Your inventory management checklist

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Managing inventory well is crucial in the manufacturing industry. If you can't keep up with demand, you'll be working overtime to make your customers happy. If you overshoot and make more products than necessary, you'll have wasted resources sitting in the warehouse. Understanding these best practices and implementing inventory management software will keep your enterprise on the right track. 

Forecasting
The ERP Software Blog identifies important factors to consider when predicting your demand. Learn what trends are affecting your suppliers, since they're directly connected to your product. Consider seasonal factors: do you sell more products at a certain time of year? Are there lulls in sales at other times? Review historical sales activity, for a 2- to 5-year period. Also, remember any constraints such as storage space that could limit your output. 

Automating
The right inventory management system will let you automate many tasks. This will eliminate human error, speed up processes and free your team for more important work. TLC Group points out that the automation tools provided by an enterprise resource planning (ERP) system lets your team keep track of inventory in real-time, avoid overstock and prepare for any unexpected events. 

Automation can help your inventory management team run more efficiently. Automation can help your inventory management team run more efficiently.

Changing models
Inventory management is not a one size fits all type of solution. If it's difficult to keep up with certain products, or if your current model is causing inefficiencies, you could consider different inventory management models. The inventory management module of an ERP system lets you review your entire supply chain to help you develop the right solution for your vendors, your team and your customers. 

The right system can streamline processes to make sure your operation is producing the right amount of inventory for your needs. Accent Software is a full-service software consulting company that can help you implement the right system to boost your efficiency. We have industry-specific add-ons that are tailored to the needs of your enterprise. Contact us to learn more.