How ERP systems help in Inventory Management
Inventory management is a a critical component in ERP systems that can help you manage your retail locations and warehouses. For example: A wholesale supermarket has loads of products and a collection of stock items. With ERP systems it is straightforward to organize the number of items with specific identification numbers which can be confirmed easily. Also, you can check the inventory levels for a particular category of item.
ERP systems help you to have a proper reporting mechanism for inventory in your store and your warehouses. This helps the manufacturing department in planning their future production schedules accordingly. It helps you to track the payments and flow of finances into your Accounts. Inventory management in an ERP system helps you avoid mistakes and make quick decisions. ERP system enables the most efficient stocking methods for your inventory and helps improve all internal operations. ERP systems today have advanced features like double-entry inventory with no stock input, output, or transformation. Other important features like Drop-shipping, Cross-docking, Multiwarehouse, etc are also taken care of by ERP systems.
Many small organizations and retail stores are using ERP software to manage their warehouse and stocks which calculates surpluses, rejections, repairs, and other important planning metrics for the entire inventory.