How to find the best supply and inventory management system?
Supply and inventory management is a crucial part of any business. It doesn’t matter how good your sales staff is or how effective your marketing tactics might be — if you don’t have a solid supply and inventory management system in place, you’ll have a difficult time keeping your customers happy.
Proper supply and inventory management plays a key role in ensuring that you have the products you need, when you need them. From crucial manufacturing parts to the items that your customers purchase, staying on top of inventory and supply needs will allow you to build a strong reputation, increase profitability, and retain your customers.
Thankfully, modern ERP software has made it easier than ever to stay on top of your supply and inventory management needs. But which features will truly make a difference for your company? Look for a software that offers the following benefits:
Smart Order Management
Entering and tracking purchase orders can be a time-consuming process — and if you don’t have all the information you need to make an informed decision, it can also prove quite costly. Supply and inventory management software streamlines this process and helps you make better purchasing decisions by recording vendor information and other essential data points.
By allowing for both manual and automatic purchase orders, this software ensures that supply needs are always met. Many companies benefit by setting up automatic orders for recurring supply needs, while still allowing for manual orders to be entered and approved based on unscheduled needs.
By accounting for essential factors such as lead times, stock levels, and planning policies, a purchase order control system helps you save money while ensuring that you always have adequate supplies. Most importantly, it makes it easier to plan for future growth opportunities.
How do you ensure that your manufacturing processes will actually allow you to turn a profit? Full-service supply and inventory management software allows you to take a deep dive into your overhead costs so you can appropriately value your inventory and keep your finances in the black.
The elements that are tracked by this software include the costs of purchasing materials, as well as the expenses associated with direct labor, fringe labor, machine overhead, and subcontracted purchase and work orders. By automating much of the work associated with redefining standard inventory items and determining product values, you can quickly make adjustments so your work and product pricing will be as cost-effective as possible.
Getting quality results from your manufacturing team requires much more than ensuring that orders are placed at the appropriate time. There are several factors that influence your team’s ability to complete projects on time, including work order routing, lot and serial control, and material flow.
A quality supply and inventory management software allows you to more efficiently manage production by giving your staff a clearly defined order of operations. Each task is designated a work center, time, and labor grade to ensure that the right individuals are assigned to the appropriate task. Item grouping routing and the ability to phase certain operations in or out based on order revisions lends further flexibility to the warehouse staff.
By providing a clear flow of operations to your warehouse team and tracking their work with smart data, it becomes much easier to increase their efficiency and reduce operating costs.
While these features play an essential role in the best supply and inventory management systems, they’re only the tip of the iceberg in terms of what this software can do for you. With automated data collection, billing, and planning features, your company will be better equipped to deal with the challenges of supply chain management. You’ll have the information you need to make smarter decisions so you can take key steps that will improve efficiency and profitability.