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Inventory Management for Retailers - Improve Efficiency and Profitability

From helping businesses track stock levels to collecting and analyzing customer data, ERP inventory management software is extremely valuable for retailers.

How to Optimize Inventory and Fulfillment with ERP

How ERP Inventory Management and Fulfillment Solutions Make a Difference for Retailers

Inventory management software is a system that helps businesses track their inventory levels, orders, sales, and deliveries. It can also be used to create a work order, bill of materials, and other production-related documents. Inventory management software can help businesses optimize their inventory and fulfillment processes by automating tasks, improving accuracy, and providing insights into inventory trends.

Customer experience is important for retailers, and happy customers equal a healthy bottom line. To make customers happy, retailers need to understand what products customers need and want, and what prices they are willing to pay. Retailers also need to ensure that desired products are easy to purchase and always available.

Having always-available inventory is not easy, but it is possible with a modern ERP inventory management software. ERP inventory management software can help retailers:

Accurately forecast inventory needs
ERP inventory management software can use historical data, demand signals, and other factors to predict future demand. This can help retailers avoid stockouts and overstocks, which can save money and improve customer satisfaction.

For example, a modern ERP system can use historical sales data to forecast demand for the next month.
Reduce shortages and excess inventory
ERP inventory management systems can automate the ordering process and provide real-time inventory visibility. This can help retailers ensure that they have the right amount of inventory on hand to meet demand, without having too much inventory that they need to sell at a loss.

For example, a modern ERP system can automatically generate purchase orders when inventory levels reach a certain threshold. It can also track inventory levels in real time, so you can see how much inventory you have on hand and where it is located.
Increase visibility across the retail pipeline
A modern ERP inventory management system can provide a single view of all of a retailer’s inventory data. This can help retailers track inventory from the point of order to the point of sale, so they can see where any bottlenecks or inefficiencies are occurring.

For example, a modern ERP system can track inventory levels in your warehouse, your retail stores, and your distribution centers. It can also track inventory in transit, so you can see when shipments are expected to arrive.

By accurately forecasting inventory needs, reducing shortages and excess inventory, and increasing visibility across the retail pipeline, a modern ERP inventory management software can help you improve the efficiency and profitability of your retail business.

ERP Solutions for Better Inventory Management

As a retailer, you know that inventory management is essential to your business. Having too little inventory leads to shortages, dissatisfied customers, and lost revenue, while having too much inventory leads to additional expenses and costs. A stable and healthy inventory is key to forging strong customer bonds and guaranteeing profitability. An ERP solution can help you achieve the perfect balance by providing you with real-time visibility into your inventory levels, demand forecasting, and order management.

“Having that stock control is incredible. That’s put us at the forefront, especially in the craft beer industry. Now we can track it all; everything we do is in Acumatica. Whatever information we want, we can have it at the click of a button, and that’s the key to our success. We know what’s in each warehouse and when goods are sold.” – Colin Gilhespy, Co-Owner and Managing Director, Cave Direct

Overall, an ERP solution can help you improve your inventory management in a number of ways. If you’re looking for a way to improve your inventory accuracy, reduce costs, and boost sales, then an ERP solution is a great option.

"Acumatica has transformed our business, given us access to real-time stock information, and given us the confidence that we can just keep on growing."

Colin Gilhespy, Co-Owner and Managing Director

Cave Direct

Inventory Management System Benefits

Inventory management systems offer many benefits to businesses of all sizes. Here are three of the most important:

Greater visibility and control.
Automated workflows.
Better customer experiences.

Benefits of an ERP Inventory and Fulfillment System
Greater Visibility and Control

An inventory management software for retail gives you real-time visibility into your inventory levels—something disconnected systems and error-prone spreadsheets cannot provide. The software records inventory data either automatically or through user input, giving you the flexibility to choose what methods work best for you. Access to this ERP inventory management software for retail gives your team members full control over inventory, and they can make data-driven decisions based on updated, accurate information about stock levels and inventory locations (including items in transit).

Automated Workflows

Inventory accuracy is essential for retail businesses, so relying on manual processes and workflows inhibits your ability to accurately maintain inventory—largely due to human error. This inaccuracy results in major disruptions to productivity and affects your customers’ experiences. Automated workflows through the right ERP inventory system eliminate spreadsheets (decreasing human error), improve productivity, and reduce costs. With automated ordering and fulfillment replenishment, you and your business can reduce inventory shortages and overages.

Better Customer Experiences

Having stable inventory levels and inventory that aligns with customer demand means you can give buyers what they want, when they want it, without fail. This creates a strong customer experience, and a strong customer experience yields customer loyalty—stimulating continued growth and soaring profitability.

Here are some additional benefits of inventory management systems:

Reduced costs: Inventory management systems can help you to reduce costs by improving accuracy, efficiency, and visibility.
Increased profitability: Automated Inventory management systems can help you to increase profitability by improving customer satisfaction, sales, and inventory turnover.
Enhanced decision-making: Inventory management systems can help you to make better decisions about inventory by providing you with real-time data and insights.

If you are a retailer, a modern ERP inventory management software can be a valuable tool for improving your business. By investing in an ERP system, you can improve your accuracy, efficiency, costs, visibility, and decision-making. This can lead to improved customer satisfaction, profitability, and growth.

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Inventory Management Software in Action

“Now, I sleep, dream, and hope….Our culture and atmosphere are so much more positive, and people are in a good mood. Everything is coming together, and our company is growing at a fast rate. It’s fantastic.” Dave Munson, Founder and CEO, Saddleback Leather

“We are in an extremely fast-paced industry with 50 different beers from different breweries from all around the world [arriving] weekly. Before, it was just a nightmare trying to keep up with it all. By upgrading to Acumatica, it was so much easier and streamlined, and we have all the information we need in hand to empower sales. Acumatica makes it a hell of a lot easier to sell in a product, knowing that we’ve got full control of where it comes from and where it goes.” Louise Smale, Co-Owner, Cave Direct

“With Acumatica, we can track inventory in real time knowing where each item is. Whether it’s in the production flow, whether it’s in raw material stores, or whether it’s in transit. Having real-time inventory tracking and understanding where it is located in the factories is very important to us.” Devin Samayamanthri, Chief of Staff, Design Studio

“Being able to access data and have the various departments working together in one system [Acumatica] is a real benefit. If the warehouse has low inventory for an item, it is immediately exposed to purchasing to place the order for more. We now have real-time visibility to pertinent data.” Ben Rothe, General Manager & CEO, Premier 1 Supplies

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Featured resources

Application eBook

5 Ways Acumatica Simplifies Item Management for Wholesale Distributors

General eBook

Prepare for the Warehouse of the Future with Acumatica Distribution Edition

eBook

Gain Insights Into Inventory Valuation and Manufacturing Costing Strategies

View all resources

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