The greatest challenges in running a business often come in the form of inventory management. When you have products or even dropship, you need to have your eyes constantly monitoring stock. Otherwise, you might find yourself in a situation where people can’t get what they need and want.
You want to work productively. That means you need resources that tell you when a product is coming and going and how much you have of any one thing. After all, the cost of storing some items could be exorbitant.
That’s where an ERP solution known as SAP Business One (B1) makes a grand debut. The technology involved streamlines inventory management, so you are far more effective and efficient at monitoring stock. With SAP Business One, you get more control over your business and costs.
Inventory Management Hacks With SAP Business One
Here are 6 inventory management hacks made possible by the SAP B1 ERP system:
1. Scan Goods at the Warehouse on Arrival and Departure
There have been many marvelous innovations created by the Internet of Things (IoT) that have transformed inventory management on a global scale. For example, did you know you can use SAP Business One to scan items within your inventory and get detailed information about its movement? All you need are scanners connected to the internet.
Then that information is displayed across every system connected to SAP Business One within your business. That means anyone from the employee packing up orders to the highest tier of administration can make use of the information.
2. Integrate Accounting, Warehouse, and Production Management
Integrations are one of the biggest benefits of utilizing SAP Business One. Even if you are currently using a collection of highly functional software to manage separate departments in your business, SAP Business One can connect each one seamlessly, so you have data synced all in one easily accessible dashboard.
This is ideal for businesses that require in-depth insight to every single process, from financial, accounting, and production data.
Here’s how it works. When you receive a goods receipt on an order, SAP Business One automatically updates the stock listing within the warehouse, pushes through with the shipping information, sets up an invoice, and informs the management about the delivery date.
If you are using an eCommerce platform, SAP Business One can update information related to your website and vendor information. Since information is captured with each transaction then displayed in real-time, you always know how much product you have, where it is located, and what the financial status of your business is present.
3. Use the Dashboard and Forecasting
Whether you want to see a portion of data or the whole picture of your business, warehouse, or distribution center, you can with SAP Business One. Let’s say you need to get specific information prior to completing a task. SAP Business One allows you to search and filter data, but for the fastest route, go with Quick View, which is part of the web client.
For instance, you might have a client who has a credit with your company. You can utilize Quick View to peak into their balance before filling out the invoice.
Optionally, you can view the whole picture. With General Overview in the web client, you can see the number of sales, inventory, gross profit, open sales, and much more. All this analytical data will help you see how well your organization is doing at a glance.
Once you have become comfortable with the dashboard and other functions, you can begin using that data to your advantage with the material requirements planning function. Rather than using the reported information to manually plan inventory levels, you can set up the reports to see actual and forecasted orders, bills of materials, production and purchase orders, and demand.
SAP Business One also assists with planning purchases based on sales, the quantity of an item, and demand. You’ll never have to worry about going out of stock again.
4. Automate Sales Order Entries
When you have employees manually checking the amount of inventory you have, there will be problems. Human error can put a serious strain on productivity. Having SAP Business One, though, will automate the entire order process, because it links sales orders and inventory data in real-time. With any device, you can easily check to make sure orders can be fulfilled and that enough inventory remains.
When SAP Business One receives an order, the system scans the items within the warehouse. The items are listed as available or unavailable. If item availability is confirmed, SAP Business One will then look out for following orders that could cause overlap and will also make sure inventory amounts stay up.
The warehouse staff also receives whatever information SAP Business One generates. Once the order has been packaged and shipped, the data is registered with SAP Business One. This makes inventory management much less time-consuming and more accurate.
5. Integrate Warehouse Solutions to Your Courier or Freight Specialist
There is more to automate than your sales. By integrating applications for your chosen courier or freight service, you can automate most of the delivery process. One example is the SmartFreight integration by Leverage Technologies that weaves directly into SAP Business One. Other courier integrations include Parcelforce, MetaPack, FedEx, UPS, DHL, and more.
Automatically start delivery requests, get up-to-date tracking information, and ensure packages reach the customer. SAP Business One routinely reports any updates, so you know when the item is both shipped and received.
6. Ensuring Appropriate Stock Levels
Supply and demand often means that your stock will suddenly be lower than anticipated. Other times, you’re faced with too much stock to handle. Keeping stock at the optimal level means preventing out-of-stock situations that affect your reputation and also reducing operating costs.
SAP Business One can assist with purchase planning, so you can set reminders to reorder a product when necessary, rather than accidentally overstocking. The material requirements planning feature in SAP B1 forecasts your material needs. You also receive detailed reports about what is needed and when. This ensures you have enough time to order and receive the product before going out of stock.
SAP Business One is the ultimate inventory and warehouse management solution. The system streamlines the processes within your business and displays useful information on the dashboard. Be sure to utilize the 6 hacks mentioned in this article to get the most out of SAP Business One. You’ll be able to do more with the system and optimize your business!
Curious to learn more about how you can optimize SAP Business One or which programs can be integrated? Give Wisys a call at 770-955-3530. Whether you need to troubleshoot SAP B1 or simply want more control within your warehouse, we have you covered.