5 Strategies For Effective Inventory Management

The inventory your business has on hand and on order, represents both current investment and future income. That’s why, for a wholesale, manufacturing and distribution business, effective inventory management is crucial. You should know, on-demand and with confidence, what you have in your warehouse at any given time.

But as you know it’s not always this simple. Balancing stock levels, inventory control, order processing and stock replenishment can be an ongoing challenge.

Not only do you need the right level of stock available when customers want it, but you also need to know where every item is at all times.

There are no shortcuts – but there are strategies and tools that can help minimise inventory issues and maximise business growth.

Get The E-Book: Strategies For Effective Inventory Management

Managing inventory effectively can be incredibly complex, the businesses that do it well strike a balance between that very thin line of carrying too much stock, overspending but customer satisfaction, and a lack of stock leading to customer dissatisfaction but affordable carry costs.

A fully integrated cloud business management system such as MYOB Advanced ERP, can provide many benefiits for companies that need to improve their inventory management capabilities, such as:

1. Improve picking/packing speeds, as well as accuracy and improve service to your customers
2. The ability to automatically track and trace stock in real-time, so you know what you have and where it’s at, even across multiple warehouse locations.
3. Save time with automated processes and reduced errors.
4. Improve your planning and demand forecasting so there is less chance of stock shortages or overstocking.
5. Reduce your operational expenses because fewer errors means improved efficiency and reduced inventory costs.
6. Improve customer satisfaction levels with improved delivery times, fewer order errors and less wait times for stock replensihment.

Why You Should Consider MYOB Advanced For Your Inventory Management Needs

MYOB Advanced is an end-to-end cloud ERP platform for inventory management, it will help solve the issues around ineffective tracking and reporting, automate key processes, integrate with other key software and help your business handle inventory without the headaches.

With Wholesale Distribution and Inventory Management features that allow you to effectively manage multiple currencies, landed costs, automate processes and handle literally thousands of SKU’s, MYOB Advanced ERP also comes with Australian Payroll.

Ndevr has proven that MYOB Advanced can replace far more complex ERP systems, such as M3 and it has been chosen over SAP many times.