in: Enterprise Resource Planning (ERP), Company News
Having an enterprise resource planning software and fully utilizing its features are two different things. We know that tons of data is collected with software and that information can be helpful to track inventory and manage warehouses. Taking advantage of additional features of enterprise resource planning software can simplify the most complicated practices. Read on for ways to get the most out of your ERP solution.
The Internet, mobile technology, and software advancements have all enabled businesses to amass and expand gigantic datasets within their enterprise resource planning software (ERP). Inventory optimization is only possible because of the capabilities offered by these technologies. The data found within enterprise software has been used to prepare tax returns and financial statements plus improve productivity through information sharing within and outside of an enterprise to facilitate communication and collaboration between stakeholders.
Enterprise software has provided ways to manipulate data sets within customized financial reports in new and improved ways. The ERP solutions offer the potential to have deep insight into operational trends, customer behavior, and ways to improve efficiency of business models. The goal of data has always been to use it for improved agility and responsiveness. With big data and ERP solutions such as Sage 300 or Sage 100, companies now have the ability to use more massive amounts of data better than ever with steady advancements in data collection and use functionalities.
Even still, dataset sizes have accumulated and grown so consistently that they have outpaced technology’s ability to realize, understand, and use the full potential of the intelligence within all of that data. Enterprise software houses lots of data related to inventory, but this must be used effectively. Instead of simply tracking the amounts of inventory that are on hand and alerting workers when levels of inventory run low, the software should be able to do so much more. With inventory optimization systems, technology is showing signs of catching up with the large quantities of data and using it more effectively while doing more with it overall.
Remember that there is a consistent battle within manufacturing and distribution companies to effectively balance having enough inventory in stock to keep up with customer requests and demands while simultaneously not having too much inventory on hand. This plus the complex organizational needs and fluctuations of supply and demand coupled with complexities in having tons of SKUs, global supply chains, and far-flung warehouses have real impacts on inventory levels. Using big data in modern inventory optimization systems that are designed to exploit data generated from everywhere within enterprise software is essential to truly honing in on success in inventory management.
Ultimately, inventory optimization depends upon decisions made by inventory specialists and senior management based upon considerations unique to their companies coupled with effective use of big data. Better decisions are made when balancing trade-offs that depend on shifting goals influenced by events on the ground. Ultimately, inventory managers can significantly impact overall competitiveness and profitability.
Two ERP software offerings from Mindover Software can meet the needs your company has to maximize use of big data and improve inventory management. They are Sage 300 and Sage 100. Learn more about them by visiting our Solutions page here. Then, download our whitepaper “Better Inventory Management: Big Challenges, Big Data, Emerging Solutions” for further information on big data and its important uses in improving inventory management.
Mindover Software has been providing award-winning financial management systems and consulting solutions spanning the business lifecycle to small and medium sized business. Now, with consultants in Dallas, San Antonio and Austin, Mindover Software provides strong local support with the resources of a national company. Learn more about two solutions we offer here at Mindover Software by clicking on the each solution: Sage 300 and Sage 100.
As a Sage Software Select business partner, we can align many of the world’s best software solutions to meet your diverse needs. In short, we are a company available on demand to meet your business goals for today and far into the future.
