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Track and control your stock conveniently
Inventory management consists of identifying, tracking, labeling, monitoring, and controlling your business’ stock.
Do you sell goods to vendors or customers? If yes, then you know how challenging it is to send the right products and ensure that they get them on time. Top-notch ERP inventory management software will allow you to forge robust and long-lasting relationships with customers and avoid stacking unused goods in your warehouse.
Asset tracking software significantly increases your company’s efficiency by stocking products only when they are needed. In addition, it helps reduce costs related to storing and maintaining unsold goods.
Here are the reasons why inventory management software is essential for your company.
Inventory software provides real-time data that helps make supply chain decisions regarding pricing, stock volume, and discontinued items efficiently.
Inventory management software records order histories, restocks your inventory, and uses data to make intelligent purchasing decisions.
The Inventory management ERP software will allow you to get orders from customers quickly to get payments on time. Get invoices and receipts at a blazingly high speed.
Increase your efficiency by focusing on other business areas. At the same time, the inventory management software manages all your supply chain and logistics-related challenges.
Get detailed reports on your inventory data to avoid stock outs and hit your targets conveniently with inventory management software.
Inventory management erp software has become the backbone of the supply chain network of companies across various industries. Manual tracking of goods is a time-taking job and introduces numerous human errors. On the other hand, automated software takes care of several things at once, such as tracking product levels, purchase and sales orders, shipping details, stocks, and barcode scanning.
Let’s look at some exciting inventory management software features that will provide you a detailed overview of how it can help you conduct business.
Barcode systems record essential details like manufacturing date, expiry date, price and weight of the product, manufacturer name, and much more. The best thing is that barcode machines are easy to learn and operate, significantly reducing human-induced errors. Traditional systems to record product information require rigorous employee training modules and introduce many errors in the sheet.
Inventory management ERP application provides real-time data about order status, product status, shipment, the driver’s whereabouts, and much more from multiple data sources. This feature helps to glean critical information that allows for making efficient business decisions.
Forecasting is an essential tool that allows businesses to maintain the right amount of inventory levels. ERP solutions automatically order supplies as soon as the stock level falls below the set threshold. Thus, forecasting allows businesses to spend wisely and prepare better for customer demands by purchasing inventory intelligently.
Inventory management systems have embedded cybersecurity algorithms that ensure that your critical inventory data is always safe and is accessible to only authorized stakeholders, such as frontline executives, C-suite managers, vendors, suppliers, and distributors. In addition, the right inventory management system keeps multiple copies of your data so that if one of them is compromised, other copies can be restored instantly.
Two significant components of a sound inventory module in ERP system are the Internet of Things and cloud-based systems. Cloud-based systems allow stakeholders to upload and download data from anywhere and at any time. So, for example, the inventory manager doesn’t need to be on the shop floor every time to access crucial data. It’s because cloud applications allow accessing data from any IoT-enabled devices such as computers, laptops, smartphones, tablets, or any other device. In addition, cloud apps with proper ERP implementation allow inventory management software to send real-time updates and alerts to concerned departments that help accelerate the efficiency of the whole business.
There are numerous inventory management software systems. Still, Sage inventory advisor stands out because of the following benefits:
Some of the key benefits of Sage X3, the best inventory management software in India, include improved accuracy, increased efficiency, and enhanced decision-making.
Inventory management has various array of internal management functions. Whenever you take on various tasks manually, there are high chances for inaccuracies like data redundancy.
Our software offers high accuracy since all of the data is stored in a single system. This means that there is less opportunity for human error.
Reporting & analytics can easily help you fetch the items that can sell faster through business channels. It will help you make informed business decisions and can help you track the pattern. You can also manage items and their expiry dates of your products through the best inventory management software. This ensures high productivity.
Moreover, Sage X3’s inventory management solution ensures that the tasks can be completed more quickly and with less wasted time. This is because the software is designed to be user-friendly and efficient.
Our best inventory management software aids in enhanced decision-making with which businesses can make better choices about what products to stock and how much to order. This is because the software provides detailed information about past sales and inventory levels.
Also, the inventory management module in ERP can secure data effectively and makes it more visible to the team. It leads to accurate decision-making, reducing the cost and time required.
The software automatically tracks orders and updates inventory levels as orders are filled. This ensures that you always have the right amount of inventory on hand. Order tracking helps you ensure the present status of the orders and how much time it would require to reach the desired location.
Since tracking is done automatically, there are minimal chances of errors.
The software provides a variety of reports that allow you to track inventory levels, spending, and more. You can also create custom reports to meet your specific needs.
Monitor the supplier delivery performance, including goods quality and late deliveries. It will allow you to converse effectively with suppliers based on factual data.
The Sage inventory management module in ERP is a cloud-based application that can be accessed through any internet-connected device from anywhere and anytime. This is how ERP can improve a business efficiency.
Businesses find integrating inventory management system modules with their ERP system is challenging. They think that although the ROI is excellent, it takes a long to justify it. Fortunately, the Sage inventory management system is a cloud subscription service that takes less than a day to integrate with the Sage ERP system. In addition, Sage inventory advisor has intuitive graphic interfaces that are easy to understand for non-technical users. So get ready to benchmark your performance with predetermined goals and monitor your progress more efficiently.
Sage X3 is the best inventory management software in India. It examines your warehouse workflow and layout, replenishment policies, and inventory setup to ensure that each job is streamlined and functioning optimally. You can track
everything from a single dashboard and then act quickly from user-friendly menus.
Automate each component of your supply chain management system, such as order fulfillment performance, inventory turns, replenishment levels, optimized bin locations, and picking efficiencies.
An efficient system of checks and balances will ensure that you receive the best quality products within a set time. Implement easy-to-use visual process flows to check the arrival of goods across multiple warehouses and plan your next set of actions. Inventory management software automatically checks whether the stock is received and monitors each product’s exact location in the warehouse. It also takes control of the approval and rejection of each product.
It will be rejected if a product fails to comply with the set parameters. In addition, the inventory management system also keeps information regarding each task, report, and inquiry in one place allowing business stakeholders to access critical information from anywhere and at any time.
Evaluate the vendor, supplier, and distributor quality based on purchasing and accounting data, past performance, pricing, and material quality. The Sage X3 inventory management software module will automatically select the best vendor based on the list of parameters you upload. In addition, it will also allow you to quickly build complex queries across all vendors to identify changing trends and thus improve the profitability of the business.
Finding the right ERP inventory management software for your business can be challenging. But Sage X3 is the best inventory software. It contains various business intelligence tools that drill down sales order data to identify what customers are purchasing and where they are most likely to invest their resources. This feature allows organizations to generate ad hoc reports, analyze the details, and store them in the repository for future use. When you have a 360-degree view of your customers, you know how they think and act, allowing you to brainstorm effective strategies. As a result, you will see your profits increasing and also build better customer relationships.