How ERP can help wholesalers in efficient inventory management
Wholesalers are the link between manufacturers and retailers in the product distribution channel. Since wholesalers are always dealing with large volume of stocks, planning and forecasting of inventory is crucial to their success. With the right inventory management system one can report and track stocks real-time thus giving a complete oversight of the business and helping in better decision making. Additionally, one can avoid overstocking or under-stocking that has a major impact on the overall cost and revenue of the company. Depending on the demand of the inventory, wholesalers can decide as to what type and quantity of goods/raw materials needs to be in stock. They will also be able to see what stock is committed at any given time.
Inventory planning is crucial for an enterprises’ performance. For instance, factors like seasonal demand, market trends, and economic conditions can cause change in demands. With automated demand forecasting wholesalers can efficiently keep a tab on the stocks.
A sophisticated and automated ERP system helps businesses avoid the lengthy and tiring manual process of inventory management. It enables wholesalers to track and manage data across multiple warehouses and currencies all while giving real time visibility to current inventory in transit, costs, and reorder quantities. This benefit of ERP software also gives users access to expiration dates, negative inventory and bin locations.
One of the award winning inventory management softwares, the Deskera ERP empowers wholesalers to:
Manage warehouses: Deskera offers unique features when it comes to tracking inventory across different locations. The physical locations themselves can be hierarchical, allowing the creation of sub-locations. These locations can then be broken down into bins to provide a more finite level of tracking. Once the locations and bins are defined, any item can be stored in any location, which gives you a holistic view of inventory levels across all physical locations.
- Gain complete traceability: Wholesalers need to trace products through its entire lifecycle right to the receipt book. With Deskera ERP, you can define inventory and manufacturing items and even track them. The system will capture and identify all relevant information on every transaction to offer complete traceability.
- Cycle counting: No matter how great your manufacturing, accounting, tracking and reporting control systems are, you have to carry out consistent checks of actual inventory levels for major things. Deskera ERP for inventory and accounting can help lessen required security stock and lower your overhead expenses. The software enhances inventory and accounting management thereby offering you extra control over your benefits. You can order inventory in smaller or bigger quantities as per your requirements. It is also possible to customize your inventory as per the changing market needs.
- Replenishment: Maintaining the accurate amount of inventory to back the service level expectations is extremely important. Deskera ERP offers multiple features to automate this process. You can track your inventory from multiple stock levels, monitor the process and get real-time data for the same. It provides purchasing, receiving, stock management functionality, along with full recipe and product costing capabilities.