goods, and loss due to damages.
Again, shortage in inventory leads to failure to adequately fulfill orders on time, raise in transportation charges, dissatisfied customers, and reduce in sales. All these are an aftermath of the improper inventory tracking done using some primitive methods that can merely keep up with managing fast-paced demands in the modern business landscape.
Damages done in the course are often irrevocable and retards your business opportunities. Having said that, you can avoid these risks by taking a simple right step of implementing an ERP inventory management software.
This system provides in-depth inventory requirement analysis and makes accurate forecasting based on real-time stock movement data. The inventory management ERP software is built with specialized features to effectively control each stock at every level.
- Keep track of location-based transactions details and costs.
- Automatically update the inventory record, every time materials are moved in or out of the storehouse.
- Remove delivery flaws due to insufficient inventory.
- Instantly collect all inventory data and allow easy access.
Being properly prepared is biggest asset for your business if you want to plan your inventory better and sell them faster.
How Does ERP Improve Your Inventory Management?
Optimum business process efficiency is the main objective behind using advanced inventory management software. Here are all the benefits of ERP inventory management software, implement to achieve superior control on your material resources.
Get complete overview and control on inventory from a single platform
Keeping track of brisk selling goods improves your inventory planning. It allows you to invest in products that would be sold faster. An ERP system integrated with the inventory module helps you streamline operations. This helps you gain real-time visibility across the business, makes overall inventory management easier, and improves your decision making.
Make product classification easier and allow locating them faster
Your ERP inventory management system helps you in classifying products based on particular traits. This makes the process of locating them, at the time of packaging, much easier and less time-consuming. Faster access to the inventory speeds up the order fulfillment process and thus improves operational efficiency.
Get adequate stock levels through on time inventory replenishment
Your ERP software helps you in forecasting future requirements with precision so that you can easily know and procure products to maintain accurate inventory levels and avoid unnecessary shrinkage or overflow. Holding control in maintaining accurate inventory levels enables you to avoid loss of sales as well over investing on resources.
Ensure your inventory is rightly stocked and bins are handled properly
ERP inventory software helps you achieve efficiency by assisting you to effectively manage inventory-level requirements so that the cash is always flowing in. Through its tracking features, you can see which products are selling fast, which sales channels are performing better so that you can analyze and maintain sufficient inventory on hand for meeting the needs of your customers. In simple words, you would be able to save money and improve service levels as your decisions are always backed by data.
Automate tasks and make every process more efficient
End manual tasks and automate them through ERP inventory software. With its barcode technology, the software can help you automate repetitive tasks in sales order fulfillment.
Further, you can create user accounts for each member of staff, define their responsibilities and monitor their performance easily. You can reflect the same control across various departments such as warehouse management, administration, sales, purchasing, and final stages of order fulfilment.
Reduce operational costs and increase sales
Despite having orders flowing in, if you are unable to cut down your costs and find the most balanced way to manage day-to-day operations, you would be more likely to end up in losses or your profit margins would reduce drastically.
With ERP inventory software, you can identify unwanted inventory and expenses and easily cut them down in a planned manner. Also, you can reduce carrying costs and increase sales by restocking your warehouse with products that literally fly out of stock.
Inventory ERP software plays well in helping you plan, track, and manage your stocks as wisely as possible so that they create greater values.
Who can Use Inventory ERP Software?
ERP inventory software can be used in a multitude of businesses that include warehouses, manufacturing plants, factories, retail stores and any establishment that has storage and requires inventory management.
Warehouses: Warehouses require a full-fledged inventory ERP software for their day-to-day operations and storage optimization. It will help in reducing order processing time as workers will know where exactly each unit is placed.
Manufacturing:
Manufacturing plants need to keep an eye on all the material that is being used in the production process. Inventory management software can help factories and plants in planning production based on available raw material and also help in its procurement.
Retail:
Retail stores also need an inventory software to ensure that the store has all the products that are in demand. The software would assist in monitoring which products are being sold in which quantity and planning next phase of restocking. The inventory ERP software is also relied upon by distributors and businesses related to trade and services.
Real estate and construction:
Project management can be simplified, and project planning made easier with the help of an ERP software. Construction firms can use it to keep track on the usage of all raw material inventory.
Conclusion
The benefits of an ERP is not limited to inventory management alone, you can integrate other areas of your business with it to achieve data unification and get a clearer picture of financials.
Focus Softnet builds advanced solutions with industry-specific features to ensure your inventory is in the best of health. Connect with our product experts to know more and get the right ERP software you need to manage you your business without hassle.
