For manufacturers and retailers, poor inventory management is like living through their worst nightmare.Inventories, when overlooked, drain out fortunes worth millions and cost you customers, too.And as we all are aware, finding new and loyal customers these days is a daunting and costly task. So, with inappropriately managed inventory, chances are that you may end up miscalculating the resources and hence; make a strategy that has no relevance. Needless to say, this further adds up to the list of dis-satisfied customers and overheads. This may not be the end, when you have a poorly maintained inventory, you may even have less productive and efficient work-force.
How inventory management leverages your business?
Inventory management when done appropriately,
Reduces the time consumed in filling an order by 87%.
It cuts down the labor costs by approximately 30%.
The chances of any item going out of stock reduced 10 times.
All this together enhances the efficiency, bringing an end to those common grievances including shipping delays, waiting lists, receiving wrong/defective products, and improved customer satisfaction.Now is the time to strategically change those ancient methods of inventory management and get on to an advanced ERP system.
With market equations changing at a jet speed, manufacturing and retail industries have become extremely volatile and competitive. Unplanned resources make it impossible to catch up with swiftly moving markets and hence; results into a major setback for your enterprise (and its profitability). You cannot afford to stick to conventional methods of inventory management. It requires an advanced ERP system, which comes with an inventory management module.
These sophisticated inventory management tools ease down the time-consuming and cumbersome manual methods and provide regular updates on real time basis, monitor the stock quantities and even track efficient picking routes.
ØERP software for inventory management leads to better predictions
ERP systems augment data collection. These solutions effectively track inventory levels over a period of time, and thus keeping a record when items are used/shipped and how long they were present in the warehouse.
There is no place for guesswork. ERP software for inventory management skips the guesswork and thus, provides reasonably accurate forecasts of future production needs.
The accuracy and amount of information that ERP software provides, further allows you to check exact requirement at any given point of time for your enterprise.
Manufacturers/retailers will know exactly what parts/product they have and thus ensures better estimates as to what will be the requirements for any incoming customer orders.
They can keep a track of supplies for expense reports, placing each purchased item in a specified category for financial records.