How ERP Software Helps Identify Inventory Trends
It’s a problem as old as business itself: your inventory is out of control, products need ordering, sales are delayed by unavailable stock and the customer is dissatisfied with turn around time. All this thanks to an inventory process that lacks visibility. Fortunately, in recent years, inventory management systems have become more accessible than ever, via a cloud-based ERP platform.
To clarify the role of inventory management software, it is a system for keeping track of inventory item levels, sales, orders, and other critical elements like packaging and delivery. In fact, inventory management systems should be considered a critical element of any expanding retail operation, aiding in the tracking of products and their rapid distribution to your clients. An inventory management system can be used to reduce overstock, sell-outs, and other inventory hick-ups, by moving inventory control from inefficient spreadsheets to a managed system.
Benefits of Inventory Trend Clairvoyance
An Inventory management system in your ERP provides you with the ability to track products, check stock levels, examine supplier data, control inventory levels and increase the efficiency of your warehouse staff. Beyond these advantages, many businesses find that they gain a competitive advantage with an ERP inventory management system because of the insight the software provides. With an advanced system for tracking inventory, you’ll feel clairvoyant compared to how you previously handled it (like in a million confusing spreadsheets).
By granting insight, ERP inventory management can help make your entire operation more proactive, providing them with the tools required to understand the road ahead, including requirements and potential threats to their ability to perform. The sysem does so by providing staff members with the performance indicators they need in order to ensure that your operation is running, and continues to run smoothly. Indicators can include accurate part counts, costs per order analyses, inventory turn over rate, lead demand, stock cover, inventory to sales ratio and much more. A fully automated ERP inventory management system generates these reports in real time, granting you holistic visibility of your inventory levels and warehouse operations.
Gaining Visibility Through ERP
Making use of an ERP platform with an inventory management solution can be invaluable in gaining visibility of the status of your inventory and sales trends. These systems make effective use of several key performance indicators to allow your business to be run more effectively. While those facing more complex inventory management requirements will benefit most from inventory management in an ERP, even those with less inventory items and slower moving stock can still realize the benefits of automation.