Modern businesses derive great benefits from ERP Inventory Management

Get to know ERP Inventory Management Software

ERP Inventory Management software is a module integrated into the ERP (enterprise resource planning) system. Companies that integrate their ERP systems with inventory management functionality can control their inventory level with ease. This inventory management software allows performing the following actions:

• Flexible declaring the code of goods and materials in a consistent way.
• Grouping goods and materials under different management perspectives.
• Storing all information of goods and materials.
• Converting units flexibly.
• Providing real-time inventory information.
• Transferring stock between multiple warehouses quickly, with accurate stock calculation updated.

Maximizing all aspects of a business on a single platform

>>>> See More: Pharmacy inventory management software - Viindoo Inventory

The role of ERP system in Inventory Management

Storing information

Every time goods are imported and exported, the storekeeper and accountant have to store the information by noting it down in the warehouse book and card, then on the ledger. However, this familiar and repetitive task can easily generate mistakes if the quantity of goods is large.

Here comes the ERP system in inventory management. The ability to store all product information and manage all inventory operations helps businesses easily address it. This system is considered to be suitable for both small and medium-sized enterprises because of its reasonable cost and short implementation time.

Link and store information logically

Managing goods and products with speed and accuracy

The biggest advantage of ERP Inventory Management software is that it can well manage the import – export – inventory process. Only when there is consistency and coordination in the process of import – export – inventory along with close management can we limit the errors and unnecessary losses.

It can be time-consuming and confusing for businesses to utilize traditional inventory control methods. Nevertheless, they can deploy both ERP inventory management and conventional examination methods to achieve the best results.

Improve the accuracy of the management process

Maximizing the benefits for businesses

ERP inventory management software brings a variety of advantages to businesses:

• ERP systems track and report on product quantity in real-time and with accuracy, so businesses will be aware of excess inventory, shortages, deadstock and inventory turnover.
• Product inventory is made simple, fast and accurate.
• The software provides a detailed inventory table of importing and exporting goods, transferring goods between warehouses in the same unit but located in different areas.
• Unnecessary errors caused by the traditional counting process are minimized.
• Inventory levels are updated regularly because the software utilizes automatic barcodes. Thanks to that, businesses improve their productivity and avoid incurred costs.
  

ERP Inventory Management benefits your business

>>>> Read More: Top 5 Quality and Most Effective Cold Storage Management Software

Outstanding features of ERP Inventory Management software

ERP inventory management software offers businesses an in-depth management system with many practical features and applications to improve responsiveness, save time, reduce transportation costs, and most importantly, enhance customer experience.

Efficient inventory management

The application of ERP software for inventory management supports businesses to optimize the process of arranging, checking and controlling goods with the following features:

• All information about goods and services such as detailed specifications, actual inventory, import – export forecast and arrangement rules, etc. are linked together.
• Products are classified by group, product code, batch number, serial number, size, condition, etc. Therefore, users can use filters to sort products when needed.
• The appropriate time for customers to use products and products’ lifespan are tracked, and users will be notified when it is safe to sell the products to customers.
• There are a variety of available units in the system, so units can be easily converted on demand.
  

Product origin investigation

Since products and goods are continuously transferred between warehouses, Viindoo’s ERP Inventory Management software has combined 2 methods of Double-entry Bookkeeping and Lavoisier to track all transfers taken place in the warehouse as well as details of goods exchanged, import – export history and personnel in charge, etc. Thereby, our software helps businesses ensure that all goods can be traced back to their origin and initial location

Warehouse operation optimization

Operations of the warehouse are optimized thanks to the application of IoT (Internet of Things). More details can be found below:

• The software paves the way for the automation of the import process, from the location goods are received to the quality control area and finally to the storage location.
• Businesses can set up proper and logical rules to arrange goods, making the warehouse clean and neat.
• The software also supports gathering demands and calculating quantity, thereby choosing the proper transfer location to shorten internal circulation.
• Shipping is automated with one or more steps: Picking – Packing – Shipping
• Warehouse management strategies can be mapped out: FIFO, LIFO or FEFO, etc.
• Dropship & Cross-dock
  

In addition, Viindoo ERP inventory management software supports businesses with advanced operations:

• The whole supply chain such as supply planning, supplier management, cost accounting, and so forth are comprehensively connected.
• The software assists businesses to draw out an efficient Resupply strategy. 
• Inventory accounting is automated. 
• It possesses diversified and automatic reporting systems.
• Viindoo ERP is integrated with other Viindoo software, creating a business management ecosystem that is SYNC – PROFESSIONAL –EFFECTIVE.

>>>> Learn About: Inventory management software cost - Viindoo Inventory

ERP Inventory Management software is an optimal solution for businesses today. With the benefits that this software brings, we believe that more and more businesses are investing in ERP for inventory management. If you need further advice on ERP system in general and ERP inventory management software in particular, we are here to assist.

>>>> Read More:

• Trusted logistics warehouse management software Viindoo Inventory
• The best stock management software for businesses