6 Key advantages of inventory management software

Posted by Stephen Whitehouse on 20 Jul

manufacturing

When it comes to running a manufacturing business, among the greatest challenges is efficiently managing inventory. As your volume of orders increases and you enter new markets, the idea of managing your stock levels manually can quickly become unfeasible.

Firms can find themselves operating inefficiently by manually attempting to adjust inventory levels while never having a clear picture of what is in stock. This makes planning and fulfilling orders impossible, leading to customer dissatisfaction and unnecessary expenses from overstocks.

Fortunately, inventory management software has been created to help manufacturers have a comprehensive view of all materials in their stores. These solutions offer businesses premium levels of stock management/control so that at any time from any location, those with authorisation have an accurate picture of the inventory.

For companies looking for a more integrated option, inventory management software can also be included in an Enterprise Resource Planning (ERP) System. ERP software will combine your company’s operations, accounts and inventory to present a more holistic view that offers enhanced oversight, informed decision making and effective planning for the future.

To help you assess if your operation could benefit from dedicated inventory management software,

Six benefits this solution can provide:

  1. Inventory management made easy
    Distributors and manufacturing companies that seek an integrated warehouse approach will find using inventory management software streamlines their operation while saving both money and time.
    With constant changes to supply and demand and stock levels constantly in flux, this built-for-purpose software helps firms sidestep the risks of human errors by effectively automating their most important processes.

  2. Ensuring order fulfilment
    Meeting deadlines is crucial for any firm, and when production is impeded by a lack of essential materials, the results can be catastrophic, resulting in lost customers and a damaged business image.
    Inventory management software synchronises any order with your inventory, ensuring you can complete requests, while automated ordering can make sure materials with a long lead time are always available.

  3. Significant savings from stock control
    Improved stock management can enable you to reduce obsolete and excess stock levels using up valuable space and the costs this incurs. Less waste stock per year can add up to substantial savings over time, and with automated processing, you can keep your inventory levels always at optimum.

  4. Better business negotiations
    An inventory management solution equips you with easy access to detailed information on materials whenever required. This can prove valuable when you’re negotiating with potential suppliers. Specifically, you’ll be able to see clearly which suppliers are most beneficial to your business.

  5. Enhanced visibility
    Being able to trace and locate specific stock can be critical, not just for inventory checks. If a particular item is faulty and must be recalled, being able to quickly track it down to ensure it’s not included in orders is vital. Inventory management systems ensure you always have full traceability for your products and can easily find compromised materials.

  6.  Improved decision making
    Finally, inventory management software offers detailed information that empowers you to make data-driven decisions for your business. It enables you to plan effectively and forecast for the future, with automated reporting to equip you with the knowledge you need to make strategic choices.

    If you’re now seeking efficient inventory management software integrated with an ERP system, you can depend on our expert team at WinMan for guidance.

Contact us today

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Topics: Manufacturing, Distribution, Business Management Software, supply chain, Warehouse Management Systems

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