5 min. read
Inventory Management plays a crucial role in businesses but also poses many challenges. For instance, if your stock is too low, your customers might look elsewhere for the product, and if you stock too high, chances are you might have to unload some goods at a cheaper price or even mark it as unsold. Added to this are other factors like manufacturing hick-ups, transportation, sales forecasting, currency fluctuation, etc., that can also have an effect on how you manage your inventory.
But with an effective inventory management solution you can overcome this as well as many unknown factors that pose a threat.
Learn how you can streamline your inventory management in seven ways using Sage X3:
1. Assess your inventory structure and replenishment procedures
Inspect your workflow, warehouse layout, inventory setup, and replenishment policies regularly so that everything is fully optimized. Track all system items from one screen so that you can make quick and decisive actions based on the information made available to you.
2. Use smart tools to track inventory turn-around and picking efficiencies
Get insights and ease of access into replenishment levels, order-fulfillment performance, inventory turns, picking efficiencies, and optimized bin locations.
3. Evaluate your vendors and their quality
Gain valuable insight into accounting and purchasing data and evaluate your suppliers based on performance, quality, and pricing
4. Implement and track quality-checking procedures when receiving goods or production
Track where items go and ensure quality checks happen as goods are produced or when stock is received. Employ easy-to-use visual process flows to gain insights into next actions; i.e., whether items should be approved, rejected, returned, or reworked.
Access all the information you need from one place with the ability to drill down to item, task, enquiry, and reporting levels.
5. Understand where and how you make margin
Keep track of value of all the items in your inventory and all the cost associated with and gain better insight into the cost of sales to ensure that you are achieving your desired profitability level.
6. Understand your customers’ profiles and buying habits
Use business intelligence tools with your accounts receivable and sales order data to profile your customers and better understand their buying habits. You can also quickly generate detailed ad hoc reports and save them for future use.
7. Keep an eye out for market changes in your pipeline and sales channel
Use advanced CRM capabilities to identify possible disruptions in your pipeline and sales channel so that you can make quick reactions that benefit your business.
Who we are?
We are an authorized Sage partner, IWI Consulting Group can help your business adopt inventory solutions like Sage Enterprise Management to achieve the ultimate inventory system perfectly adjusted to your business needs.
We also support the evaluation and implementation of Sage Intacct, Sage 300cloud (formerly known as Sage 300), Sage Intelligence software’s, Sage CRM.
Please contact us for a Complimentary Business review. By working with us you will be ensured a high return on your investment and a quick and painless transition into your new cloud based software.