Inventory management helps you know what products should be on hand and when. It’s largely about understanding of products in your warehouse and location of your stock. It helps you maintain optimal inventory levels and avoid unnecessary expenditures, while ensuring you meet all demands and not run out of goods. You need to assess today’s needs and plans to determine right inventory management system for your business. You should also consider that with your evolving business, if the system gives you the visibility to manage inventory requirements or not.
There are traditional on-premise ERP systems and some other not-so-sophisticated systems like QuickBooks that typically lack the real-time visibility required to manage inventory with present-day modern distributors. Several companies still resort to spreadsheets or even rely on gut feel to manage inventory, resulting in potential costing of thousands of dollars in lost revenue from stock-outs.
Cloud-based inventory management offers a powerful option to manual approaches for inventory management. A useful cloud system offers real-time visibility into the inventory, through anytime-anywhere access into critical information. Integrating seamlessly with demand planning, logistics, financials; it can function at the core of ERP system.
Scalability, flexibility and visibility are three key elements that work with an integrated approach to cloud-based inventory management.
Spreadsheets or QuickBooks might be serving the purpose that’s just starting out, but with continuous growth, the capabilities of managing inventory in this manner will fade out. You need to be sure that your inventory management solution scales with your growing business. It should be able to scale with your increased market share, handle more products, enhanced volume, customers, suppliers and location for coming years. NetSuite ERP development can offer right cloud inventory management system that scales as your business grows, since the cloud make its easy to add functionality, users, warehouses, suppliers, etc. without the effort required to implement a new on-premise system. A cloud system enables you to use required functionality and offers sophisticated features and unlimited capacity for more users and information.
Company operations change with growth and businesses, so you need to ensure if your inventory management system evolves with you. A right system will allow you to make changes in reporting to improve inventory management speed and preciseness. Change could also mean adding new barcode system or introducing capabilities for quality lot, pricing, bin management, etc.
Complete visibility into inventory availability is critical to meet customers’ expectations and even unexpected changes in demand through various warehouse locations. The cloud gives real-time visibility into warehouses either domestically or internationally. This type of visibility helps influence purchasing requirements and transfer requirements.
In order to avail precise inventory management system, you shall opt for NetSuite development services from an accomplished name in the industry. NetSuite Expert has been serving global clients with its team of highly qualified NetSuite developer and has marked its excellence in every aspect. We allow you to configure the system as per your business requirements and have complete visibility into your warehouse across different locations.