A successful business knows inventory is all about knowing what you have and where: What is in your warehouse and where is your stock located? But inventory optimization and matching the inventory asset value on your financial reports with what is physically in stock cannot be completed effectively by the inventory management system alone. Some companies rely on manual intervention and reconciliation. But those who truly want optimized inventory management look to an integrated inventory solution that will connect directly to back office and accounting systems.
An integrated inventory solution will connect seamlessly to your ERP and other solutions to allow data to flow easily across the entire system, sharing information to plan effectively, execute predictably, and minimize costs and errors from manual reconciliation.
Here’s how.
5 Major Benefits of an Integrated Inventory Solution
- Measure all aspects of inventory management
You can’t manage what you don’t measure. With an integrated inventory solution, you’ll be able to track and manage everything from shipping times to time in receiving. Set and measure KPIs and track your team’s progress toward results. Integrated inventory solutions enable you to track, compare, and measure inventory performance indicators along with company-wide KPIs to improve all aspects of inventory.
- Improved forecasting
Utilizing data from throughout the company, an integrated inventory solution improves the accuracy of forecasting. Smart systems use data measured over time. This combination enhances the system’s ability to forecast demand and help you accurately plan inventory purchases.
- Clearer supply chain visibility
If you use third-party logistics suppliers, you know that providing supply chain visibility to all parties can be challenging. Integrated systems enable suppliers to proactively send inventory when supplies start running low, ensuring high-demand items are in stock and ready to ship.
- More accurate accounting and financial statements
Inventory represents a large portion of a company’s current assets. Having a precise inventory count enables you to accurately express your company’s financial position to all stakeholders. Knowing how much you have in inventory and its value without manual stock-taking and calculations is a time-saver that your entire team will appreciate.
- Improved cost savings
An integrated inventory management system also provides an opportunity for cost savings. With access to accurate and timely inventory status reports, you can avoid rush orders from suppliers that may ensure customers get their products, but can add to the cost of goods sold. With the right data, you’ll get plenty of lead time to reorder products to avoid rush charges.
Find Integrated Inventory Management Solutions for Sage and Acumatica with ASI
For Sage and Acumatica users, adding inventory management solutions to each package is easy. Both offer excellent integrated inventory solutions:
- Inventory Advisor (Sage): Inventory Advisor offers a graphical, web-based interface that displays key performance indicators (KPIs), SKUs, and inventory information. Drill down to get the details on your inventory and take advantage of other features such as supplier order tracking and order scheduling.
- NETSTOCK (Acumatica): This solution integrates powerful warehouse management software, inventory and demand forecasting, and supply chain visibility with Acumatica. Manage and classify items, and view all data about your warehouse and merchandise in this powerful integrated system.
Good inventory management can lead to higher profits, cost savings, and improved customer service. Adding an integrated system empowers your business with the necessary data to improve forecasting and order fulfillment.
Are you ready for better inventory management? We can help integrate the right solution for your users, your business, and your ERP. Explore integrated inventory management solutions with the help of one of ASI’s expert software consultants. Claim your FREE consultation now!