How ERP Improves Inventory Visibility
Enterprise Resource Planning software makes purchases, sales, accounting, production, supply chain planning, inventory and all other business operations easy and hassle-free.
Let’s understand how an ERP solution helps you improve inventory visibility.
5 Ways ERP Improves Inventory Visibility in Your Supply Chain:
1. Resolves unpredictable scenarios
- ERP promotes automated processes and integrated production functionality. It synchronizes production, sales, financial management, and warehouse management and automatically tracks the movement of every inventory item.
- Reporting functions yield accurate insights and data is updated in real-time. As per SAP Performance Benchmarking, manufacturing organizations that use SAP Business One experience an 8% increase in plan adherence.
- ERP integrates material availability data with delivery dates and real-time manufacturing conditions. This can significantly enhance customer satisfaction and cost-efficiency.
2. Enhanced just-in-time inventory strategies
- ERP eliminates the need formanual scheduling. ERP promotes a just-in-time inventory strategy. Materials are ordered and received to meet production requirements. It saves overhead inventory expenses and manages time.
- Enterprise Resource Planning software enables real time inventory visibility, tracking and data management. A JIT strategy increases efficiency and cuts cost by receiving goods only when required.
3. Better inventory levels and improved customer relationships
- Get insight into point-of-sale online transactions, shipping data, procurement and production data, all on a single screen. This enables data-led decision-making which nurtures relationships with customers and vendors.
- With real-time dashboards, businesses can view the inventory status at different plant locations, warehouses, stores etc.
- ERP provides you the functionality to monitor trends to ensure you meet customer demand on time. This develops a loyal client base which increases rapport and profitability.
4. Drive omni-channel growth
- Manage inventory across multiple locations and channels
- Receive sales orders from multiple sources and automate the process
- Promotes cross-channel inventory movements
5. Provide actionable insight
- User-configurable reports and dashboards help businesses analyse global finances and rolled-up data
- Material requirement planning functionality ensures optimum stock levels
- With data at your finger-tips, you can make better business decisions
SAP Business One, one of the renowned ERP software systems for small and mid-sized businesses, effectively balances inventory management and sales orders for better business growth.
SAP Business One’s capabilities that help improve inventory visibility in your supply chain are:
- Automated sales order entry – Ensures that sales orders are linked to real-time inventory data
- Enhanced inventory tracking – SAP B1 lets you track when inventory is procured, moved or sent out of the warehouse
- Courier/freight automation – Integrates your technology with courier companies or freight specialists
- Better integration – Every department is integrated smoothly. Inventory, Finance, Sales, Procurement, Accounts – every department is interdependent. This gives you better insights.
- MRP automation – Order recommendations are designed for timely delivery. It gives you detailed information about the requirement for products.
- Predictive forecasting – it lets you manage and predict stock levels to meet customer demand
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