Keeping close tabs on inventory is necessary for manufacturers to produce the products that customers want, when they want them. Too much inventory can slow cash flow, too little can lead to stock-outs. Forecasting doesn’t have to be difficult and procurement doesn’t need to be expensive. Make your supply chain stronger, as well as smarter, by deploying a better technology.
Keeping supplier records in spreadsheets or specialty software may make it easier to identify what items you buy from which suppliers; however, it can’t help you identify trends with your purchases. You may not notice when you are buying more or less of an item, if you experience seasonal trends, or whether certain customers have a stronger influence on these trends. Also, when using additional spreadsheets or other specialty software for inventory control, there is a disconnection between inventory and procurement. If you don’t know what is already in the warehouse before you pull the trigger on your next order, you may end up overstocking it with inventory that you don’t need, and, worse yet, may not use.
Replace these disparate solutions with a single, integrated enterprise resource planning (ERP) solution. You can manage inventory and supply chain data, as well as other business management processes, with greater efficiency within a centralized solution rather than multiple disparate systems. You can manage real-time inventory counts within a robust ERP solution and keep stronger tabs on what you have in stock. In addition, built-in business intelligence can help you identify trends within your data, such as seasonal or customer demands. You can use this information to create potential forecasting scenarios, taking into consideration new customer orders, seasonal trends, or other variables that can influence what you purchase, in what quantities, and when. Quantities and timing can occasionally lead to price breaks when ordering in larger quantities, and early. Waiting until the last minute could cost more money in rush orders and other delivery charges.
Streamline supply chain and inventory management by replacing inadequate processes with today’s more modern solutions. Contact MIBAR.net to learn how you can use ERP to make your supply chain smart, swift, and profitable.
By MIBAR.net, Long Island, New York, Microsoft Dynamics ERP Partner
The post How Smart Is Your Supply Chain? appeared first on .
Related posts:
- Supply Chain Problems Are Unfortunate, But Not Entirely Unavoidable It may seem as though a supply chain disruption is...
- The Link Between Cybersecurity And Supply Chain After recent data breaches at major retailers and at Sony,...
- Reduce Supply Chain Risk With ERP Supply chain risk is a serious concern with serious consequences...