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The Data & Technology of Inventory Management — Part 3

In parts one and two of our Enterprise Resource Planning (ERP) series, we discussed common inventory challenges, the inventory process, and the importance of cultivating supplier relationships. In this final piece, we’ll dig into the data and technology surrounding inventory management.

Handling Inventory Can Feel Like an Uphill Battle

Between ordering and shipping supplies, collecting and receiving invoices, vetting and coordinating vendors, and keeping up with supply and demand, an inventory management process is a lot to handle. When working in disparate systems, keeping track of critical information is difficult, and important decisions are often made based on unreliable information. Having a unified and automated ERP platform enables accurate forecasting and budgeting, while helping to manage seasonality, demand, lead time, overhead, and total cost. 

The Power of a Single Repository

The beauty of an ERP system (like NetSuite) is that all company-wide information surrounding inventory management processes is housed in a single repository, often referred to as a perpetual inventory system. It acts as the source of truth, and data collected from multiple channels (internal, external, online, in-store, etc.) should all feed into the ERP platform. 

ERP Automation Transforms Businesses

So, why is a single ERP repository so important? Because it allows for the automation of inventory processes, and automation enables organizations to do powerful stuff. Investing in an ERP system can help businesses:

  • Save time, money, and human capital
  • Access real-time data for actionable decision making
  • Analyze sales patterns and market trends to accurately forecast
  • Track both electronic and physical data points
  • Reduce manual intervention and human error
  • Prepare the business for the unexpected

With an automated and efficient ERP  inventory management system in place, organizations have a better chance for long-term profitability and survival.

Take control of your inventory management and stop losing money. Get help choosing the right inventory management techniques for your business, and start implementing them today. Contact a Withum ERP specialist online, or give us a call at 646-604-4193 to have your questions answered.

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