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 project management software

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