Effective Strategies To Reduce Inventory Costs

How the right software can help reduce your inventory costs.

For inventory intensive businesses, reducing inventory costs is often the differentiator between a successful business or one that is just surviving. Whether you’re managing a range of perishable stock or drop shipping consumer products on behalf of your resellers, effective inventory management is the key to your business success.

Your business can lose customers or resellers pretty quickly when your internal systems cause lost orders, late deliveries or inaccurate or incorrect fulfillment. Other challenges can include large volumes of stock wastage, or wasted storage costs for inventory items that don’t move, not to mention the fact that the space could be better utilised for stock that does move.

The Ways SaaS ERP Helps Reduce Your Inventory Management Costs

A good SaaS ERP system will employ various methods to help you reduce the costs associated with inventory management, such as;

• Accurate Demand Forecasting: Using historical data and trends to predict future inventory needs, reducing overstock and stockouts.
• Automated Reordering: Streamlining the procurement process to maintain optimal stock levels.
• Real-Time Inventory Tracking: Providing visibility into inventory levels across multiple locations to optimize stock distribution.
• Cost Analysis: Analysing carrying costs, order costs, and shortage costs to identify and implement cost-saving opportunities.
• Integration with Sales and Purchase Orders: Ensuring synchronization between inventory levels and business transactions to avoid excess inventory.

MYOB Acumatica is built upon a global Gartner Magic Quadrant leading SaaS ERP platform and employs all of these methods to help Australian businesses reduce their inventory costs.

Access A Powerful Inventory Command Centre

Everything Required For Complex, Multi-Site Inventory Management

With the capability to handle live inventory insight across multiple sites, MYOB Acumatica is a true SaaS ERP system, providing real time, role-based insight into your entire business. Gain control over your inventory with live information about your stock on hand, stock allocated for orders and sales order or forecast intelligence.

The rise of online ordering means that it is more essential than ever for you to have tight control over your inventory coupled with secure, up to date information on your customers, their orders and their service history.

Watch A Demo Of MYOB Acumatica Inventory

Monza Manage Over 25,000 Products With MYOB Acumatica

Monza needed a scalable cloud solution with minimal learning curve, enabling field sales reps to place orders using live inventory data and accurate customer information. With a network of 1500 customers and 25,000 products, the system had to support complex, integrated business processes, extending real-time data to their dealer portal. These capabilities aim to reduce inventory costs by improving efficiency and accuracy.