Wholesale distribution software is an indispensable element in a distribution company’s toolkit. It brings a ton of value, especially in the way that it facilitates visibility, accountability, productivity, collaboration, and cost-efficiency.
It lets companies get a better grasp of what goes in and out of their operations, allowing them to be in better control of their work, expenses, and decisions. In this article, we’ll touch on the benefits of wholesale distribution management software like the one offered by Navigator Business Solutions.
What Does an Inventory Management System Do?
An inventory management system is software that’s designed to track a company’s goods as they flow through the supply chain. It comes with a lot of capabilities, from managing stocks to filling orders to forecasting demand, and everything in between. If your ERP system includes accounting software for distribution, it can even perform numbers-related tasks!
Here are some of the tasks that an inventory management system can do for you:
Inventory Management
An inventory management system’s main job is to give an overview of a distribution company’s whole inventory. It can help you control the movement of goods throughout your supply chain, from production to end-sales. Among its inventory-related features are:
- Inventory control: Organizing data by categories
- Tagging and barcoding: Automating the collection, storage, and organization of product data
- Inventory tracking: Checking the status of products in the supply chain
- Inventory optimization: Making inventory processes more efficient
- Warehouse management: Tracking goods in multiple warehouses
Reporting and Analytics
The reporting capabilities of an inventory management system are one of its most beneficial features. Because it keeps tabs on all aspects of your inventory, it can provide you with valuable insights that can help you make decisions that will push your business in the right direction. You can get reports on current status, as well as forecasts based on distinguishable trends.
Purchasing
An inventory management system can help you manage your stocks, giving you alerts when it’s time to reach out to your suppliers for raw materials or basic products. You can also perform any purchasing-related tasks through the platform, such as making orders.
Shipping
Shipping is a key part of distribution. You should always be updated on the movement of your goods, especially when important stakeholders, clients, or customers are waiting for them on the other end of the line.
Backup and Security
Any business that relies on the Internet (which, nowadays, is all businesses) is at risk of hackers, and when unwanted players enter your inventory, it can spell disaster for your operations. An inventory management system comes equipped with robust security and backup features so that you’re well-protected from unfortunate events and have safety nets ready to keep business going as usual–no matter what happens.
Benefits of an Inventory Management System
Here are some reasons why you should employ an inventory management system in your business:
Efficient and Productive Operations
With its inventory management features, an ERP can help your teams be more efficient and productive in the way that they fulfill their day-to-day tasks. Mundane to-do’s can be automated, and important information that your employees need can be in their hands much more quickly.
Reduced Costs
With an optimized inventory management system, you can reduce costs by lessening waste, speeding up processes, and freeing up space. You can cut your expenses in labor, transportation, and storage just by employing an ERP.
Improved Customer Experience
A more organized company will be able to fulfill customer orders more swiftly and accurately, enhancing their experience with your company and products. This will help build brand reputation and loyalty, which will come back tenfold in the long run.
Better Business Relationships
When you’re on the nose of things in your company, you’re able to maintain good relations with third parties who keep your business going, such as stakeholders, clients, and suppliers.
Informed Business Decisions
Reports, analytics, and insights derived from an inventory management system can help you better understand the state of your distribution company. Consequently, you can make data-informed decisions that can help you improve your operations.
Get the Right ERP to Manage Your Inventory
A good inventory management system starts with a top-tier ERP like the one from Navigator Business Solutions. Get in touch to learn how we can help you streamline your inventory management processes today!
