There are more benefits that companies can reap if they employ the NetSuite ERP Inventory Management system in their business. The utilization of inventory management software itself has offered a lot of benefits compared with manual management of stocks. With an ERP system empowering the inventory management department, there are bigger advantages that you can expect from this combo.
With inventory management software, you can accomplish a more precise, efficient, and potentially profitable inventory management duty; however, you’ll gain much bigger benefits if you use the ERP for inventory management software. Here are some of the known benefits of using an ERP system in the inventory management ecosystem.
Business-Wide Inventory Management
When you use inventory management software, it can manage the inventory of all departments in your company; however, it often has limited features to dig deeper into the specific functions and purposes of certain stocks within certain departments.
As a result, it alone might not be able to specifically determine which stocks are the most beneficial for certain departments. ERP’s all-encompassing feature understands what each department needs and can assist the inventory management software in handling the stock management and fulfillment of every specific department.
Also Read: Netsuite ERP’s Inventory Management Software
Inventory Management Centralization
Inventory management software generally works in a specific department that manages only the stocks and warehouses. ERP, on the other hand, allows the centralization of all applications, including inventory management software, to work across all departments. With NetSuite ERP Inventory Management, managing inventory across all departments becomes more efficient, reducing unnecessary and costly redundancies and duplicates.
Centralization also allows seamless communication between inventory management software with other applications that the company uses, such as accounting and human resources software.
Inventory Management Automation
One of the most useful electronic tools that ERP offers are scannable codes, such as barcodes, QR codes, and RFID. By embedding these tools into the inventory management system, a lot of inventory management processes can be done more automatically and efficiently. Errors that arise from manual inputs and handlings can be reduced, if not eliminated, and so can any unnecessary expenses.
Better Decision-Making Mechanism
Companies can make better corporate decisions if all of their departments communicate with each other efficiently. ERP integrates the operations of the company’s diverse functions, including inventory management. As a consequence, every decision that it makes for its inventory management affairs, for instance, can be synchronized with what other departments need.
NetSuite ERP Inventory Management allows this integration and seamless communication, ultimately assisting businesses to make clearer forecasting and better decisions. (pc)
Also Read: ERP vs Inventory Management