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5 Benefits of Using ERP Inventory Management

The purpose of inventory management

Having full control of your inventory has become extremely popular in recent years with more and more companies seeing the benefits of using inventory management software solutions to enhance their supply chain management and overall operations. 

Not every company has made the change to a newer system, however, either because they don’t believe they really have use for a  modern solution, or because they aren’t sure if an Inventory Management ERP fits into their budget. Below we’ll take a look at 5 benefits that an Inventory Management ERP can bring to your business.

Experiencing a warehouse full of products with no way to accurately track any of them is a recipe for disaster. Having an inventory management system that integrates with your ERP system can simplify the entire process while saving you a significant amount of time and effort.

Having an integrated inventory management system allows you to keep track of sales data as well as in-stock information from a single location. This lets businesses forecast demand efficiently for any number of items in the coming months—as well as avoiding shortfalls that might otherwise cost money.

Inventory management benefits

Every business owner should understand that to get things to move properly, they need to keep a keen eye on their inventory at all times. Missing a beat here can result in a cascade effect that can cripple operations. To help get a better understanding of why inventory management is so important, let’s take a look at some of the benefits that can make a business operate much closer to peak efficiency.

1. Lets you track your company’s performance

The primary benefit to inventory management is the insight you get into your company’s performance—and not just today, but over a long period of time. Properly managing your products means you’re able to track sales, purchases, and associated costs on an ongoing basis. Being able to manage all levels of your inventory means you get a better picture of what’s working in terms of product demand and where improvements need to be made in terms of supply levels.

2. Helps minimize company theft

Running a business is hard enough without having to worry about theft or fraud in your own organization. By regularly monitoring purchases, sales and ensuring you always have an accurate count of what you have on hand you can easily spot any inconsistencies that could be indicating some kind of theft. Without a capable inventory management solution, it’s easy for employees to take things for their own benefit or use. Keeping tabs on everything that comes in and out of your company is one way to help prevent future losses.

3. Keeps your costs down

The more efficient you are as a company, the better off you’ll be overall. Without proper inventory management in place, it’s easy to fall into bad habits that can cost you time and money. Without good inventory control practices in place, there’s no way to know what goods are on hand and where they belong. When this happens, companies can end up over, or under-ordering raw materials. This can even be a problem that impacts shipments, where not enough raw materials mean they don’t have enough product to deliver.

4. Saves your money

One common misconception about inventory management systems is that they cost a lot of money upfront but don’t end up saving companies much long-term. This couldn’t be further from the truth. Good inventory management keeps your business operating efficiently, which in turn helps save on operational costs, and frees up resources for other projects or projects with greater value; having control of your inventory also gives you more insight into how well your company is doing financially, which in turn leads to better planning.

5. Inventory management levels peaks and valleys

If there’s one thing most small businesses have trouble with when it comes to staying profitable year after year, it’s keeping cash flow consistent as the season’s change. This is the main reason why inventory management has become such an important tool for small businesses—especially retailers—when it comes to planning for seasonal changes, and market trends over time.

Final Thoughts

When you’re running a business, your inventory is everything. Without full control of your inventory, there’s no way to plan ahead. Especially for large organizations, It can be hard to track warehouses full of products without an efficient and effective inventory management system in place. With a system designed to manage inventory, however, you’ll be able to manage your business more effectively from top to bottom, and with much more control. How is your inventory managed?

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