As we discussed in our previous article on inventory optimization, many companies are discovering more ways to become “lean”. There are many benefits to adopting inventory optimization strategies, and many companies are able to achieve their inventory optimization goals. However, the factors that require monitoring in order to become more “lean” in inventory management are complex and require more than most employees can handle. That’s where technology comes in.
Technology can make a huge difference in inventory optimization. It gives inventory decision-makers the necessary information for on-time ordering and slices the information another way to give customer service the necessary information to know when orders can be shipped complete.
Implementing an inventory management solution, such as Sage 100 ERP (formerly Sage MAS ERP 90 and Sage MAS ERP 200), is necessary to managing your inventory properly. However, getting the decision-makers to decide on key benchmarks and agreeing on the formulations of the performance indicators makes it harder to implement ERP software.
While it is easy to simply talk about these performance indicators, such as inventory turns, carrying costs, seasonal demands, customer forecasting, etc., experience tells you that determining these indicators is mandatory for allowing technology to give you the proper information for making the best decisions for your company.
Determine what key benchmarks and performance indicators are best for your company by downloading our whitepaper, “Inventory Optimization: Optimal Inventory = Lowest Inventory Costs + Highest Sales”.
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