Ventures that excel in inventory management achieve maximum revenue and customer satisfaction with minimal stock investment. The most successful businesses understand that managing inventory effectively is about data such as warehousing and shipping, purchases, returns, customer satisfaction, receiving, storage, and stock turnover. These data are usually easily accessible from inventory management systems. Businesses that integrate their ERP systems with inventory management functionality gain a competitive advantage.
Definition for inventory management in ERP
ERP inventory management can be described as a system that allows ventures to manage all aspects of their business from a single platform. It includes finance, inventory, and logistics.
ERP software solutions provide real-time inventory management. This provides information to all employees. It is essential for businesses planning to expand. They need complex supply chains and workflows.
The benefits of ERP inventory management
ERP uses a variety of data sources to assist businesses in better understanding the performance history and other insights. The company uses this data to make better ordering decisions and forecast future demand.
It can also increase the efficiency of the supply chain. It can be used to reduce double-handling and automate daily tasks such as reordering.
These are just a few of the many benefits of integrating ERP systems into inventory control.
Improvised Reporting- Proper inventory data confirms that decision-makers can enjoy the full benefits of data-driven insight, such as understanding effective SKUs and landed COGS (cost-of-goods sold), and sales per channel and location. ERPs allow for custom reports that are easy to use and provide accurate data without taking too much time.
Transparency in the supply chain- A venture that can integrate back-end systems effectively and interact directly with its partners reduces disruptions such as missing a critical element or pricing that is too high for the product. Integration ERP software solutions allow shipping information and syncing orders.
For more precise counts, ERP monitors, reports, and monitors planned replenishment, excess inventory, shortages, outmoded inventories, and metrics such as COGS and the average rate for turnover. The warehouse system monitors and reports on product transfers through receiving and shipping.
If you require ERP solutions, please contact us.
Quality Checks- Most ERP systems have logic that can be used to specify inventory quality checks. You can specify that products must comply with safety and environmental standards. The system will then check for safety information. The system will notify staff if the item is not in compliance.
End-to-end inventory analysis- ERPs provide analytics for each stage of inventory flow such as the cost of goods sold, turnover rates, and shrinkage. Ventures can improve their inventory proficiency by analyzing core inventory metrics.
We are here to help you if you are interested in ERP consulting.
The cycle counting feature of the can is used to guide staff through a structured and thought-out cycle count process. Regular cycle counting can be integrated into warehouse operations to improve inventory records and balances.
Planning for inventory- Each product has an inventory status that is listed in the ERP. Customers, enduring partners, and staff can check accessibility, numbers on hand, as well as order and order. Planning and scaling up customer satisfaction is made easier by having your inventory history as well as metrics readily available.
Ventures that have disconnected and disparate systems miss out on crucial insights about inventory that could help them to better manage their business. Integrating productive inventory management capabilities into robust ERP solutions can transform inventory management from a standard process to be a competitive advantage.
Are you having questions about ERP? Contact us today to resolve your questions about ERP. We are an ERP company and can help you get to the heart of things.