How ERP solutions can improve your inventory management?

Being a bespoke maker necessitates the use of several unique components in the construction of your products. Additionally, a small firm might not have the resources or room to purchase significant quantities of raw materials in advance. One of the largest issues facing small and mid-sized bespoke manufacturers is managing inventory, and doing it right may make or destroy your company.

By making an investment in a strong inventory management system for small business and implementing best practices, you can obtain control of your inventory and guarantee that you have the correct number of components on hand to finish tasks on time, minimize production bottlenecks, and keep customers satisfied.

How can ERP systems aid in inventory control?

One of the best choices you can make as a bespoke maker is to use an ERP system for inventory control by connecting with the top ERP solution providers. You won't just stay away from the drawbacks of utilizing a spreadsheet and all the human error that might result from it, including missing or incorrect information, but you'll also save time by not having to manually update and balance inventory. 

Your inventory will be automatically connected with all facets of your business, from planning to operations, manufacturing, and accounting, if you use an ERP system. Your company will become more structured, streamlined, and effective as a result of being able to handle all aspects of operations through a single system.

Although no two ERPs are similar, an ERP's inventory management module will often have the following features:

• Monitoring and controlling inventory

• Management of sales and purchasing orders

• Order fulfillment via several channels

• Stock transfers and storage management

• Payment gateway capabilities

• ECommerce, accounting, shipping, and other operational tool integrations

• Intelligence analyses and reports

4 Benefits of ERP solutions for inventory management

Inventory management:

Knowing the inventory you have on hand and stored on the shelves is the foundation of inventory management. An inventory management system by itself, however, cannot successfully optimize your inventory until it is connected with the rest of your company.

Inventory tracking is facilitated by an ERP, which combines your inventory management with the rest of your business operations. Your workforce has immediate access to a central inventory database that is updated in real-time thanks to an ERP system.

This increases production efficiency and makes financial reporting simpler by letting you know exactly what you can or cannot fulfill, what raw materials you truly have on hand, and whether the data in the database corresponds to what is on your shelf.

Automation:

By removing the laborious chore of manually processing inventory management, an ERP system may save you time and money. Real-time inventory updates replace laboriously updating spreadsheets, allowing you to spend more time concentrating on other aspects of your manufacturing company and less time on the time-consuming chore of manual entry.

Human mistake and the potential problems it causes are eliminated by an automated inventory management system. Additionally, your dashboards will show you a comprehensive view of your inventory, improving your ability to see how things are going. 

Additionally, practically everything is automated with an ERP system, including the contacts for your suppliers, providing you extra time and assurance that the task will be done correctly.

Business process simplification:

The efficiency of manufacturing may be improved with accurate inventory management. Instead of, say, attempting to identify a certain item of stock, employees may use their time on other activities. 

When you use an ERP system, you can automatically keep track of the inventory you use on each task. This allows you to, for instance, plan production effectively since you will always know how much raw material you have on hand and how much you will need to purchase to finish a work.

Managing excess inventory, restocking, and forecasting:

An ERP system manages your sales, purchases, and transportation so you can maintain the proper stock levels to meet your company's demands. With an ERP, you can benefit from an inventory management system that is integrated with the rest of your business, making it simpler for you to manage things like long lead-time items. You can learn about these items during the project's design phase, giving you more time to order the item and guarantee that you'll have it in time.

Real-time stock levels also make it simpler to restock inventory; an ERP may either automatically place orders for you or alert your buying manager to the requirement for an order at the appropriate moment. Manufacturers may incur significant fees to expedite freight when they are in dire need of supplies if an ERP does not alert them when it is time to restock.

And if you have access to real-time surplus inventory information, you might be able to return merchandise rather than occupying shelf space that could be used for something more vital.