Inventory control is among the most pressing matters for businesses across all sectors – and for good reason. Both overstocking and understocking can create significant issues that hamstring shop floor operations and drag down the bottom line.

Countless organizations have begun investing in internet of things devices and other advanced technologies in an effort to streamline inventory control processes and reduce the likelihood of stocking mishaps. For instance, an estimated 80 percent of retail companies purchased so-called visibility platforms in 2018 to bolster their stocking strategies, the International Data Corporation found.

While these new tools can certainly make an impact, one long-standing tool that can support inventory management optimization at scale is an enterprise resource planning solution.

The original visibility platform, the ERP system gives enterprises the power to take control of their warehouses and implement inventory management strategies that both lay the groundwork for significant cost savings and facilitate the responsive stocking methodologies needed to keep production moving and customers happy.

Here are some of the ways ERP technology can improve inventory control operations:

Real-time inventory tracking
Inventory monitoring is a major problem for many companies, especially for those that attempt to use antiquated processes to track items spread across multiple sites. This ineffective strategy often leaves organizational stakeholders blind to the actual state of the stockroom.

ERP platforms, on the other hand, allow inventory management teams to track every consequential unit, from shop floor output to the spare parts used for maintenance operations, in real-time, according to IT Toolbox.

In-the-moment stockroom control
Businesses without up-to-the-minute insight into their inventories are often slow to identify and address stocking trends that damage the bottom line. Conversely, those with access to ERP technology can view outbound and inbound shipments as they progress through the supply chain, pinpoint potential inventory control issues and make adjustments to avoid financial repercussions, ERP Focus reported.

With this technology in place, enterprises do not have to wait for quarterly reports to make money-saving inventory adjustments.

Operational improvement monitoring
Many modern companies are pursuing continuous improvement as part of larger lean operational methodologies. This sort of work requires consistent goal-setting, stringent tracking and on-the-ground adherence. Unfortunately, it is all too easy to fall behind on these efforts as they relate to inventory management without a tool for overseeing improvement.

ERP platforms can facilitate such activities, allowing businesses to configure targets and track progress through automated data flows, according to IT Toolbox.

Together, the inventory management advantages that come with ERP implementation are too good to pass up.

Here at Accent Software, we help businesses reap these benefits. As a certified Microsoft Business Solutions partner, we provide vendor-vetted Microsoft Dynamics NAV implementation services, which allow companies across all sectors to adopt quality ERP software designed to bolster inventory operations.

Connect with us today to learn more about our products and services.