Are you Still Tracking your Inventory Manually? Time for an Update!
In what way can you manage your day-to-day operations? Can lack of inventory management affect your business? Well, there was a time when keeping the track of inventory was done using pen and paper. With all the files are managed as per the departments, the filing process got much complicated and time-consuming. With ERP for inventory, revenue is expected to show an annual growth rate of 7.8%, resulting in a market volume of US$57,437.67m by 2025.
Managing inventory with the ERP is always a top priority for businesses and is the ultimate way that helps manages the tracking of goods, providing reports, stocking locations, and improve packing and picking.
The Biggest Challenges with the Manual Inventory Management
One of the biggest steps for businesses to make is replacing your manual inventory tracking with the automated one. With the growth of your business, tracking of goods, inventory will cause troubles, and you will soon run into many problems. Also, if you are using excel and spreadsheets for might get confused and lost among managing the rows and columns and performing the appropriate calculations.
Here are some of the most common challenges faced by the organizations to manage their inventory and other tasks:
1. Demand Volatility
Customer behavior is unpredictable and with the social and economic factors that can be overnight and lead to a huge peak and drop in the sales. If you can forecast the demand, think how easy it would be to satisfy your customers. With the ERP you can take advantage of the sales opportunities and prevent any hazard, maintaining the customer demand.
2. Supply Chain Disruption
Supply chain management is the most crucial step for any industry and with the increased competition within the different warehouse management companies, it is another challenge to maintain the inventory. As the emerging market is offering various opportunities and benefits such as low labor cost, less price, and material cost it is important to ensure that the supply chain is being managed efficiently.
3. Messing up Current Stocks Level
Organizations are using traditional ways to organize their stocks and without knowing the inventory it is not possible to make the right supply decision. But thanks to ERP inventory management that offers real-time tracking of the goods and saves you from messing up with your stocks.
4. Customer Demand
Customers always look for value and convenience from their trusted brands. To ensure you meet their expectations, you better need to know the wave in demand with the right inventory. Customer demand plays a vital role in inventory turnover and how can you maintain your stock levels.
Why choose ERP for Inventory Management
1. Management of Surplus Inventory
ERP Management system for inventory helps you to react to surplus inventory instantly. Whether the surplus is due to the shortage of demand or any other economical issue you get to know that immediately. It allows you to take the appropriate decision and match your business needs.
Also, with the real-time stock levels-it automatically helps you to reorder materials for you with timely reminders letting them know the items that need to be reordered.
2. Streamline Business Processes
Handling the inventory accurately helps to increase the overall efficiency of the operations. Employees now have the necessary time to focus on other important operations rather than spending time to locate a piece of stock.
ERP solutions offer automatic inventory tracking with the notifications and idea of the stock you have and what all you need to complete the job.
3. Business Savings
With a better organization of inventory, you can save your time, money, and resources. A better organization's foremost focus is customer satisfaction and ERP is easily used to improve inventory organization and the results can be much-improved efficiency and better productivity in your warehouse. Your employee satisfaction goes up and your profits right along with it.
ERP eliminates the daunting and traditional manual tasks. IT is time to say goodbye to spreadsheets and say hello to real-time inventory details/updates that ultimately leads to automation and no more wastage of time while focusing on other important aspects of the businesses.
Replacing manual inventory tracking promises better protection
Taking out-time and replacing your manual inventory tracking with ERP solutions will make your supply chain much smoother and increase efficiency for your business. Also, it offers transparency into your business processes making them more efficient.
Is your business ready for enterprise-level solutions to track their inventory and automate the processes? At jiWebTech we offer various services with the best quality software systems to manage your warehouse and requirements. If you are looking for the right solutions, look no further than jiWebTech!