What is an Inventory Management System?

The inventory management system enables businesses to balance the inventory coming in and going out. It supervises the flow of goods from manufacturers to warehouses and the point of sale. In other words, inventory management includes ordering, storing, using, and dispatching the company’s inventory (raw materials, components, and finished goods). 

You are ready for an inventory management system if you are stumbling upon these questions:

  • How can I track the status of moving inventory?
  • How can I meet customer expectations for timely delivery?
  • How can I monitor inventory for obsolescence?
  • How can I forecast inventory demand?
  • How can I maintain minimum stock safety levels?
  • Why do you need a modern inventory management system?

Inventory is known as a great asset for the manufacturing company. There is an ongoing transition in the inventory and therefore it becomes quite difficult for managers to track every product manually. 

Manufacturers need inventory management system for:

  1. Increased sale
  2. Scalability 
  3. Reduced errors 
  4. Faster deliveries 
  5. Improved productivity 
  6. Greater visibility 
  7. Reduced cost 

Inventory management is just one task for manufacturers. They have to monitor everything from procurement to finance, accounts, sales, supply chain, and shipping. So they should invest in integrated software that manages all these functions and reduces duplicate data entry and mismanagement. 

OptiProERP is end-to-end Enterprise Resource Planning software embedded into SAP Business One. It is a mobile-friendly, cloud-based software that includes various modules for the manufacturing and distribution business. These include warehouse management systems, production, sales, procurement, finance, configurator, and more. 

OptiProERP with SAP Business One focuses on inventory control, creates real-time reports, keep track of inventory levels in 3 different ways, forecast inventory requirements, and conduct ABC item analysis.

An Inventory Management System integrated well within an ERP system can help your manufacturing business streamline complicated processes and identify potential inventory shortages if any. 

Location: United States

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