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Talking to the point, inventory management is about managing stock, and inventories. It involves tasks such as controlling, handling, and managing the order of inventory; managing its storage, and stocking the right quantity in order to minimize the holding costs and related waste.
How ERP Helps Inventory Management?
As a smart enterprise, relying on a credible ERP system for stock management can turn out to be one of the smartest decisions you have ever made. It not only saves you from the trouble of using a spreadsheet, and the probable human errors that come along, such as missing information or mentioning wrong information, etc.; but it also saves you valuable time which your staff would have wasted in manually updating and balancing stock. ERP systems will automatically update and integrate your inventory with all aspects of your activities, right from planning, production, operations, and accounting. ERP allows you to manage your entire business operation through a single system, and keep you more organized, efficient, and streamlined.
Not every ERP system is worth your investment, but the inventory management module offered within our ERP comes with the following features:
StackFX Inventory management system comes with features that help control, manage, track and plan stock. Here is what you can expect from inventory management:
Inventory management features administer the information from different pieces of the system, similar to stock control. That is not all; stock management additionally handles business processes that happen before the stock shows up at your warehouse and how the stock arrives at different destinations. These features include tools for multi-location warehouse management along with other software or ERP platforms.
Inventory control manages items that are present in stock at the warehouse and holds a critical position in supply chain management. Stock control tools can sort items through different filters or classifications like by type, area and SKU, review data, create reports in real-time and search, channel and view items. StackFX is credible when it comes to inventory control.
effective stock tracking process comes with accurate status tracking of items and materials in the supply chain. Consistent or real-time stock tracking features assist with automating manual errands. For instance, the system naturally produces a tracking number when it makes a receipt. Tracking integrations with 3PL suppliers joined with an email solution allows organizations to more readily manage client relations by sharing what’s in stock.
The barcoding feature takes out data entry mistakes and automates business tasks that require correspondence with different parts of the system. Collecting, saving and sorting out digital stock data makes stock activities quicker and more exact. Barcoding can be incorporated with digital documentation and reporting features (for instance, touchscreen signatures and paperless invoicing). Mobile scanner tag checking tools further develop stock accuracy, accelerate warehouse operations and stock updating and empower paperless documentation.
Here you can stock planning to a more significant level with stock optimization by adding sophistication to a basic stock arrangement. You can switch from standard ordering formulas and a basic ordering process and start relying on devices that give automated reports, stock trends and insight on changes across the supply chain network. This data brings a closer match in supply and demand trends so you can streamline the stock as accurately as possible.
Various modules trigger stock alerts that assist with decreasing waste, improve the stock economy and manage client demands. Alerts include automated emails or SMS that warn you about low stock levels and shipment and supply chain delays. Stock alerts offer an additional degree of functional control when it comes to materials planning, sales, suppliers, logistics, etc.