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ERP Software - Optimized Inventory Management To Survive Difficult Times

 

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ERP Software - Optimized Inventory Management To Survive Difficult Times

Everything business related becomes trickier in the times of economic crisis. The current global pandemic has had several economic consequences. This health crisis has left a significant impact on the way people distribute and consume goods.

Small and midsize businesses are often found on the front lines in these difficult times. They have numerous obstacles to overcome such as reduced activities, supply chain problems and cash flow issues, etc. Well, it doesn’t mean that big organizations couldn’t face any of these problems. However, they can easily bounce back in the times of crisis for so many reasons.   

Some businesses like manufacturing and production are more affected than others; for instance, eCommerce. Here comes the need to reorganize and optimize your sales order and inventory management. As a manufacturer you must be determined to go the distance and for this an ERP software for manufacturing becomes mandatory.   

Key Practices for Inventory Management & Optimization 

Inventory management can help businesses pull through the times of crisis. With this in mind, we bring you some practical recommendations that should be implemented as quickly as possible for improved inventory management; thereby, maximizing the likelihoods of weathering the economic storm.  

  1. Evaluate Existing Inventory:
    First and foremost thing is to analyze your current stock inside out. You must know the product categories, quantities, and storage locations, etc. A stock inventory app can give you a good visibility on your existing stock. Knowing what you already have will help you manage your purchase and sales orders.


  2. Determine Inventory Value:
    Consider your inventory as trapped capital and it will help you determine the changes you need to make for increased sales. It’s important to thoroughly assess the value of your goods in stock and will give you some insight into optimizing your inventory for increased liquid assets.


  3. Identify Cost-Effective Products:
    Calculate the costs of your products and segregate the items with high profit margins. Since profitability is critical for any business, you need to build your sales strategy around goods with higher margins. 


  4. Update Product Portfolio:
    Along with identifying valuable products, determine the best-selling items to streamline your offers. As you refine your products catalog, you will be in a better position to focus on the selected products with a high turnover.   


  5. Dead Stock Reduction:
    Unsold items sitting on the shelf will not only weigh down your profitability, but also cause unnecessary additional costs. Now is the time, during the crisis, to offload your inactive inventory fast through clearance sales and promotional offers.  


  6. Simplify Product Management:
    Organized product management makes a great difference in difficult times. It helps make your business operations like sales and work orders, and supply chain, etc., seamless. With simplified and well-organized inventory, your business can quickly get back on track.

Last but not the least is to check your merchandise traceability by creating SKUs (stock keeping units) and using inventory tracker software and accelerate the ordering process by setting up a scanner system. Finally, to manage big inventories and warehouses, it is highly advisable to implement a manufacturing management software like MIE Trak Pro.

Bottom Line:
Whatever the business type and size is, their strength regardless of the sector and distribution models lies in their ability to adapt in terms of professionalism, speed, technology, and organizational management. Keep preparing your business to cope with whatever comes next.   

 

 

 

 

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