If you think that your inventory management could use some technological help, you’re not alone. According to The Motorola Future of Warehousing study, an estimated 66 percent of retailers are making significant investments in warehouse and inventory management technology.
You may know how crucial inventory management is to profitability and productivity. The numbers support that, with upgraded inventory systems leading to an average 25 percent gain in productivity, up to 25 percent gain in space usage, and up to 30 percent more efficient use of that inventory.
So, what kind of technology help do you need for managing your inventory levels and stock items? Look to an ERP for inventory management for all the benefits of business intelligence, centralized data, and real-time control and visibility into every part of your company, inventory included.
ERP Inventory Management Benefits
The overall benefit of inventory management with an ERP comes down to cost savings and increased profitability. Any time you can better organize your company’s data and inventory, you can make better decisions. With an ERP in place, you can:
- easily match supply and demand
- reduce the risk of surplus inventory
- identify and manage overstock situations
- deliver customer orders more efficiently and accurately
- get a better handle of inventory turnover
Inventory impacts many business areas, from finance to employee productivity. When inventory is managed well, you will see benefits across the board.
Accuracy with ERP Inventory Management
An ERP system can track every item of inventory with a specific identification number. That means it’s remarkably easy to keep track of what your inventory is, where it is, and where it needs to go. Whether you want to look at your inventory as a whole, by category, or by the levels of one item, your ERP can give you accurate, real-time figures.
Maintaining Stock with ERP Inventory Management
One of the hardest parts of inventory management is balancing supply and demand. You need to know when to replenish your stock, to avoid buying so much that it sits unused, or underestimating and frustrating your customers by the lack of availability.
ERP inventory management takes the frustration out of maintaining stock. With an accurate inventory count, the system knows when your supply is getting low enough that it won’t meet demand. The system can also intelligently buy when item prices are low, if the demand calls for it, so you have the stock you need at a lower wholesale cost for your business. Whatever your inventory management goals, ERPs optimize and automate for the best results.
Ready to upgrade your inventory management with an ERP? Decision Resources, Inc. is here to help! Our team of professional experts is looking forward to learning more about your business needs and providing you with the direction and guidance you need to make an impact. Call us today at 412.562.9660 or email firstname.lastname@example.org.