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Simply put, inventory visibility is knowing how much inventory is available, at what location, and at any given point in time. Whether in transit, in a warehouse, or distribution centers, you need to know inventory levels at all locations.
1. More accurate forecasting
When stock is optimized in the right manner, routine inventory audits are done on time with inbound, outbound, warehousing, and in-transit movements tracked meticulously. Forecasting becomes sharper and distribution is better planned.
2. Smarter resource allocation
Inventory ties up money and should be kept at the lowest possible levels. Inventory visibility ensures your capital is not sitting on warehouse shelves and that it is being used in your operations.
3. Increased efficiency and better use of employee time
Manual inventory tracking takes multiple resources and lots of employee time. Automatic tracking of inventory levels as transactions occur increases efficiency, frees up staff to work on other activities, and enhances business performance.
4. Reduced stock levels
Stock-out and overstock can lead to dissatisfied customers and tied-up capital. Inventory visibility helps keep stock levels optimized to meet customer demand, keep costs down, and improve warehouse organization as stock is more efficiently managed.
5. Greater supply chain transparency and increased demand fulfillment
Inventory visibility is one of the most critical management tools of manufacturing as it boosts profitability. In some organizations, inventory is located in many locations to include distribution centers, warehouses, store shelves, backrooms, etc. It’s important to know the quantity available at each location to eliminate inventory waste costs.
Inventory visibility monitors orders and constantly updates the supply chain to meet promised deadlines. Having inventory reconciled to meet demand results in increased profitability and customer satisfaction.
5 Ways ERP Helps You Meet Production Requirements
1. Resolves unpredictable scenarios
2. Enhances just-in-time inventory strategies
3. Allows better inventory levels and improves customer relationships
4. Drives omnichannel growth
5. Provides actionable insight
SAP Business One, one of the renowned ERP software systems for small and mid-sized businesses, effectively balances inventory management and sales orders for better business growth. SAP Business One is the platform upon which OptiProERP is built.
OptiProERP with SAP Business One helps improve inventory visibility to your supply chain with:
To learn more about inventory management and supply chain visibility solutions, please feel free to contact us.
The post 5 Ways ERP Improves Inventory Visibility appeared first on ERP for Manufacturers | Manufacturing Software | OptiProERP.
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