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An integrated inventory solution offers many benefits. Once you start using one, you won’t believe the difference it makes to your business.
What is an integrated inventory solution? It’s an inventory management and reporting system that’s completely integrated with your enterprise resource planning (ERP) system. This means inventory data flow seamlessly from the warehouse throughout the entire system, enabling sharing information among all departments. It improves forecasting, planning, customer service, and so much more.
Here are the main benefits of adding an integrated inventory solution to your company.
5 Benefits of Adding an Integrated Inventory Solution
- Measure all aspects of inventory management
There’s an old saying that you can’t manage what you don’t measure. With an integrated inventory solution, you’ll be able to track and manage everything from shipping times to time in receiving. Set and measure KPIs and track your team’s progress towards results. You’ll be able to track, compare, and measure inventory performance indicators along with companywide KPIs to improve all aspects of inventory.
- Improve forecasting
An integrated solution utilizes data from throughout the company. This improves the accuracy of forecasting. Smart systems use data measured over time. This combination enhances the system’s ability to forecast demand and help you plan inventory purchases accurately.
- Supply chain visibility
If you use third-party logistics suppliers, you know that providing supply chain visibility to all parties can be challenging. An integrated system enables suppliers to send inventory when supplies start running low proactively. This will help you keep high-demand items in stock and ready to ship.
- Accurate accounting and financial statements
Inventory represents a large portion of a company’s current assets. An accurate inventory count enables you to express your company’s financial position accurately to all stakeholders. Knowing how much you have in inventory and its value without manual stock-taking and calculations is a time-saver that your entire team will appreciate.
An integrated inventory management system also provides an opportunity for cost savings. Because you’ll have accurate and timely inventory status reports, you’ll avoid rush orders from suppliers. Rush orders ensure that customers get their products but can add to the cost of goods sold, especially if suppliers charge you rush shipping costs. With the right data, you’ll get plenty of lead time to reorder products, and you’ll be able to avoid rush charges.
Inventory Management Solutions for Sage and Acumatica
There’s good news if you’re already a Sage 300 ERP or Acumatica ERP user—it’s easy to add inventory management solutions to both packages. Both Sage and Acumatica offer excellent integrated inventory solutions.
- Sage 300 ERP’s inventory management solution is Inventory Advisor. Inventory Advisor offers a graphical, web-based interface that displays key performance indicators (KPIs), SKUs, and inventory information. Drill down in the system to research more information and to get the details on your inventory. Supplier order tracking and order scheduling are two other excellent Inventory Advisor features that make integration so appealing.
- Acumatica NETSTOCK integrates powerful warehouse management software, inventory and demand forecasting, and supply chain visibility into its ERP. Manage, classify items, and view all data about your warehouse and merchandise in this powerful integrated system.
Good inventory management can lead to higher profits, cost savings, and improved customer service. Adding an integrated system empowers your managers with the data they need to improve forecasting and order fulfillment. If you’re ready to add integrated inventory management solutions to your company, contact Mindover Software today.
For more information about ERP business software or to schedule a consultation about accounting software for small business, please contact Mindover Software, 512-990-3994.