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Enterprise software systems make it possible to produce reports and charts using sales, purchasing, financial, supplier, and production datasets. These can be used to compare results against industry-wide key performance indicators over time and also can lead to resolution of problems and furthering of successes. Who doesn’t want this kind of fine-tuning capability of best practices and decision making using these reports? It is likely that your company could benefit from all of this. To learn more about big data and how it can improve inventory management, visit here. Now, let’s look at tools for forecasting and analyzing that are gaining strength and helping companies to create reports and successfully use this data. Enterprise Software Tools for Analysis Inventory specialists can take data analysis functionality to a whole new level by integrating inventory optimization tools with existing enterprise resource planning (ERP) systems such as Sage 300cloud (formerly known as Sage 300) and Sage EM (formerly known as Sage X3). These enterprise software optimization systems provide graphics that can illustrate the synthesis of data from all departments. These graphics can help analyze, diagnose, and identify seasonal demand shifts, order patterns, likely stock-out dates, lost sales, excess orders, unsellable items, price reduction […]

“Big data” is a big deal. Have you heard this “buzzword” recently? Big data is so important, and thanks to new inventory optimization tools and technologies, the power of big data is being harnessed like never before. To learn more about inventory optimization in addition to physical inventory control and inventory planning that make up the inventory management process, visit here. Now, let’s dive in deeper to big data and how it can be used best to improve inventory management. The Internet, mobile technology, and software advancements have all enabled businesses to amass and expand gigantic datasets within their enterprise resource planning (ERP) software. Inventory optimization is only possible because of the capabilities offered by these technologies. The data found within enterprise software has been used to prepare tax returns and financial statements plus improve productivity through information sharing within and outside of an enterprise to facilitate communication and collaboration between stakeholders. Enterprise software has provided ways to manipulate data sets within customized financial reports in new and improved ways. The ERP solutions offer the potential to have deep insight into operational trends, customer behavior, and ways to improve efficiency of business models. The goal of data has always been […]

Inventory really is the lifeblood of sales and production processes within manufacturing and distribution companies. Therefore, it is important to have a sufficient stock to avoid lost sales and keep customers satisfied. At the same time, only carrying the necessary quantities of inventory avoids the need to pay extra carrying costs like taxes, insurance, security, and storage. To learn more about this balance and three complications to inventory control, visit here. In order to improve inventory control and management, it is important to understand the process and the three key facets of the process. These facets are distinct from one another and yet interconnected so understanding them all will lead to bettering the entire inventory management process using enterprise software to help get you to where you need to be as a business. The Three-Part Inventory Process Part 1: Physical Inventory Control Physical inventory control is all about receiving, moving, stocking, and the physical control of inventory. This is typically an ongoing process with arrivals and departures occurring daily. Barcoding, consigning, and kit repackaging are all important parts of physical inventory control. In addition, data entry is an important part of the physical side of inventory operations. All items must […]

Using Enterprise Software for Inventory Management and Control If you take a moment to ponder your business’ balance sheet, you will likely realize that inventory is typically one of the biggest numbers on it. Is this true for you? It is probable that your manufacturing and distribution company relies heavily on inventory to get the job done. Inventory is one of the biggest assets in a company. With so much of your business success relying on inventory, effectively controlling and managing it is vital. The good news is that enterprise software such as Sage 300cloud (formerly known as Sage 300) or Sage EM (formerly known as Sage X3) can help! How is this inventory control effectiveness measured? Traditionally, this is done by measuring how successful a company is at reducing inventory investment while still meeting customer needs and customer service goals. It is also done by achieving maximum output while simultaneously keeping costs contained. In essence, it comes down to determining what items to stock, how many of each item is necessary to keep stocked, and when more of that item should be ordered. This “simplistic” rule for effective inventory control does not create a complete picture of the complex reality. In […]