If you’re an SME manufacturer, you know all too well that halting operations due to less than streamlined inventory management can adversely affect your relationship with customers, vendors, and suppliers.
The bottom line is that your bottom line just can’t stand a loss like that, which is why investing in the right inventory control software is vital.Whether you’re regularly overstocked, or understocked, or it sways back and forth like a fickle pendulum, your finances and the health of your business are sensitive to any lack of procedural balance. No matter what size your business, relying on error-prone manual methods of inventory handling simply won’t cut it. But masterful control over your inventory is entirely possible with the right ERP for SME manufacturers.
Consider the following reasons ERP features for SMEs should always include reliable inventory control software:
1. Integrated, single-platform inventory management
The goal of every business is to have optimized stock and the inventory control to go along with it. This makes keeping track of items with quick turnover times a lot easier. With ERP inventory software, you can expect an automated solution designed to streamline all your inventory activities. Rest API also allows you to connect 3rd party applications to share real-time information. Imagine accessing real-time visibility of your inventory across the operations and supply chain, and having smart planning tools to back up and strengthen decision-making!
2. Versatile administration
With the help of an ERP inventory management system, managing different kinds of items is easier thanks to tagging, classification, and item analysis capabilities. You can classify items and access their details, manage multiple units of measurement, set up valuation methods, identify suppliers, set allocation methods, and lots more. Suddenly, achieving end-to-end real-time visibility is not so unrealistic. There’s not much that effective analysis and optimized inventory levels can’t help your business accomplish.
3. Sharper warehouse management
When you invest in manufacturing ERP for your company with a strong inventory control feature, tracking items from their point of entry as a raw material all the way to their exit as a finished good is doable. The beauty of inventory tracking software is that it makes managing your supply chain easier and facilitates bin access, determining the precise location of a given item. Warehouse operations are a lot smoother when stock transfers and quality checks go as planned. ERP inventory control software allows you to easily identify item lot or serial tracking, perform quality tests, check expiry dates, and retest the lot as needed.
4. Up to par inventory replenishment
It’s pretty simple: too-high and too-low inventory levels affect your revenue. Surplus inventory increases your costs while deficit inventory can mean lost sales. Nobody wants that. You can maintain accurate inventory levels with the right inventory management software, and automatically know when it is necessary to procure a material, which avoids any loss of sales decreases overhead costs, reduces production shortages, helps to forecast future stock needs, and avoids stock outs. Bonus: use your mobile device to move materials, manage inventory, and eliminate duplicate data entries!
5. Easier monitoring of quality concerns
Quality manufacturing ERP allows for the flawless integration of quality management with all other operations, inventory in particular. For example, you can create quality inspection protocols, ensuring that materials are tested for damages (i.e., leaks, or tears), or faults. This helps to eliminate poor quality products through strict quality control parameters and ensures the best possible customer service by delivering top products, just as promised.That’s the end goal, after all, isn’t it?
6. Accurate financial reports
With ERP features for SMEs that directly address your business’ inventory control needs, you have the power to ensure your annual reports and tax returns are accurate. This is crucial for both your investors—and the government, of course. Inventory value can represent a significant portion of your stated assets, and it’s important that your recorded value matches the actual physical value in your warehouse. Integrating your manufacturing inventory management software with your back-office chart of accounts is a great way to make sure your company reporting is financially sound.
Avoid material and long-lead item storage while optimizing purchases for a rolling stock of goods whenever you happen to need them. Learn more about the incredible inventory control benefits of Genius Solutions’ manufacturing ERP for SMEs right here!
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