It’s no secret that every business wants to be run intelligently and profitably. Taking advantage of the business intelligence tools offered within ERP software is most certainly one way to do that. ERP software that is geared towards your business and addresses your business needs and concerns can help save time, increase revenue, and enhance employee and process efficiency. Here are a few of the benefits that utilizing the business intelligence options within your ERP software can have on your company.
Make Better Inventory Decisions
When you run a company that has to maintain a certain level of inventory, or any inventory really, on products that you offer, it can be difficult to have the right number of products in stock. Sometimes you overestimate the need of a particular item and end up having a larger number remain in stock beyond what you anticipated, thus costing you money and taking up valuable warehouse space.
Inventory control tools available to you within ERP software can help your company make better inventory decisions through:
- Coordination – key elements that drive inventory across your supply chain are now more fluently coordinated, tracked, and maintained strict control of to optimize inventory.
- Standardization – analysis of inventory that is slow-moving, in excess, or that moves more quickly than others allows for the targeted promotional and product rationalization programs that will help maintain the optimal inventory levels.
- Utilization – improving warehouse utilization allows for the optimal use of existing, available, and potentially available space throughout your facility. This would then allow procurement and production scheduling teams to work more efficiently and effectively.
- Forecast Accuracy – improving forecast accuracy is critical to minimizing the amount of inventory being held at any given time. This in turn helps keep costs down and allows for a more accurate order to be placed on a regular basis.
Business intelligence uses technology to analyze your data and create usable information that aids in your decision making. Your ERP software should provide reports and data that helps you make better inventory decisions, therefore saving you money and improving customer service.
If your current ERP software is lacking effective business intelligence tools – contact us!
Our Professional Services team can show you improved ERP systems for your organization that will better meet your needs.