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Inventory management is becoming one of the topmost priorities for businesses worldwide. The main aim of inventory management is to ensure the continued supply of inventory, avoid instances of overstock and understock, keep material cost under control, keep low cost of production and so much more. It also eliminates duplication in ordering and replacing stocks. Thus inventory management is highly important to mitigate unnecessary costs and keep tight control on bills of materials.

Whether you’re running a brick and mortar store, retail outlet, an eCommerce site, a Pharma company, or a logistics company, an inventory management system is a must-have in your business. It will give you insights into every aspect of your products and helps you to evaluate the buying patterns of your customers to some extent.  

So, let us talk about some of the functionalities of inventory management software such as SAP Business One. This software will mitigate your ongoing concerns and help you know what you have, where inventory is stocked and how much you” ll need.  

Spare Part Replenishment

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The replenishment functionality gives you a comprehensive view of inventory levels. It helps to provide accurate delivery data and eliminate instances of unnecessary delays. Warehouse managers can know precisely which stock currently they have. They can avoid all probabilities of delays and speed shipments. Further, it is easier to perform calculations of the item price for specified clients. The best ERP software India also generates purchase requests on the basis of setup and actual stock information.

Multi-location Stock Management

It is easier to manage inventory with a single software. You can easily handle and manage quantities of items and their positioning. The software facilitates easy movement of multi-location stock items without any errors and calculation at multiple warehouses, distribution centers, service vehicles and showrooms.

Stock notifications

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Worry no more as you can now keep track of stock on the pulse. Receive alerts and notifications when there is over- or under stocking beyond a defined parameter. This helps you to offer promotional discounts on products that are lying extra in stock. It will boost profitability and also customer satisfaction.

Stock return handling

Now it is easy to keep a tab on return handling. You can easily manage returns effectively and reduce the time to return by automating the entire process.  Every department has to maintain a dedicated database for each section. This gives a clear idea of what has to be ordereds when it has to be ordered, what products have to be stored, where do they have to be shipped, etc. This will reduce any kind of confusion, mitigate manual errors and additional costs.

Demand forecasting

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This automotive ERP software helps you to predict future demand. With the inbuilt BI feature, you can accurately forecast the demands of products. You can forecast purchase and stock requirements and analyze customer buying patterns. It is easy to create a comprehensive view of purchase order records. You can identify which products are in demand and plan its production accordingly. 

Now it is easy to keep a track of stock movements, sales agreement, purchase agreement, bin management, QC management, optimize inventory levels and improve on-time delivery with the best ERP software India.