Inventory management for Enterprise Resource Planning is a system that allows a company to manage all aspects of its business, including inventory, finance, planning, logistics, and operations, on a single platform. An ERP inventory management system provides inventory information to the entire organization in real-time.
This is an important feature for companies looking to grow, have complex workflows or supply chains, require advanced automation, work on time, sell multiple products, or simply want to maximize their inventory investment. You can also check the features of the ERP inventory control system by navigating to this website.
ERP systems use multiple data sources to help companies better understand historical performance. Businesses use this data to make more informed procurement decisions and more accurate projections to meet future demand without running out of excess inventory.
ERP-managed inventory management also increases efficiency along the supply chain. As a centralized system, it can reduce the handling of duplicate items and automate daily tasks such as re-sorting. Further advantages of integrating ERP with inventory management are:
ERP systems track and report excess inventory, shortages, planned replenishment, obsolete inventory, and metrics. In the warehouse, the system tracks and reports on product transfer through shipping and receiving.
ERPs provide analytics for each stage of inventory flow, such as cost of goods sold, turnover rates, and shrinkage. By analyzing key inventory metrics, companies can improve inventory efficiency.
Each product has an inventory status listed in the ERP, enabling staff, partners, and customers to check availability and numbers on hand, as well as on order. Having your inventory history and metrics easily available eases planning and increases customer satisfaction.