One of the essential aspects of a company is inventory management since it depends on that that customers can have access to the products that this business is offering and promoting. Your product may be the best, but if you have problems managing inventory, you are going to generate a bad user experience, frustration, and dissatisfaction. An ERP software can help you with this.
Yes, we begin by explaining what an ERP system is: it is a system for planning and managing business resources, which allows you to manage all the company's departments. From this platform you can manage everything from employee payroll to accounting and, of course, your company's inventory.
In general, these ERP platforms are configured to suit the company's needs, integrating the modules it needs according to the operations it wants to handle. In other words, if you want to implement an ERP just to manage business accounting, you can do it. Or if you want an ERP just to handle inventory, that's possible too. There are hundreds of modules available and you as a company decide which ones to implement.
Never underestimate the inventory management of a business. "Inventory management is a key process in the strategic management of the organization as a whole, both from the point of view of customer service and production and therefore in financial results," explained the company BITS in this article.
The fundamental thing when managing an inventory is to guarantee the supply of the product, so that there is always stock available for when the customer goes to buy. "The objective is also to minimize the possibility of having overstocks and achieve efficient management of the money invested in merchandise", they added.
An ERP software for inventories can help you manage the movement and storage of merchandise, always having this information at hand on the platform. It is also possible to classify the inventory, know how much you have in stock and what products are available.
Odoo is an ERP software that has an inventory module, characterized by these benefits:
“Odoo's unique double-entry inventory management enables full traceability from supplier to customer. Nothing is lost, everything moves”, they detailed on the Odoo website.
Easily manage a single inventory or complex multi-warehouse environment by enabling on-demand features.
You will be able to structure your warehouse using hierarchical locations, organizing products by zones, rows, shelves and more.
Odoo offers facility to analyze receipts, verifying the incoming products and comparing them with those ordered from the supplier.
In terms of traceability, it is very important that the ERP software that you are going to implement allows you to track the activity of packages and deliveries, in short, of all operations such as collection, delivery order, quality control, so that traceability be whole.
It is also very useful that the ERP platform and the inventory module have a dashboard that allows you to export custom reports. With this data gathered and organized, you will be able to make more accurate and timely decisions in your business.
Automating your company's inventory with ERP software is essential because it allows business owners to have greater control over the merchandise that is available. "It even allows you to know where the products are from the moment they arrive until they are sold," they pointed out in an article published on the Direct Marketing portal.
The use of an ERP inventory platform will even allow you to increase your sales, as explained in the same article: “With constant control over available stock, it is easier to meet customer demand. It is possible to detect when the merchandise is at a minimum and it is necessary to order more before it runs out and it is too late”.
By responding in time to customer product demand, you will not only be offering a good experience, but you will also be strengthening the image and credibility of the business. And speaking of time, it's amazing how much time companies save by not doing this inventory management manually, plus this manual process can always lead to errors.
Improvement in product transfers: “There are programs that also automate the processes of sending and receiving products. Something that allows us to save time and exhaustively control the status of each package”.
Periodic reports: “Inventory automation allows a count to be made whenever it is necessary or required. Weekly, monthly, even daily. If there is something that is certain, it is that inventory control programs facilitate the day to day of companies. Not only when we talk about physical stores, but especially for those stores that only work online and must update their stock continuously for users”.
The implementation of an ERP software to manage inventory has as its maximum purpose, first, to organize and manage all the inventory in a more efficient way, but it also seeks to improve the service offered to customers. How many sales have been lost due to lack of stock by not keeping an updated inventory? Many. By managing inventory in a more organized way, you will be able to better plan which products you need, which ones are missing and which ones you have to request again from the supplier.
Likewise, you will be able to detect which articles are the ones that have little or slow rotation to verify what is happening or if you replace them with other products. In addition, if there is any strange theft of products, you will be able to detect it immediately in the ERP platform since you will have full visibility of all operations.
Do you want to know more about the implementation of ERP to manage inventory? Contact us! We have + 10 years of experience supporting companies in their digital transformation.