The importance of managing your stock inventory across your network
The importance of managing your stock inventory well across your complete supply chain cannot be over stressed.
Well-managed and visible stock inventory information increases confidence across the partner network. Product availability indicators are accurate and in real time. This accuracy signals that the company runs a “tight ship”. It forms an essential part of the partner supply value-chain.
A good stock inventory system will show the quantity of inventory available in real time. It may also incorporate back-order and drop-ship management capabilities for orders. It must be easy to identify perishables easily. This will help move these products through sales before expiry.
Stock inventory typically provides a smaller business with one of its biggest costs. It is essential that inventory management and accounting are part of the same system. On dispatch or receipt, the updated figures should be automatically posted to accounting automatically in real time. Profitability is better as the figures for inventory are always accurate resulting in better sales and purchase commitments.
A Cloud ERP can help in effective inventory management in a capable, affordable and a hassle free manner.
This is the fourth article in the series of articles by the VersAccounts Team on “Can small businesses thrive using strategic collaborations with supply partners and customers?”