CONTACT US 1-888-334-4472
SCHEDULE A DEMO NEED HELP?
SCHEDULE A DEMO NEED HELP?

Importance of inventory management for small businesses

on February 27, 2024

 

In the fast-paced world of commerce, the importance of inventory management sits at the very heart of small business success. An efficient inventory system can make the difference between merely surviving and truly thriving in a competitive market.

For small businesses, where resources are often limited, the importance of leveraging a robust inventory management system cannot be overstated. Contact us for the best ERP software.

The challenges in this domain are numerous—predicting trends, optimizing stock levels, and managing cash flow, all while trying to satisfy customers and stay ahead of competitors. With the right small business inventory software, these obstacles can be transformed into opportunities.

  • An inventory tracking software tailored for small businesses not only streamlines processes but also provides critical insights that can lead to more informed decision-making.
  • Whether it’s a sophisticated inventory management system small business owners need or a simple small business inventory program, the integration of technology in stock management is indispensable.
  • It is not just about counting products; it’s about understanding your business’s pulse.

This is why an effective stock management system for small businesses is not a luxury—it’s a necessity.

In this article, we’ll explore the key benefits and features that the best inventory systems for small businesses offer, ensuring your operations are as efficient and profitable as they can be.

What is Inventory Software? 

Inventory software is a digital tool designed to manage and document all aspects of a business’s inventory processes.

  • It automates the tracking of stock levels, orders, sales, and deliveries, replacing outdated manual methods.
  • The software often integrates with barcode scanners, accounting systems, and e-commerce platforms for seamless operation.

Why Inventory Software is Important for Small Businesses?

For small businesses, inventory software is crucial for maintaining accurate records without the need for extensive manual labor.

  • It provides real-time data on stock levels, helping to avoid overstocking or stockouts, which can be costly.
  • Small business inventory management software often includes analytical tools that help predict future sales trends.

Transformative Effects on Operations:

Efficiency Boost:

  • Automates repetitive tasks such as reordering and stock level adjustments.
  • Reduces the likelihood of human error in inventory records, leading to more reliable data.

Cost Reduction:

  • Helps identify slow-moving items to reduce holding costs.
  • Assists in managing inventory turnover rates effectively to maximize profit.

Enhanced Decision Making:

  • Offers actionable insights through data analytics and reporting features.
  • Enables more accurate forecasting and planning with comprehensive inventory reports.

Improved Customer Satisfaction:

  • Ensures products are in stock and available for customers when needed, enhancing service levels.
  • Can lead to faster response times and better management of customer expectations.

Scalability:

  • Inventory systems for small businesses can grow with the company, accommodating new products and increased demand.
  • Flexible features allow businesses to adapt quickly to market changes or business expansion.

Integration and Compatibility:

  • Easily integrates with other systems such as CRM and ERP, centralizing business operations.
  • Compatible with multiple sales channels, ensuring cohesive management across brick-and-mortar and online stores.

Accessibility and Mobility:

  • Cloud-based inventory management for small businesses allows access from anywhere, enabling mobile management.
  • Empowers teams with access to the same up-to-date information, fostering collaboration.

Key Features to Look for Inventory Software-

User-Friendly Interface:

Intuitive design that doesn’t require extensive training to understand and use.

Customization:

Inventory tracking software for small businesses should be customizable to fit specific industry needs.

Technical Support:

Reliable customer service is essential for troubleshooting and guidance.

Cost-Effectiveness:

Should be affordable and offer a good return on investment.

The Benefits of Small Business Inventory Software

Small business inventory software is not just a tool; it’s a game-changer for entrepreneurs who want to make their mark without getting bogged down by the nitty-gritty of inventory management.

Here’s how it can be a cornerstone for success:

Cost Efficiency: Doing More with Less

  • Optimized Stock Levels: Maintain just the right amount of inventory without the risk of over-purchasing or running out of stock.
  • Discounted Purchasing: Take advantage of bulk purchasing discounts without the fear of dead stock.
  • Storage Costs: Reduce storage costs by avoiding excess stock that takes up valuable space.
  • Cash Flow Management: Improve cash flow by freeing up capital not tied in unsold inventory.

Productivity: The Power of Automation

  • Automated Ordering: Set up automatic reordering points to replenish stock at the right time, every time.
  • Time Management: Save valuable hours with automated systems handling repetitive tasks like data entry and order processing.
  • Employee Allocation: Redirect staff from manual inventory counts to customer-focused activities or other areas of business growth.
  • Streamlined Operations: Integrate inventory software with other systems to have a single cohesive management system.

Accuracy: Minimizing Human Error

  • Error Reduction: Automated systems are less prone to the errors that plague manual inventory tracking.
  • Real-time Updates: Get real-time stock levels to avoid discrepancies between actual stock and records.
  • Historical Data Analysis: Use historical data to make accurate forecasts and reduce the guesswork in inventory management.
  • Barcoding and Scanning: Implement barcoding and scanning technologies to ensure precise tracking of inventory as it moves through your business.

By harnessing the power of small business inventory software, entrepreneurs can significantly cut costs, boost productivity, and minimize errors. This triumvirate of benefits sets the stage for a business that operates like a well-oiled machine, ready to take on the challenges of the market with confidence and efficiency.

Key Features of Inventory Management Software

Choosing the right inventory management software can feel like finding a needle in a haystack. To help you with this, we’ve detailed the most essential features that such a system must have to truly benefit your small business.

Real-Time Tracking: Keeping a Finger on the Pulse

  • Instant Updates: Immediate synchronization of sales and stock levels to provide an up-to-date view of inventory.
  • Alerts and Notifications: Customizable alerts for low stock levels or when it’s time to reorder, ensuring you’re never caught off guard.
  • Mobile Access: The ability to check inventory levels from anywhere, at any time, from any device, providing flexibility and control.

Multi-Location Management: Unified View Across All Channels

  • Centralized Database: A single, consolidated system to manage stock across multiple locations, whether it’s different stores or warehouses.
  • Transfer Management: Easily manage stock transfers between locations with a few clicks, streamlining internal logistics.
  • Location-Specific Insights: Break down data by location for targeted insights and decision-making.

Seamless Accounting Integration: Financial Clarity

  • Automatic Updates: Sync with accounting software to automatically update financial records, saving time and reducing manual data entry.
  • Tax Compliance: Ensure accurate tax calculations on inventory for compliance and reporting.
  • Profitability Analysis: Directly link inventory data to financial metrics to assess product profitability.

Forecasting: Planning for the Future

  • Demand Forecasting: Use historical data to predict future sales trends, aiding in effective stock planning.
  • Seasonal Planning: Adjust inventory levels based on seasonal changes and trends to meet customer demand without overstocking.
  • Sales Pattern Analysis: Identify and respond to sales patterns for better inventory optimization.

Reporting Capabilities: Data-Driven Decisions

  • Custom Reports: Generate detailed reports on stock levels, sales performance, and inventory valuation.
  • Performance Tracking: Track the performance of various products, categories, and sales channels.
  • Data Export: Export data in various formats for deeper analysis or presentations.

Barcode Functionality: Precision and Speed

  • Quick Scanning: Speed up the checkout process and reduce queuing time with fast barcode scanning.
  • Stock Count Accuracy: Use barcode scanning for accurate stock counts and inventory audits.
  • Product Identification: Ensure every item is precisely identified, reducing the risk of shipping or stocking errors.

The right inventory management software will provide a comprehensive suite of tools designed to streamline your inventory processes, offer valuable insights, and improve overall efficiency. By investing in a system that includes these key features, small businesses can not only keep up with the competition but also set new standards for operational excellence.

Implementing Inventory Management Software

Successfully implementing inventory management software is a critical step for small businesses that want to enhance efficiency and accuracy. The process involves strategic planning, training, and integration into daily operations. Here’s a step-by-step approach to ensure a smooth transition:

Planning for Success: Setting the Stage

  • Project Planning: Begin with a clear project plan that outlines objectives, timelines, and responsible parties.
  • Data Preparation: Cleanse your existing inventory data to ensure accuracy before importing it into the new system.
  • Process Mapping: Document current inventory processes and determine how they will translate into the new system.

Training for Proficiency: Empowering Your Team

  • Comprehensive Training: Develop a training program that covers all features of the new software relevant to each team member’s role.
  • Hands-On Sessions: Conduct practical, hands-on training sessions to allow staff to become comfortable with the system.
  • Continuous Learning: Plan for ongoing training sessions to cover updates to the software and refreshers on core functionality.

Integration into Operations: Making It Work Day-to-Day

  • Gradual Rollout: Consider a phased approach to implementation, starting with core features before adding more complex functionalities.
  • Daily Use Encouragement: Encourage staff to use the new system for their daily tasks to build familiarity and confidence.
  • Feedback Loop: Establish a feedback mechanism for staff to report any issues or suggest improvements.

Monitoring and Support: Ensuring Smooth Operation

  • Troubleshooting: Have IT support ready to troubleshoot any issues that arise during the initial stages of implementation.
  • Performance Monitoring: Regularly monitor how the new system is performing and whether it meets the business’s needs.
  • User Support: Provide ongoing user support to address questions and concerns as they arise post-implementation.

Best Practices: Guidelines for Effective Implementation

  • Vendor Resources: Utilize the resources and support provided by the software vendor, including tutorials, knowledge bases, and customer support.
  • Change Management: Manage resistance to change by communicating the benefits and involving staff in the implementation process.
  • System Updates: Keep the software updated with the latest versions to ensure you have the newest features and security patches.

Proper implementation of inventory management software is a critical endeavor that can lead to significant improvements in business operations. By following these best practices, small businesses can maximize the benefits of their new inventory system, leading to increased productivity and profitability.

Future of Inventory Management for Small Businesses

As small businesses look to the horizon, the future of inventory management is being redefined by rapid technological advancements and changing market trends. Here’s an in-depth exploration of what the future holds:

Upcoming Trends in Inventory Management

  • Subscription-Based Models: A shift towards subscription-based inventory management services offering ongoing updates and support.
  • Sustainability Practices: Increased focus on eco-friendly inventory practices, such as just-in-time ordering to reduce waste.
  • Direct-to-Consumer Sales: More small businesses adopting DTC models, necessitating real-time inventory updates to meet consumer expectations.

The Impact of Market Dynamics

  • Globalization: As small businesses reach global markets, inventory management systems will need to handle multiple currencies, tax regulations, and shipping logistics.
  • E-Commerce Growth: The booming e-commerce sector will drive the need for inventory systems that can integrate seamlessly with online sales platforms.
  • Consumer Demand Fluctuations: Advanced inventory systems will be required to quickly adapt to sudden changes in consumer demand patterns.

Technology Advancements: A New Era of Efficiency

  • AI and Machine Learning: Incorporation of AI for predictive analytics, forecasting demand, and automating restocking processes.
  • Internet of Things (IoT): IoT devices tracking inventory levels in real-time, enabling automatic adjustments to ordering schedules.
  • Blockchain for Transparency: Blockchain technology being used for transparent and secure tracking of product movement within the supply chain.

The Role of AI and Machine Learning

  • Predictive Analytics: AI-driven algorithms that analyze sales data to predict future inventory needs with high accuracy.
  • Automated Procurement: Machine learning models that automatically place orders when inventory reaches a certain threshold.
  • Dynamic Pricing: AI systems that adjust product pricing in real-time based on inventory levels, demand, and other market factors.

Enhanced Reporting and Forecasting

  • Real-Time Data Analysis: Enhanced reporting capabilities that provide insights into inventory trends as they happen.
  • Intelligent Forecasting: AI-powered forecasting tools that take into account a wider array of variables for more accurate stock predictions.

Customization and Personalization

  • Tailored Solutions: Inventory management software that can be customized to the unique needs of each small business.
  • Customer-Centric Approaches: Systems that track customer preferences and buying habits to inform inventory decisions.

Integration and Collaboration

  • Cross-Platform Integration: Seamless integration of inventory software with other business systems, from CRM to supply chain management.
  • Collaborative Networks: Platforms that enable collaboration between suppliers, distributors, and retailers for more efficient inventory management.

User Experience and Accessibility

  • User-Friendly Interfaces: A focus on developing inventory management software with intuitive interfaces that require minimal training.
  • Mobile Management: Enhanced mobile platforms that allow business owners to manage inventory from anywhere at any time.

Security and Compliance

  • Advanced Security Measures: Inventory management systems incorporate advanced cybersecurity measures to protect sensitive data.
  • Regulatory Compliance: Features that ensure businesses stay compliant with ever-changing industry regulations and standards.

Conclusion: Embracing the Future with Advanced Inventory Management

As we have navigated through the complexities and intricacies of inventory management, the pivotal role of inventory software in the operational blueprint of small businesses has become evident. It’s the backbone that supports a dynamic and responsive approach to market demands and challenges. Let’s recap the critical insights and takeaways:

  • Inventory management software is not just a technological tool; it’s a strategic ally for small businesses.
  • It brings a multitude of benefits that can propel a business from a reactive stance to a proactive one.
  • From cost savings and improved cash flow to heightened productivity and error reduction, the advantages are clear and impactful.

The software’s features, such as real-time tracking, multi-location management, and seamless integration, serve as catalysts for these benefits, equipping businesses with the power to anticipate and respond with agility. Get in touch with us today for FREE consultation.

Schedule a demo
read more
AdminWhat is Manufacturing accounting software ? Elaboration

What are IMEI/ESN Numbers and Their Function in the Cell Phone Industry?

on January 22, 2024

Understanding IMEI and ESN Numbers

What are IMEI numbers?  IMEI and ESN numbers are similar to the DNA of mobile devices. An IMEI number, typically a 15 or 17-digit code, is used to identify GSM, UMTS, and LTE network phones. On the other hand, an ESN is an 11-digit number used by CDMA phones. Both serve as unique identifiers, but their functions extend far beyond mere identification.

The Roles of IMEI and ESN

  • Security and Theft Prevention: These numbers are pivotal in safeguarding devices. If a phone is stolen, its IMEI/ESN can be used to block it from accessing the network, rendering it useless to the thief.
  • Network Compatibility and Access: They ensure that a phone can connect to a specific network, facilitating smooth communication services.
  • Device Tracking and Management: For businesses, tracking these numbers means efficiently managing inventory, providing accurate customer service, and maintaining compliance with regulations.

Why They are Indispensable?

In the cell phone industry, where devices are continuously bought, sold, and repaired, IMEI/ESN numbers act as the cornerstone of operational integrity. They allow businesses to track each device’s journey through the supply chain, monitor warranty claims, and ensure devices are correctly allocated and accounted for.

The Necessity of Tracking IMEI/ESN Numbers for Cell Phone Businesses

The Necessity of Tracking IMEI/ESN Numbers for Cell Phone Businesses

In the cell phone industry, the tracking of IMEI and ESN numbers is not just a technical requirement; it’s a business necessity. These unique codes are the backbone of several critical business functions.

Key Business Functions Relying on IMEI/ESN Tracking:

  • Inventory Management: Knowing the exact IMEI/ESN of each device in stock helps businesses keep accurate inventory records. This is crucial in preventing overstocking or stockouts and ensuring that the right products are available for customers.
  • Regulatory Compliance: Compliance with regulatory standards is essential in the cell phone industry. Tracking these numbers helps ensure that businesses comply with national and international regulations regarding mobile device sales and distribution.
  • Theft Prevention and Security: In an industry plagued by theft and fraud, IMEI/ESN tracking is a vital security measure. It enables businesses to block or track stolen devices, thereby safeguarding their assets and their customers’ interests.
  • Enhanced Customer Service: Accurate tracking aids in providing swift and efficient customer service. Whether it’s addressing warranty claims, handling repairs, or managing returns, having immediate access to a device’s history through its IMEI/ESN number streamlines customer interactions.

Without effective IMEI/ESN tracking, cell phone businesses risk facing inventory inaccuracies, regulatory non-compliance, security breaches, and subpar customer service. The ability to track these numbers accurately is not just a convenience – it’s a cornerstone of successful business operations in this industry.

Challenges of Inadequate IMEI/ESN Tracking Systems

Navigating the Pitfalls of Poor Tracking

The absence of a robust IMEI/ESN tracking system can lead to significant challenges for businesses in the cell phone industry. These challenges not only impact operational efficiency but can also have far-reaching consequences on customer satisfaction and business reputation.

Key Challenges Faced Without Proper Tracking:

  • Inventory Discrepancies: Without accurate tracking, businesses can easily lose track of their stock, leading to inventory discrepancies. This can result in either surplus stock, tying up capital unnecessarily, or stock shortages, leading to lost sales and dissatisfied customers.
  • Security Risks: Inadequate tracking makes it harder to identify and block stolen or fraudulent devices. This lack of security can lead to increased instances of theft and fraud, impacting the business financially and damaging its credibility.
  • Regulatory Non-Compliance: Failing to properly track IMEI/ESN numbers can result in non-compliance with regulatory standards, potentially leading to legal issues and hefty fines.
  • Customer Service Setbacks: Without a clear view of the device history, customer service efforts can be hampered, leading to slower response times, errors in handling returns or exchanges, and ultimately, dissatisfied customers.

The Cost of Inefficiency

The consequences of not having a proper IMEI/ESN tracking system extend beyond mere operational hiccups. They can culminate in a tarnished brand reputation, lost revenue, and an erosion of customer trust. For a business in the competitive cell phone industry, these are not just challenges but existential threats.

Streamlining IMEI/ESN Tracking with ERP Gold’s Serialized Inventory Management System

Harnessing the Power of Advanced Technology

The complexities and challenges of IMEI/ESN tracking in the cell phone industry can be effectively managed with ERP Gold’s Serialized Inventory Management System. This innovative solution revolutionizes how businesses handle inventory tracking, offering a plethora of benefits.

Key Features of ERP Gold’s System:

Automated Tracking: The system automates the tracking of IMEI/ESN numbers, significantly reducing manual effort and minimizing errors.

Real-Time

  •  Inventory Management: It provides real-time visibility into inventory levels, ensuring businesses have accurate stock information at all times.
  • Enhanced Security: With advanced tracking capabilities, the system aids in quickly identifying and dealing with stolen or fraudulent devices.
  • Regulatory Compliance: ERP Gold’s system helps businesses stay compliant with industry regulations by maintaining accurate and accessible records of all devices.
  • Improved Customer Service: The system streamlines processes such as returns, exchanges, and warranty claims, enhancing overall customer service.

Transforming Business Operations

ERP Gold’s Serialized Inventory Management System is not just a tool; it’s a transformational solution that empowers businesses in the cell phone industry to operate more efficiently, securely, and profitably. By addressing the critical need for accurate IMEI/ESN tracking, it helps businesses overcome operational challenges, meet regulatory standards, and deliver exceptional customer service.

Conclusion

IMEI tracking software is not only important from a compliance perspective, but it also provides stronger internal control processes. ERP Gold has all the features necessary for serialization of inventory management. We provide an all-in-one ERP software solution for cell phone tracking, repair, distribution, and cell phone inventory management.  It has multiple features for both wholesalers and retailers that allow them to reduce errors and losses while maximizing workflow through efficient organization of inventory.

To learn more about ERP Gold and how we can help you with all your inventory management and control issues, Click HERE.  You can also call us at 888.334.4472 for a FREE consultation.  If you want us to call YOU, fill out our contact form HERE. Or click HERE to schedule a free consultation or demonstration of how we can help you.

Schedule a demo
read more
AdminWhat is Manufacturing accounting software ? Elaboration

Inventory Management Automation: Benefits And Key Functions

on October 05, 2023

 

What Is Automated Inventory Management?

As the name implies, automated inventory management is the process of simplifying different inventory activities. Reordering, supplier interactions, stock levels, real-time updates, franchise administration, internal transfers, customer orders, and other processes may all be automated.   Automated inventory management saves companies time and money and improves accuracy and efficiency.

The Advantages of Automated Inventory Management & Inventory Control Systems

Accurate inventory management and control provide immediate and long-term advantages to every business. It boosts efficiency, improves order accuracy, improves product knowledge, aids with demand planning, and much more. It is also advantageous for all responsibilities inside a firm, from the CEO to the cashier.

Below are the advantages of using an Automated Inventory Management system.

  1. It saves time

The most obvious benefit of automated inventory management is that it saves you time. A significant amount of it. Manual inventory tracking is very time-consuming, particularly if your company has a vast product range. Even a few hundred SKUs are tough to keep track of without inventory software. The automated system also saves you time with ordering, receiving, stocking, and reporting.  No more looking at those spreadsheets to see what you have available.

  1.  Increases Accuracy

Aside from saving time, an automated inventory system will significantly decrease human mistakes, no more guessing how close the numbers are in the spreadsheet. Data and procedures pass through fewer hands, providing less potential for minor errors and clerical inaccuracies. Keeping everything in one inventory tracking system helps things operate more smoothly.

  1. Improves Efficiency

By automating your inventory management, you will increase your efficiency. Think about how time is spent making inventory adjustments, sending employees to do on-the-spot cycle counts, creating reports, and changing orders.  These tasks are significantly reduced or even eliminated. This allows your company to concentrate on what is important and continue to grow and expand effectively.

  1. Real-Time Insight

Having access to your data in real-time allows you to respond quicker to problems and issues. Assuming your inventory management system is up-to-date and accurate, business owners and managers have access to inventory, reporting, bookkeeping, scheduling, and other information from any place at any time of day, allowing for more confident decision-making.

  1. Manage Multiple Warehouses

As companies expand and grow with the help of an inventory management system, at some point they run out of warehouse space and add additional warehouses.  When this happens, the inventory tracking system should handle this complexity with ease – get reports, transfers within a warehouse and between multiple warehouses, and much more should remain seamless.

Key Automated Inventory Management Functions

Functions of automated inventory management system

The functions of an automated inventory management system go hand in hand with the advantages, but we wanted to take a deeper look at some of the most crucial automated inventory management features that your inventory management software should include.

While not all of these inventory management tools are essential for every company, they are for any business looking to increase their presence in the marketplace. These capabilities are especially significant for companies who want to grow to several sites.

  1. Automated Reordering and Stock Alerts

One of the most crucial components for efficient inventory management is automated reordering. Companies can rest easy knowing that they’ll always have the proper quantity of stock on hand thanks to stock alerts, specific stock levels, and vendor integration.

Any company should define their reorder and safety levels for each product in their inventory. When the inventory reaches a certain level, the system will identify the need to make a reorder and will do it automatically.

  1. Stock Transfers

Businesses should be able to make stock transfers and adjustments to manage inventory across various locations. This enables you to transfer products between sites without losing track of it or affecting any reporting or cost analysis.

  1. Integrated Inventory Tracking

Of course, automated inventory tracking is essential for any business, but so is integrated inventory tracking. With more companies migrating online, it’s critical to monitor all sales and activity at both the brick-and-mortar shops and digital storefronts.  Integrating your partners with your inventory system allows you to easily adjust for unexpected demand hits and ride out the supply storms.

  1. Advanced Multi-Channel Reporting

If you sell to multiple channels, automatic reporting must be linked to your inventory management system to keep track of everything, because your inventory management system is updated in real-time, so are your reports. Managers, owners, and partners can create ad hoc reports for any location(s) at any time. This allows you to swiftly break down complex problems and make better-educated judgments and decisions

  1. Store / Bulk Order

These take automation a step further. Instead of establishing tailored reorder levels for each individual product, store/bulk orders provide a single report for all goods that need to be purchased. The program then sends order requests to each relevant vendor. At the touch of a button, all the purchase orders are sent.

  1. Product Notifications

When production orders are made internally, when purchase orders are sent, or when a product is shipped, your inventory management software should automatically dispatch alerts to keep everyone informed. Instead of wondering when something will come, checking tracking information, or making tiresome phone calls, the system alerts you as soon as action is taken.

 

Ending thought

ERP Gold is a complete and integrated suite for managing inventory. Whether you are a manufacturer, wholesaler, or e-commerce retailer, we help you manage all aspects of your business from sales, and purchase to production, delivery, and even returns of products in real-time with greater accuracy and efficiency. ERP Gold is here to help you with all your inventory management and control issues!  Click HERE to read more about how we can help, call us at 888.334.4472 for a free consultation.  If you want us to call you, fill out our contact form HERE.  Or click HERE to schedule a free consultation or demonstration of how we can help you.

 

Schedule a demo
read more
AdminWhat is Manufacturing accounting software ? Elaboration

How your Inventory could be in your Control ?

on September 22, 2023

pexels-photo-71184

Inventory control can be defined as the process of ensuring that appropriate amounts of stock are maintained by a business, so as to be able to meet customer demand without delay while keeping the costs associated with holding stocks to a minimum. In other words, you need to manage your inventory so you have it when you need it but don’t have too much that it is costing you money.  Learn how your inventory could be in your control.

Why inventory control management is important?

In order to be successful, a company must have accurate knowledge of its inventory – how many items are in stock, where the items are located, and how much is needed to meet upcoming demand. Without this knowledge, a company can’t run smoothly or achieve maximum growth.  If there is too much inventory, the carrying costs will negatively impact your bottom line.  If there is too little inventory, you can’t meet your customer’s demand and you lose sales.

What are some Inventory Control Tools to use?

There are many inventory control tools that can be employed to ensure maximum efficiency and profit. Here are a few that will have the largest impact.

1- Accurate Reports  

The inventory reports you to have should give you firsthand information about your inventory and what affects it.  You should be able to see what is on order and when it should be available to use.  You should be able to see where every piece of inventory is, even if you have multiple warehouses.  And finally, you need to see what your customer orders are and when they are due.

2- Stocking Policy and Reorder Alerts

Do you have a stocking policy?  Do you have to reorder alerts set up?  Along with accurate reports, a stocking policy and reorder alerts are important tools to manage your inventory.  A stocking policy maintains the maximum and minimum level of the stock. There should be a defined upper limit and lower limit of the inventory to be kept in the network of your inventory locations. By setting the stocking policy, you can set optimized re-order points and average inventory levels to ensure that cost is controlled, and stock is available when you need it. Safety stock levels help you maintain your inventory levels and not run short.

3- Inventory Management Software / Dashboards

Inventory management software, especially those with dashboards are an integral part of the necessary tools you should consider for inventory control.  You want software that gives you at minimum, the basics of your inventory – what is coming in, what you have and where it is, and what is going out.  A dashboard is simply a graphical display of your information.  An ideal dashboard will give you all the information on one screen while others have individual screens to see the information.  The important component is you have access to all the information you need to make accurate decisions.

4- Barcoding / Serialization

Barcoding and/or serialization of your inventory can be a game-changing tool.  With barcoding or serialization, every piece of inventory or stock is assigned a unique barcode or number, and all the information is stored within the system.  This allows you to have traceability of all your inventory in your facility and more control of what you have. It also allows you to have a more accurate picture of how much inventory (physically and monetarily) you are carrying, and the cost associated with the inventory.

5- Integrated Inventory Software System

Finally, an integrated inventory software system is the most impactful tool for inventory management and control.  It is a software system that is connected or synced with the other operational software being utilized in your facility, accounting software, manufacturing software, and shipping software.  With an integrated system, inventory flows automatically through processes, keeping the possibility of inaccurate inventory to a minimum.

The system keeps a record of the quantity, location, and value of each inventory stock item. Depending on the complexity of the system, it can be customized to track orders and shipments and automatically create replenishment orders, along with the financial reporting necessary for a successful business.

ERP Gold provides customized inventory management software solution that integrates with your existing systems, including QuickBooks to provide you with the tools you need to be successful and grow your business. Click here to read more about our solution, call 888.334.4472 for a free consultation, or click here to schedule a free consultation or demonstration of how we can help you.

Schedule a demo
read more
AdminWhat is Manufacturing accounting software ? Elaboration

ERP for Packaging Company And Its Key Features – Copy

on September 09, 2023

What is ERP for Packaging Company . . .?

ERP for Packaging Company may also be defined by its features. And it must include features of lot traceability, component labeling, production planning, and monitoring. This ERP for packaging company should provide sophisticated capabilities including serial traceability, UPC labeling, pack-outs, document management, and bill of materials (BOM) particularly for dies and inks used in packaging operations.

Key Characteristics for ERP for Packaging Company

  • Enhanced efficacy

Custom manufacturers aim to do things quicker, better, and more consistently. ERP for Packaging company helps you boost shop productivity by making everything better. You’ll be able to manage your inventory and arrange your store more precisely. Better activities and business processes will make your company more effective and productive.

  • Better teamwork

ERPs allow your whole company to share a single database. This facilitates teamwork by allowing your workers to readily exchange information and data. You may use ERPs to break down information barriers and make your workplace more open.

  • Better data security

You know what happens when someone deletes data from a spreadsheet. ERP for Packaging company provides a central data repository with tightly controlled access points and user authorization, preventing unintentional data access and changes.

  • Better projections

Custom manufacturers need accurate forecasting to properly plan and manage their operations. With an ERP for Packaging company ‘s reporting capabilities, you will be more informed, able to make better choices, and produce better business projections.

  • Lower operating expenses

An ERP for Packaging company reduces operational and administrative expenses by eliminating the need for several systems and their related maintenance costs. Also, by better managing long lead goods or other operations, ERPs help you prevent costly delays.

  • Solid inventory control

Supply chain management is a critical concern for bespoke manufacturers. A shop’s task flow depends on having the proper supplies on hand at the right time. Custom producers must be able to keep track of inventories and know when to purchase crucial components or raw materials.

  • Lower operating expenses

An ERP reduces operational and administrative expenses by eliminating the need for several systems and their related maintenance costs. Also, by better managing long lead goods or other operations, ERPs help you prevent costly delays.

  • Scheduling

Scheduling is another key issue for bespoke producers. Balancing machine and personnel schedules to maximize shop productivity is a demanding undertaking for bespoke manufacturers that demands extensive knowledge of your operations and works in progress. Getting data from across your business is difficult without an integrated system.

One of the best features of ERPs is their full visibility. An ERP provides you a 360-degree perspective of your business, including your shop floor. An ERP may provide production information such as employee productivity and machining times.

To have a thorough insight of your business, you used to have to spend hours collecting data and creating reports manually. This data may be used to improve production schedules for both equipment and labor—maximizing capacity and throughput.

  • Customer service management

Customers are vital, let’s face it. Your business can’t survive without pleased consumers. To remain in business, you must keep your clients pleased and returning. Bad customer service and poor client experience might hinder your business’s success.

A decent bespoke manufacturing ERP system will include a CRM component that allows you to maintain all of your client data in one location. You’ll be better organised and aware of the progress of each customer’s task. You’ll also be able to address consumer issues and enquiries more quickly and efficiently, improving customer service and relationships.

  • Executive data system

In today’s fast-paced business environment, better understanding your firm is critical. With an ERP, you can produce thorough reports based on real-time data from your firm. Most ERPs have thorough reports and templates, enabling you to rapidly produce reliable reports.

You can compare KPIs throughout your whole firm without relying on various spreadsheets or email chains. Better reporting, especially financial reporting, provides for better planning and forecasting.

How ERP for Packaging Company Can Help Logistics?

Companies that employ ERP software claim improved warehouse management, inventory reductions, customer service, and demand forecasts.

Let us examine how ERP software may boost an organization’s logistic activities.

  • Inventory Control

It can assist reduce costs in various ways. ERP software may assist improve inventory management by enabling the just-in-time concept. This eases the pressure on raw material availability, and therefore the requirement to keep raw commodities. ERP software provides businesses with accurate and up-to-date inventory data.

ERP systems help company manage shipping, finance, operations, and inventories more efficiently.

  • Visibility

ERP software, being a well-integrated and comprehensive solution, can quickly and easily pull essential information from the system to assess a company’s health. This data might be shared with other parties like suppliers.

  • Savings

Remember that streamlining inventory management operations saves time and money by reducing production bottlenecks and improving inventory planning. Better organization may also lead to happier customers.

  • Financial Reporting

Notably, inventory is a major component of a company’s financial reporting and statements. Whether it’s WIP, completed items, or raw materials, every inventory has a monetary worth that must be tracked. ERP systems assist keep yearly reports and tax filings up to date and correct.

  • Effective Demand Forecasting before Low Inventory

An excellent ERP for Packaging Company enhances demand forecasting accuracy and consistency while lowering inventory costs in large-batch manufacturing in SMB’S. Remember that a lean inventory helps to minimize total manufacturing costs and keeps the supply chain nimble and adaptable.

  • Low shipping cost

Most manufacturing and wholesale distribution enterprises rely on shipping and distribution. A modern ERP system ensures that consumers get the appropriate goods at the right time.

Among the features are:

Wireless barcode scanning Integration with different rate shopping tools shipping history Pack-to-container capabilities

  • Safety of packaging product during transit

A big advantage of ERP software. This saves time since company may produce shipping labels and other documents without having to input data into several systems.

Business owners may easily get the lowest shipping rates by integrating rate shopping ERP software solutions. Upon completion of order packing, the system may immediately fill a full list of possible carriers, their pricing, and services.

Employees choose a choice, and the data is utilized to generate shipping labels and other paperwork, and the goods is ready to ship!

  • Meet Customers and regulates Demands

ERP automation may replace manual procedures, rules, decisions, and other labor-intensive tasks. They can offer pricing and monitor orders.

  • Returned Goods

Many current ERP systems may assist organisations reduce or eliminate retail returns that clog the stock room and necessitate reshipment. Customers merely need to print a shipping label to carry their purchases to a convenient drop-off place.

  • Order Control

An ERP system is the glue that links practically every manufacturing and distribution firm together.

Order management modules in ERP systems handle order input, tracking, delivery dates, and credit limit checks. These are vital qualities for most manufacturers.

  • Orders and Inventory Sync

A good order management module in an ERP system may reduce time-consuming order development and tracking procedures, duplicate handling mistakes, and data fragmentation.

  • Faster Order Processing

An ERP order management system may help you fulfill orders faster and manage sales better. The programmes may assist optimize cash flow, reduce order mistakes, and speed up order fulfillment. As well as consumer satisfaction.

Reporting and analysis tools may also help balance workloads and detect process bottlenecks.

  • Analyze Vendor Results

ERP systems are sophisticated and help company assess suppliers’ qualitative and quantitative attributes. This may assist senior management make better judgments and boost performance in today’s competitive industry. It also aids buying departments in selecting suppliers and vendors while enabling ongoing monitoring. This data might aid when switching suppliers.

  • Boosted Customer Happiness

Notably, precise production planning, simplified process scheduling, better inventory management, and tight coordination of distribution networks may help enterprises reduce product delivery time, which is a key performance parameter for most businesses. On time delivery is crucial to maintaining and increasing customer satisfaction.

ERP systems are wonderful because they provide real-time data so decision-makers can quickly see inventory levels at any moment.

Conclusions

For total packaging company success, organizations must significantly increase their logistics performance. The key to increasing operational efficiency in a corporation is minimizing shelf waste and reducing expenses for warehouses and deliver it to delivery hubs. Statistics show that every small organization spends at least 25% of their budget on ERP with dependable logistics and supply chain management capabilities.

Using a robust ERP system reduces labor and other operational expenses. It helps most companies better manage their entrepreneurial resources and maximize their ROI.

Schedule a demo
read more
AdminWhat is Manufacturing accounting software ? Elaboration

Search

Recent