Nobody likes to be disappointed and nobody wants to disappoint a customer. Yet how many times do customers see an “out of stock” message on your website or hear it from sales or service agents?
If the answer is “too many times,” then you need to look at your inventory levels. Keeping the right inventory level can mean the difference between high customer satisfaction ratings and losing customers to competitors for whom “out of stock” never happens.
Better Data, Better Inventory Management
One of the biggest challenges for many inventory managers is keeping close track of stock levels. Although automated barcoding systems help, unless you can also keep an eye on your supply chain and raw materials orders, it can be tough to fully predict stock levels.
Fortunately, with better data at your fingertips, you can better manage inventory levels. Accurate, timely, and integrated data streams from sales, marketing, operations, and finance can help you predict stock levels and reduce the number of “out of stock” messages shown to your sales team or your customers.
Fulfill More Orders and Keep Customers Happy
Customers depend on your company to provide them with the goods they need. Most customers will tolerate at least one “out of stock” message, but if they see such messages too frequently, they’ll find somewhere else to shop. Low stock levels, “out of stock” items, and shipping delays can make customers look for another vendor and once you lose a customer, you’ve got to work twice as hard to get them back.
The more orders you can fulfill quickly and accurately, the happier you’ll keep your customers. Satisfied customers tell other businesses about their vendors, which in turn leads to even more sales for you. When you can accurately forecast inventory, you can keep your customers happier and increase business. It’s a winning situation that keeps on winning long after the order is filled.
Don’t Let Supply Chain Issues Keep You from Filling Orders
Hidden among all this talk of inventory management is the elephant in the room: supply chain management. Supply chain visibility is crucial for inventory management. If you can’t see the flow of raw materials into the supply chain or where items are in the production line, you can’t predict when they’ll arrive in the warehouse. And if you can’t predict when they arrive, it’s hard to tell customers when they can expect their products to arrive.
ERP systems can change this dynamic by providing greater supply chain visibility. The more data you have on every part of the ordering process, the better you can stay informed of progress and manage the flow of goods in and out of your warehouse. This helps you fulfill orders faster and keep customers happy. Better data leads to better management.
Better Forecasting Starts with Better Data: ERP Systems
Better forecasting starts with a good ERP system. ERP systems such as Sage 300cloud (formerly known as Sage 300) and Sage EM (formerly known as Sage X3) provide you with accurate and timely data that you can use for inventory management, forecasting, and much more. It puts the power of data at your fingertips so you can build a better business.
Download Our Free Whitepaper with More Inventory Management Solutions
Would you like to learn more about how data can help improve your inventory management? We’re offering a free whitepaper entitled “Better Inventory Management: Big Challenges, Big Data, Emerging Solutions.” In this paper, you’ll learn more about forecasting, managing inventory levels, and how data makes inventory management easier and more effective.
IWI Consulting Group helps Canadian companies and businesses with their data needs through ERP solutions that can boost productivity and improve business planning. To learn more about our services, visit our website or call us at 1-866-916-3851.