ERP (Enterprise Resource Planning) inventory management is a useful tool used by many businesses today. It’s an integrated management system that keeps track of all the business activities including production, procurement, and sales. ERP inventory management combines all the functions of a company into one system, which gives you more control over what other employees do in the company. They also provide centralized data which is accessible from anywhere so you don’t have to worry about losing any data.
ERP inventory management systems are easy to use and can be customized according to the needs of your business.
Features of ERP Inventory Management
These are the main features of an ERP Inventory Management System
Automatic Inventory Count
ERP Inventory Management software automatically counts your inventory, so you don’t have to. The system can also track what items are being sold, the quantity of each item left in stock, and the locations where they’re stored. This helps you keep track of your inventory on a daily basis and make sure that you know exactly how much is available at any moment in time.
With an ERP inventory management system, you’ll be able to track the cost of each item. You will also know how much money you’ve spent on it over time. This will help you determine if there’s a need for price changes or if certain products should be discontinued altogether due to a lack of interest.
Manufacturing Tracking
Manufacturing tracking is one of the key features of ERP inventory management. With proper manufacturing tracking, you can ensure that your manufacturing processes are working properly and that your production of goods is as efficient as possible.
ERP inventory management allows you to track every step of your manufacturing process from raw materials to finished products, so you can be sure that everything is going smoothly and in line with what you expected.
Manufacturing tracking also ensures the proper tracking of all products from the moment they are ordered; through to the time they are received by customers or shipped out to other locations. This also includes ensuring that all returned products are accounted for and disposed of properly.
In addition to providing a full record of all sales, manufacturing tracking helps you determine which products are selling well and which ones need improvement. It also gives you an idea of what types of customers prefer certain products over others so that you can improve your marketing strategy accordingly.
Manage Multiple Warehouses
The problem with many inventory management systems is that they are designed for businesses with a single warehouse, which makes them difficult to use for companies with multiple locations.
It’s hard to keep track of inventory across multiple warehouses without an ERP system. When this happens, it allows you to view all of your locations’ stock levels, orders, and sales data in one place. This type of software can also help you determine what products you should reorder from each warehouse based on sales data from all locations.
This is especially helpful for businesses that sell products in different parts of the world as it lets you see how much inventory you have at each location and whether any locations are running low on supplies. It also makes it easier to keep track of orders that have been placed so you can make sure they are shipped out on time and avoid a backlog at any one warehouse.
Report Creation
The report creation feature of ERP Inventory Management makes it easy to create custom reports that are tailored to your business needs. The following is a list of common reports available in the application:
- Inbound and Outbound Movements
- Availability Levels
- Gross Profit
- Inventory Value
- Business Intelligence ready
- Report Sharing to Users
- Picking and Packing Slips
- Delivery Slips
It is better that reports are very informative and interesting. A good way is to add some animations and videos to the presentation of the report. The animations and videos should be compressed in an mp4 compressor for a good quality and seamless presentation in the reporting. The reporting in an ERP inventory system is also concise and easy to understand as its tools and features are customized to the business flow and standard.
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Simplify Transportation Management
ERP Inventory Management can simplify transportation management by providing a centralized database to manage and track inventory, purchase orders, and shipping information. This helps to streamline the process of scheduling and coordinating shipments, tracking delivery status, and generating reports on transportation performance.
The system can also automate tasks. Generating shipping labels, printing packing slips, and calculating shipping costs can automatically help reduce manual errors. In addition, the integration of inventory and shipping data helps to provide real-time visibility into supply chain operations. It also allows transportation managers to make informed decisions and respond quickly to any disruptions.
Software Customization
ERP Inventory Management should be highly customizable so that you can match your business processes and workflows with the way your organization works. The most common and widely used custom functionalities are:
- Localized into Multiple Languages
- User Customizable Texts
- Rich and Straightforward API
- Custom Document and Invoice Templates
- Custom Automatic Invoice Numbering
- Barcode Scanning / Barcode Printing
- Direct Data Access via Intuitive Cards
- Multiple Integrations
Conclusion
In the end, you need to make sure that you’re selecting a software provider with an expansive feature set so that your business is getting all the tools it needs to succeed. At the same time, this doesn’t necessarily mean that you should disregard a company simply because it is smaller. These tools are still relatively new in comparison to other ERP options. Most companies like Megaventory are working hard to develop as many features as possible for maximum utility
Author’s Bio
Cris Mark Baroro – I’m a Search Engine Optimization Specialist from VEED.io. I love technology. I can also be a writer, programmer, and QA system specialist. VEED is a free online all-in-one video editing platform.