Real-time inventory management helps to streamline the supply chain and get visibility into the inventory at any time. Real-time inventory management is the process of keeping track of inventory sales and purchases using software to trace them as soon as they occur. SAP Business One is an ideal software your company can consider for real-time inventory management.
Many benefits come with real-time inventory management. Businesses that have not considered venturing into the practice should consider SAP Business One first since it is a viable solution. Real-time inventory management enables the company to prepare for unexpected events, timely restocking of items, quickly respond to demand, and efficient management. Here are a few facts about why you need to integrate real-time inventory management in your business.
Let us begin,
Why You Should Use SAP Business One
SAP Business One uses integrated programs to track the arrival of items and those in transit using barcode scanners connected to the internet. Moreover, it optimizes other functions to simplify inventory management. The following are some of its key features:
1. Scanning of goods
SAP Business One scans items and gets detailed information about their movement. You only need scanners and the internet for real-time inventory of data. By digitizing goods, real-time data gets to employees quickly, enabling them to have optimum output. Real-time inventory monitoring is easy using the software due to automated processes. The information collected gets displayed to every system connected to SAP Business One for easy connectivity. Therefore decision-making processes around the company are fast and efficient.
2. Integrate business functions
Accounting, warehouse management, production management, and other business functions can all be synced and accessed on the dashboard by SAP Business One. The flow of real-time information within the organization can occur by combining departments. The system usually updates processes such as setting up invoices, shipping information, and much more automatically.
3. Forecasting and using the dashboard
SAP Business One provides real-time information for forecasting business operations. The software gives you access to a portion of the company’s operations or the whole picture. For instance, the quick view web client part allows you to search and filter data, which gives you a fast glimpse of what you need about the client like, their balance.
You can also use the general overview web client part to look at sales, inventory, gross profit, and other transactions made with the client. With the available information, you can forecast the future trend of the customer. The software also helps in planning purchases based on sales, item quantity, and demand. It is easy to operate since all the functions are available on the dashboard.
4. Automating sale order entries
Handling sales order entries by hand(manually) can be problematic. SAP Business One automates the whole process by linking sales orders and inventory data in real-time. It also allows you to use any device to confirm fulfilled orders and get real-time information on the remaining inventory. Therefore, the process becomes accurate and less time-consuming.
5. Managing stock levels
SAP Business One allows up-to-date circulation of information which helps in managing the inventory levels. It gives you detailed information on what is needed and when. You can then order and receive the products before running out of stock. The software can also set reminders for you to avoid unnecessary overstocking of items in the organization.
6. Integrating warehouse solutions with your freight specialist
Automating your delivery processes with SAP Business One can help you reduce costs. The SAP Business One software can integrate with SmartFreight from Leverage Technologies, UPL, FedEx, DHL, MetaPack, and many others. Automated deliveries get up-to-date tracking information to ensure they arrive at customers on time. Additionally, they generate automatic reports to aid in making quick decisions.
Benefits of Real-Time Inventory Management
Real-time inventory management has many advantages for businesses since the information in circulation is often accurate and reliable. Using SAP Business One for real-time inventory management can reap the following instant benefits:
1. Reliable information
Since the entire process is automatic, the data extracted is accurate. It gives your employees enhanced visibility of the flow of inventory in the organization. Whether it is peak season, a holiday, or another time when changes in your supply chain need monitoring, it is easy to rest assured that you will always receive reliable information.
2. Saving time and money
Real-time inventory management saves you time because you do not need to count items frequently. Furthermore, it allows you to make informed decisions, saving money by preventing errors that could lead to losses. SAP Business One will help mitigate risks related to poor inventory management, saving you money that you can invest in expanding the business.
3. Enhanced scalability
SAP Business One will ensure that your supply chain grows to expand your business. Scalability is almost the first advantage businesses experience after integrating the software.
4. Makes Reporting easy
Inventory management in real-time allows for the quick generation of reports. As a result, management decisions can take place quickly, improving the internal affairs of your enterprise. It also allows your team to respond to sudden changes in demand quickly and effectively.
5. Organizing warehouses
A real-time inventory management system helps organize warehouses. The warehouse solution tracks where your products are moving to provide a comprehensive warehouse solution. It also optimizes the workflow in the warehouses to give you a competitive advantage over your business competitors.
6. Improves customer experience
Real-time inventory management prevents you from any mix-ups with delivering goods to customers. Customer satisfaction will lead to better reviews for your company which can help attract more customers. It can also enable you to have more transparent business transactions with your customers by sharing the information they need on their deliveries. The tactic can help to improve their customer experience and increase returns for your business.
SAP Business One is a powerful software to help you integrate real-time inventory management into your business. It has a lot of innovative features to facilitate your organization in running operations smoothly. Call us today to deploy SAP Business One in your company for scalability and high returns.