Implementing ERP for Better Inventory Management
Posted By : Khushboo Arora | 21-Aug-2019
Stock or inventory management is one of the most difficult tasks to accomplish for an organization. Various departmental stores, pharmaceutical industries, and eCommerce platforms hire sufficient man force and systems to manage their inventory. Integrating ERP systems can enable retail and manufacturing businesses to effectively manage finances, operations, logistics, and inventory in one place. Every product comes with a unique identification number. An ERP inventory management module uses this number to organize items at warehouses or stock locations. Let’s explore some of the key benefits of ERP’s inventory management module
Reporting of inventory in stores and warehouses
Integration with accounting, shipping, eCommerce, and other operational tools
Intelligence reports and analytics
Warehouse management and stock transfers
B2B stock management functionality
Sales and purchase order management
Data indexing to maintain sufficient stock for maximum customer satisfaction
ERP’s inventory management includes double-entry inventory with no stock output or input, drop shipping, multi-warehouse, cross-docking prevents data manipulations. Various retail stores and organizations use ERP inventory management software to calculate surplus stock, rejections, and repairs effectively.
Let’s closely evaluate the working of ERP Inventory Management
Step1. ERP inventory management system alerts the purchasing department on the requirement of stock and raw materials.
Step2: It automatically sends an update to the production department regarding the manufacturing of finished products.
Step3: It then updates the sales department on the number of items produced and available for sale.
ERP Inventory Management System used by Chain Stores
A chain store gathers consumer goods from different manufacturers. ERP Inventory management system enables chain stores to keep a record of sale, purchase, and return of items. The entire process facilitates avoiding discrepancies or confusion in the system.
Benefits of ERP Inventory Management
Increased efficiency: Inventory management software automatically updates the sales, purchase, and returns to improve efficiency within the organization.
Cost savings: ERP inventory management systems eliminate the need for segmented resources to reduce the overall expenses of the business. It handles various working parts to reduce workload and minimize expenses.
Supply Chain Transparency: It facilitates the integration of businesses with 3rd party logistics and shipping providers to ensure more transparency across the supply chain
Accurate Data Collection and Reporting: ERP inventory management system updates businesses on orders, customers, and stock for efficient data collection. It enables businesses to save and create sales reports and custom inventory to track growth and performance.
Gain Benefits of ERP Inventory Management with Oodles
We at Oodles Technologies develop and deliver inventory management solutions to enable businesses to achieve their operational goals. Our development services cover different aspects of inventory management like overseeing and managing inventory storage and orders placement. Our services in ERP Inventory management includes:
Customized Inventory Management Services
Inventory Software Development Services
Are you planning to integrate ERP inventory management solutions to improve your supply chain? We are an ERP development company that provides user-friendly applications for various businesses using Python and PostgreSQL. We enable businesses to implement the latest technologies to stay ahead of the curve. Our ERP solutions increase coordination between separate departments to meet emerging organizational challenges. The aim of our ERP development services is to improve customer loyalty and build long-term relationships.