Better Inventory Tracking, Control and Management
Most leaders of manufacturing and/or wholesale distribution businesses strive to balance the need for product availability against minimizing stock. In order to exceed customer expectations of product availability, maximize profits and minimize the expenses per item, leaders of wholesale distribution and manufacturing companies implement inventory management software systems. Within Wikipedia, inventory management is defined as “a science primarily about specifying the shape and percentage of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials.” In this day and age, it is critical for business leaders to have the ability to distinguish between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods, and demand forecasting. With the implementation of a state-of-the-art inventory management software application, a balance can be achieved for maintaining a sufficient quantity of goods, even as business requirements change.
With the right inventory management software, products can be acquired and properly maintained during a series of operations such as: ordering, picking, packing, shipping, and handling. During these processes, item costs remain accurate and consistent with pricing. Capabilities within cutting-edge inventory management software typically provide users with the ability to easily: identify inventory requirements, create targeted forecasts, enable real-time analytics regarding replenishment needs, report actual and projected inventory status and handle functions related to the accurate tracking and management of material. For monitoring of material moved in and out of stockrooms and the reconciling of the inventory balances, more sophisticated software systems provide bar code and scanning functionality as well as lot tracking, cycle counting support, etc.
If you are using the number of times your business receives a complaint about one of your products as a means for measuring customer service, that type of approach can be flawed. Studies have revealed that many customers will not complain or notify you when the item they are interested in purchasing in your physical or online store cannot be found. Therefore, it is always good to know what current stock is available for your customers to purchase and which items are out of stock. Further, it’s always good to know which products are your best selling items and plan to have additional stock available. If your goal is to not only have the ability to instantly determine, but also control item/stock levels within your physical distribution system, then now is the time to consider implementing an integrated accounting, customer relationship management (CRM), material requirements planning (MRP), and inventory management business software solution, such as SAP Business One.
Helping Small and Midsize Manufacturing and Wholesale Distribution Enterprises Manage Their Inventory Better
Based in Tampa, FL, Cornerstone Consulting, Inc. is a business consulting and information technology (IT) company. Not only is Cornerstone an award-winning value added reseller (VAR) of extremely efficient and integrated business (accounting, customer and sales management (CRM), inventory tracking-control-management, warehouse management, materials requirement planning (MRP), light manufacturing, accurate real-time analytical reports, and more) software systems, our highly-skilled team specializes in cutting-edge solutions and tech support for:
- SAP Business One ERP
- Electronic and Mobile Commerce
- Enterprise Mobility
- Bar codes and Scanning
- Business Intelligence (BI)
- Business Analytics
- Databases (SAP HANA)
- Cloud Computing
- Custom Programming
- Web Development
Innovative Inventory Tracking, Control and Management Software and Technology for Your Growing Small or Midsize Business | Cornerstone Consulting Provides SAP Business One Software, Tech Support and Related Services
Cornerstone provides software products, tech services and business process outsourcing which support all areas of a small or medium sized business, such as: financial accounting, operations, customer relationship management, sales, inventory control-tracking-management, warehouse management, e-commerce, and more. Cornerstone’s “dream team” of programmers, trainers and consultants specialize in providing our Manufacturing, Wholesale Distribution, Medical Device, Pharmaceutical, Nutraceutical, and Online Retail clients with optimal business process configuration, integration and automation.
If you’d like your small or medium enterprise (SME) to run better, out-maneuver competitors, improve interactions with each customer, have better solutions for finding new customers, and transform your business with the latest in technology, you’ve definitely found the right team to collaborate with and make it happen.
SAP Business One Software, Sales, Tech Support and Services | Contact Us At 813-321-1300
For answers to your SAP software sales, support, and service questions, Contact Cornerstone Consulting today. Looking forward to connecting with you!