How Can ERP Inventory Management System Take SMBs To The Next Level

ERA Detailed Insight Into ERP Inventory Management Systems

Do you need to invest in inventory management software development?

The short answer to this question is yes! Any business with any kind of inventory-related operations can benefit from an inventory management software system. 

Whether you own a manufacturing, distribution, retail, dealership, wholesale, or restaurant business, inventory is one of the integral parts and it is vital to have clear visibility on how your stocks and products are planned. 

It is surprising to know that many small businesses often start off with introductory software like Quickbooks to keep up with their accounting, bookkeeping, tracking sales & purchases, calculating commissions, and more. However, despite basic functionalities, it can not match the capabilities of robust inventory management like an ERP system. As a result, once the business scales and grows, it becomes imperative to invest in feature-rich inventory management software to accurately forecast demands and ensure that optimal stock levels are maintained at all times.

In this blog, we will elucidate the benefits of ERP-based inventory management software development and explain why it can be a game changer for SMBs.

Why Inventory Management Is Crucial For Building Your Business?

Since inventory is so pivotal, many businesses often feel compelled to replenish their shelves with excessive stock, and subsequently, the products end up collecting dust or start turning rotten. It all results in inevitably wasting the money invested in the unintentional overstocking process. Akin to this, with too little inventory, it is not healthy for a business to turn a customer down by not being able to supply against the demand. 

If we take a closer look, both cases spell disaster on the brand value and have the potential to bring unprecedented losses. This is the prime reason why proper inventory management is imperative as it helps in stocking up the storage with an accurate amount of goods in order to meet the potential demand. It also aids in keeping the warehousing cost under check and fulfilling every order on time. 

Critical Challenges Faced By Businesses Globally In Their Inventory Management Processes

In the past year, approximately 81% of global shoppers have faced an out-of-stock situation while retailers have recorded a massive loss of more than $1.75 trillion globally because of mismanaged inventory.

Moreover, supply chain and inventory management problems are visible worldwide and are faced by enterprises of all shapes and sizes. Here, we have mentioned some of the common challenges and limitations that are plaguing companies all over the world:

• Changing demand
• Incomplete data
• Inconsistent tracking
• Insufficient order management
• Supply chain complexity

 If you are one of those organizations that are still leveraging excel sheets to manage inventory or are not handling their stock-keeping processes at all, it is high time to change that.

4 Reasons Why SMBs Should Invest In ERP Inventory Management Software

ERP software is designed to help businesses of any scale and size manage their inventory along with a long list of additional capabilities including contact management, accounting, warehousing, commission processing, customer relationship management, sales analysis, marketing, and more. 

Here are some of the prominent reasons why ERP inventory management software systems can take your business to the next level.

1. Automation

An ERP inventory management system can save time, effort, and money by eliminating the daunting task of processing inventory stocks manually. Say hello to real-time inventory updates and bid farewell to painstakingly updating spreadsheets – which means that you spend minimal time doing time-consuming manual input tasks and more time prioritizing other parts of manufacturing.  

2. Better identification of products

Identifying goods by codes and numbers enables you to have a detailed overview of existing stocks. The date of manufacturing and expiry dates are provided in real-time, thanks to the intuitive ERP software systems. Moreover, the geolocation of the products can also be obtained in a fast and accurate manner – just a few clicks are enough to retrieve all the vital information, helping you to elevate customer relations. 

3. Full integration of information

ERP inventory management software makes it possible to integrate all useful and relevant information regarding incoming and outgoing inventories through an automated process. Manual analyses, updation, and rectifications thus become a thing of the past. These capabilities, therefore, directly address the risks of shortages or overstocking. Moreover, the prioritization of monitoring furnishes demand forecast that is primarily crucial for every company, business, or organization.

4. Control over financial reports

To ensure consistency between every department in your enterprise, ERP software systems are the most recommended solutions. Thanks to the control of financial graphs and reports, this advantage avoids delays related to organizational procedures since the data is updated in real-time during each variation of inventory management.

Some Other Benefits of ERP Inventory Management Software

• Improvement of customer services and relationship management
• Enhanced decision-making
• Effectiveness of logistics and operations management
• Automation of inventory restocking
• Automation of purchase orders
• Boosting the flow of information and merchandise
• Better functionality, control, and safety of your inventory
• Streamlined business processes
• Restocking, forecasting, and managing excess inventory
• Reduced overall workload and manual operations
• Minimized expenditure
• Greater productivity
• Ease of handling multiple warehouses
• Forecast stocks for seasonal purchases
• Add new selling channels
• Improved supply chain management
• Enable accurate reordering
• Prevent stock overselling
• Improved warehouse layout and minimized storage cost
• Understand market trends and amplify product availability
• Enhanced order accuracy and customer experience
• Quality check and management
• Serial number tracking
• Production without interruption
• Enabling business growth and expansion

Looking For ERP Development Services For Your Business?

At Oodles Technologies, we empower organizations to optimize and streamline their operational strategies, efficiently manage their business processes, and enhance the performance of existing enterprise systems by implementing next-gen software technologies. As an established ERP development company, we provide customized solutions with a focus on architecting robust, scalable, responsive, and feature-rich business applications from the ground up. With a seasoned team of ERP experts, we put you in control of the software systems by designing and tailoring them in accordance with your requirements. From inventory management, supply chain management, and human resource management to warehouse management, accounting & finance management, and customer relationship management, we help you create unified enterprise solutions that offer centralized access to a multitude of business processes. If you are looking for ERP development services for your organization, feel free to drop us a line. Our experts will get back to you within 24 hours.