Managing inventory is just one piece of the puzzle organisations need to understand if they are to be successful. It’s obvious that any business that sells products relies on properly managing their goods in order to survive. Without items to sell, you can’t fulfil orders, leaving you with no income. It really is that simple.
Yet, it’s not just stock shortages that can leave you with a headache. It can be really easy to end up with excess inventory, that can also end with damage to the bottom-line with outdated or expired stock.
The challenge of Inventory Management
Inventory related tasks can often be time consuming, taking up a proportion of your day, day in and day out. If you’re in a position where you’re spending a considerable amount of your time trying to manage your stock levels, it could be time to rethink the way in which you’re running your inventory management. With strong inventory management, you don’t just benefit from the most accurate stock levels, but general efficiency and productivity can improve, giving you more time back. Collecting accurate data for your inventory management can be a really difficult challenge, and getting it right can make or break your business.
However, with a modern ERP platform you can gain the visibility you need to get on top of your inventory and optimise your stock levels, gaining a full picture of your business.
Demand forecasting is just one of the core parts of superior inventory management. With accurate inventory forecasting you can ensure to reduce excess inventory levels and prevent overstocking items that are taking up space in your warehouse.
It’s important to think long term. When you’re running a successful business, you’re often anticipating growth year on year. Therefore, it’s important to have an inventory management system that can scale with your business and grow in unison. With a modern ERP platform you can ensure that as you grow and enter new markets, or release more products, your systems can support you in meeting your growing needs, helping you scale profitably.
Avoiding excess inventory
Every business is heavily focused on cost reduction. With the right inventory management functionality you can streamline your stock levels and minimise the capital you have tied up in your warehouse. With the right solution, you can have access to the data you need to automate reorder levels and safety stock levels, helping you better manage your time, money and resources.
Supply Chain Transparency
With the right ERP system you can have access to real-time inventory visibility across all of your locations. From warehouses to stores and goods on the road. You can have an accurate picture of where all your inventory is at any one time. If the past few years have taught us anything, it’s that unforeseen obstacles can cause challenges within the supply chain. Whilst a blip may seen minor, it can have major consequences. With ERP software you are able to integrate your business functions and communicate better with your suppliers and partners, helping to increase visibility and transparency along the way.