Inventory management in ERP solutions is essential for companies that want to remain competitive in the future. Inventory management in ERP refers to an integrated approach to business and operations planning. Industrial companies can manage all their finances, acquisitions, production, logistics, operations, and inventory in real-time in a single centralized tool.
For any manufacturing or distribution company, intelligent inventory management is critical to business success. You need to know what you have in stock, where it is, where it is going, and its value. In today’s connected world, you also need to track inventory as it moves through suppliers, customers, production, and distribution to ensure that your data is always accurate and up-to-date.
In this article, we present five benefits that should convince you to manage your inventory with a state-of-the-art ERP system like Ejada ERP.
1. Increased Efficiency
The use of inventory management involves considerable time savings. Managing operations using a centralized system reduces erratic handling and allows the automation of daily tasks. The result is increased production and more accurate output in less time.
2. Cost Savings
Every entrepreneur knows that efficiency is synonymous with cost savings. Rather than paying for segmented systems to manage different parts of the business, inventory management that is part of an ERP system, takes care of many work components simultaneously, reducing the total workload and minimizing expenses.
3. Supply Chain Transparency
A growing number of companies are using transport service providers (also known as 3PLs) to outsource their shipments and logistics requirements. Inventory management allows you to integrate external partners by ensuring that all systems communicate with each other. This ensures that inventory, order, and shipping information is synchronized throughout the supply chain.
4. Accuracy in data collection and reporting
Inventory management brings quality to data collection with essential updates on inventory, orders, and customers in one place. Systems such as the Ejada ERP will also allow you to create and save specific inventory and sales reports from monitoring your company’s performance and plan for growth.
5. Easier business expansion
The inventory management modules in ERP are designed to reduce manual work by automating and streamlining processes, which go hand in hand with the growth of a company. Whether you’re looking to expand locally or expand internationally, inventory management can provide the space and freedom you need to grow.
ERP systems are built for efficiency and business growth so that they can provide significant value to companies of all sizes. Just ask yourself: Will my business expand in the near future? Are my company’s workflows complex? Do I need advanced automation capabilities? Is my current inventory management system still up to scratch?
If the answer is yes to any of the above questions, then it would be best if you considered an ERP solution for your business seriously.
