Why Your Business Needs an Inventory Management System
Are you running a product-based business in the 2020 environment? If you are, please give yourself a well-deserved pat on the back. With the constant whirlwind of change that this new economy has brought, you’ve certainly earned it!
In case you haven’t heard yet, Ekwani Consulting is here to help business owners maximize efficiency, productivity, and profitability through the implementation of Oracle NetSuite. One of the (many significant) benefits to this ERP is the extensive inventory management system that they offer.
Let’s dive into what NetSuite’s Inventory Management System can do for your business.
Inventory Automation
According to NetSuite themselves, the top pain points that product-based businesses suffer in regards to inventory management include:
Incorrect shipments from suppliers
Lack of visibility in regards to on-hand inventory
Discrepancies between inventory data and financial systems
Determining the right amount of inventory (i.e. poor demand forecasting)
While these points are prevalent in businesses that track inventory with the good old pen and paper, they can be easily avoided. By implementing the right Inventory Management System software for your business, you’ll be able to cure these pain points while your system runs on autopilot!
Customer Benefits
Have you ever placed an order only to receive the dreaded “Out of Stock” email a few hours later? It’s not a welcomed feeling and isn’t one we as business owners want to pass on to our customers.
By implementing an automated Inventory Management System, you’re not only decreasing the odds of a not-so-favorable customer experience but also developing a fail-safe plan that will have orders fulfilled and rolling!
The software tracks the products available on the shelf to avoid sell-outs while also effectively planning every point of production from raw goods to manufacturing to the front-door drop off.
Inventory Management System Benefits
Aside from saying goodbye to the “Out of Stock” emails, Inventory Management Systems also allow for:
Accurate inventory reporting
Accurate tracking of goods from your supplier
Efficient inventory tracking, which is vital for business’ with multiple inventory locations
Less customers lost to competitors due to out of stock items and infrequent restocks
Automation of Inventory Management Software will improve the management of inventory across the areas of:
Multi-location Tracking
Are you a business with two or more inventory locations? By implementing the automated inventory software, you will gain inventory visibility across every location. This will aid in streamlined shipping processes with fewer costs.
Replenishment
The inventory management aspect of NetSuite leans on previous inventory data to move with the ever-evolving supply and demand chain. The software is able to automatically reorder supplies and maintain a desired inventory stock based on documented customer needs. This leads to high customer satisfaction and return shoppers.
Cycle Counting
NetSuite’s inventory management takes the pain out of regularly counting your on-the-shelf inventory by allowing you to categorize inventory based on the volume of transactions and/or value to conduct your inventory counting. What’s even better, the counts can be scheduled regularly to maintain accuracy!
Traceability
With in-depth SKU management along with lot number and serial tracking, products can be followed throughout their life cycles to determine effective fulfillment strategies. This leads to less waste and more efficiency!
For more information on how an Inventory Management System can help your business become more profitable through automation, contact us here. >> INSERT LINK TO CONTACT PAGE