With ERP System Your Inventory Management Will Change To The Better
In the past, inventory management tasks were done on paper, stored in manila folders, and stored in cabinets containing dozens of archives. Not to mention the folders need to be sorted and reorganized periodically to make room for new files, this will certainly be a complicated thing and will be very time consuming.
But with the addition of enterprise resource planning (ERP), inventory management will become faster, easier, and more accurate. ERP enables businesses not only to track operations, logistics, and costs related to management aspects but also to get instant and up-to-date information about their inventory, enabling them to better meet customer needs and demands more quickly and appropriately.
By taking advantage of existing features, you can change your inventory management for the better such as:
- Better management of surplus inventories;
- Tracking of superior products;
- Management of external inventory; and
- Data in real time.
How does ERP change your inventory management?
Surplus Inventory Management
Regardless of the reason for your surplus inventory, ERP inventory management system will help you find it, and then determine the next step. The sooner you find the surplus, the more options you have for the next step: return items, contact current customers to offer recurring orders, or offer discounts to spend on surpluses. Delays in finding and handling your surplus inventory can result in huge losses to your business.
Tracking Featured Products
Knowing where your package is and when it arrived is very important. ERP inventory management lets you use bar codes to track inventory, from purchases to sales as well as packet and delivery confirmations. In addition to ensuring product delivery, bar codes are useful for product warranties. Using ERP product trackers helps you ensure that your inventory is not only accurate in the warehouse, but also when leaving the warehouse.
External Inventory Management
On day sellers, distributors know their clients by first name, know who orders from each item, and who needs more products at certain times of the year. But today’s business is much bigger, bigger, and moving faster. Distributors can no longer track all their own information. Therefore, ERP gives distributors the benefits they need in today’s business environment.
Traditionally, distributors receive a large number of products from producers, which they then distribute to various retailers in ordered quantities. By using an ERP inventory management system, distributors not only know their own inventory but also inventory from their customers. ERP allows distributors to manage their external inventory, helping them determine when to plan delivery to customers and when they will receive shipments from the manufacturer. In addition, if the distributor manages inventory by consignment, ERP inventory management can assist them in tracking the merchandise belonging to a particular client.
Another benefit of ERP Inventory Management
In addition to aspects of ERP inventory management that can transform your business, there are many other benefits, including:
- Improve overall inventory management;
- Error deletion in data entry;
- Increased efficiency in inventory rotation;
- Increased inventory space productivity;
- Saves time (lowers overtime);
- Savings of money (increase profit);
- Higher employee satisfaction; and
- Increased customer satisfaction.
Gone are the days when you have to do inventory management on a regular basis. You no longer need to schedule a special day on your business calendar to do an “inventory activity.” With Acumatica Cloud ERP, your inventory will update automatically when orders are met and delivered. Acumatica Cloud ERP will help you change your inventory management, saving you time, money and space.