In the age of the uncertain economy, businesses are constantly looking for ways to maximize profitability. One of the best ways to attain this is by boosting operational efficiency in order to generate a more productive organization. For companies in the manufacturing and distribution business, streamlining inventory management practices may be the most effective method.

An article in Forbes lists the numerous ways efficient inventory management can help an organization reduce spending and maximize profits. Lisa Wirthman, the author of the article, explains that a number of businesses do not respect the high costs of managing stock. She also suggests this isn't exclusive to one particular industry and that virtually any organization that manages product can benefit from a well-managed inventory. 

"From surf wear to Chinese food, innovations in inventory management are helping businesses reduce their bottom lines," Wirthman writes. "Companies looking to streamline their supply chains often overlook the costs of the inventory they carry. Inventory can range from raw materials to finished goods to anything in-between."

Finding the right inventory management software will go a long way toward assisting with these initiatives. A system that can integrate with other applications and processes will ensure that all users are on the right page and will help reduce a number of risks such as backorders or overstock. In the manufacturing industry, the ability to share real-time inventory information will allow those tasked with building products to adjust production schedules to ensure stock is filled appropriately at all times.

By integrating inventory management software with an all-inclusive ERP system, businesses can rest assured that all of their processes will be efficient, which will make an even bigger impact on an organization's profitability.