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Genius Solutions

4 Ways Project Management ERP Can Improve Your Inventory Control

Genius ERP: ready out-of-the-box for custom manufacturing.

With all the talk of project management ERP these days, you may be
wondering, “How does an ERP help improve business operations, exactly?”

 

One simple way to look at it is that SME manufacturers need an ERP like
a fish needs water. And in much the same way that some fish need fresh water
and some need salt water, it’s critical that manufacturers get an ERP that is
built specifically for their needs. Getting the right ERP can mean the
difference between swimming with the sharks, or being eaten by them.

 

One integral element of this boost to your business process management
is inventory control. The right ERP software can provide you with the strong
inventory management your company sorely needs. CTO or ETO manufacturers, in particular, have a startling amount of factors to keep track of, and having
well-organized inventory can make all the difference when it comes to the
smooth sailing of your business, as well as keeping unneeded stress at bay.

 

With a project management ERP, production
bottlenecks can be avoided, jobs can be completed faster, and orders sent more
efficiently, ultimately keeping your business process management system
well-oiled and optimized. It’s no wonder so many SME manufacturers are
implementing new ERP solutions in their business.

 

Not convinced of the benefits of using an ERP system? Consider the
following 4 ways the right ERP helps improve inventory control:

 

1. Planning Replenishments

 

A project management ERP makes planning replenishment orders and
ordering accurate quantities significantly easier. For example, you can choose
to order an item only when there is a specific demand for it, or when the cost
is lower. That means fewer, smarter transactions, and greater inventory
accuracy.

 

2. Surplus Inventory Management

 

Noticing and reacting to surplus inventory is a valuable ability.
Regardless of why you might have a surplus, your ERP will draw attention to it
immediately. The earlier you’re aware of any surplus, the more options you
have, such as making returns or taking additional orders to use it up.
Manufacturers without an ERP tend to have more unused and unassigned inventory
sitting on the shelves, which ultimately increases costs.

 

3. Inventory Control

 

Regardless of the size of your business, a strong business process
managementERP can help you manage
stock levels more efficiently and flexibly, by automating orders based on
preset time intervals, stock levels, or inventory reports. Product recalls and
traceability are made possible, as is the ability to track expenses and product
cost or availability over time. Your purchasers can focus on building
relationships with vendors and getting better prices, rather than scrambling
around trying to determine what’s on the shelves.

 

4. Tracking

 

At its core, a project management ERP tracks inventory levels so you can
track expenses and profits in real time, providing you with invaluable
financial data. For manufacturers with multiple plants or companies, you
can track and exchange inventory between facilities. This means that even if a
particular product is not available at one location, your purchasers can find
it at another, create a transaction between shops or companies, and ensure you
can still deliver on time.

 

Still
wondering why it’s important to implement an ERP system?Get in touch today to learn more about Genius ERP

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