Nothing is more disappointing to a customer than placing an order to find that it’s out of stock. Those abandoned purchases translate into losses and dissatisfied customers. A cursory look at your business may reveal the heart of the problem: disparate legacy systems and manual processes obscuring the exact view of inventory. A homegrown solution often falls behind to manage items, handle e-commerce inventory and fulfillment. This invites a host of problems that make it nearly impossible to get the customers the products they need within the promised timeframe.
Let us walk through some of the common inventory management challenges faced by businesses.
- Incomplete, inaccurate or delayed shipments
- Supply chain complexity
- Hurdle in managing warehouse space
- Insufficient Order Management
- No or little idea about how much inventory is needed
- Poor Production Planning
- Out-of-stock situations
- Major losses
- Unable to keep with customer demand
- Poor relationship with suppliers and vendors
Forward-looking businesses are mitigating these challenges by using robust ERP software. SAP Business One helps you to keep track of products and when to have them on hand. You can maintain optimal inventory levels while ensuring you meet business demands on time. In contrast, legacy ERP often lacks the real-time visibility needed for today’s modern retailers and distributors.
SAP Business One Cloud offers a competitive advantage over spreadsheets and legacy software. It renders transparency and visibility into stock with anywhere, anytime access. Integrated with finance, logistics, sales and other vital functions, it optimizes the supply chain process while keeping a constant tab on product movement. This results in better business efficiencies, avoid stock out situations and save both money and time.
Let us quickly see a few more compelling benefits of having SAP Business One in your business.
- Better Inventory Accuracy: It’s easier to know what’s in stock. This helps you to order only those products you need to meet demand.
- Avoid Stockouts and Excess Stock: The right software helps to keep a tab on items running out of stock and avoid having too much inventory.
- Monitor expiry date: It is easy to spot sales trends or monitor expiry dates.
- Negotiate better with Vendors and Suppliers: Gain critical insights as which product is in hot demand and which one is not. This can help you negotiate better prices and terms with suppliers.
- More Productivity: It minimizes manual processes thereby saving time that could be spent on other activities.
- Better Customer Experience: Customers receive their orders on time and are more loyal to the business.
- Fulfill multi-location requirement: You can have real-time visibility into stock levels and eliminate chances of multiple shipments for a single order and high shipping charges.
Gain an enterprise-wide view of inventory with SAP Business One
With visibility into inventory across all locations, you can take the guesswork out of the equation. SAP Business One gives accurate and real-time information about inbound and outbound inventory. This helps business leaders to plan better, monitor stock levels and manage multi-level bills of materials (BOMs) at various locations and warehouses.
Companies that embrace SAP Business One and leave aside legacy software gain a competitive edge over their peers. They can manage inventory transfers, eliminate supply chain delay and irregularities and mitigate all inventory-related challenges.
Let’s meet you in person and discuss in detail how investing in SAP Business One can mitigate all your inventory woes and improve profitability in your business.