First off, what is insight-driven inventory management? To put it simply, it is an approach that uses customer data, real-time analytics and market trends to make intelligent, proactive, and customer-first decisions.
An ERP system is a great tool for insight-driven inventory management because it collects all the data from your operations.
Businesses can improve their warehouse and distribution processes by reaping the insights from this data. As a result, they also save on costs and increase profits.
Benefits of insight-driven inventory management
1. Improved customer service and loyalty
By learning the historical data from your warehousing and distribution, you’ll be able to provide the right product to the right customer at the right time. Moreover, you’ll become more flexible to your customer’s changing needs.
But don’t just take it from us. Here’s a case study of how of a business that was able to control their stocks with ease and accuracy.
2. Lower stock-outs and overstocks
When you don’t review real-time data, you can easily under or over stock your items. An automated system with inventory forecasting features will help ensure that you order and replenish stocks based on accurate data.
3. Reduces inventory costs
Because of the visibility and precision provided by intelligence tools, you reduce the risk of overspending when it comes to inventory costs. You can also project the expected costs with forecasting tools.
4. Synchronises supply and demand
The ups and downs of supply and demand can affect your stocks. With data-driven inventory management, you’ll be able to prepare for these fluctuations.
For example, you can improve communications within the team to ensure that supplies will always meet the demand.
5. Streamlines inventory planning
During inventory planning, analysing historical data and forecasting is also an important step. This improves coordination of planning and execution functions, thus brings business closer to the consumer.
Be proactive with inventory management with our solutions
Let us help you find the best solution to address your inventory management needs. Contact us or book a demo with our ERP consultants.
For existing customers, you can also reach out to the AlphaBiz team for MYOB Advanced support, MYOB Exo support and Sybiz Vision support for ways to further optimise your operations.
