Inventory management is at the most about knowing what you have in your warehouse and where you’ve put your stock. However, the system alone isn’t able to effectively optimize your inventory unless it’s integrated with your back-office systems. In order to optimize inventory management, leading companies directly integrate their inventory software system with their back-office as well as accounting systems. This integration provides a competitive edge to companies with multiple abilities to plan effectively, execute predictably and minimize the labor costs and errors.
You must assess your needs for today and plans for future to determine the right inventory management system for your business. Your integrated solutions must be transparent, real-time, flexible and scalable so that you can achieve maximum benefits.
Following are the three key benefits to integrate your inventory management system with your back-office systems and accounting system:
Optimized inventory meets product availability and ROI goals
Provide complete inventory visibility to supply chain partners
State accurate inventory in financial reports
Apart from these key benefits, there are several others too, but these reflect a significant impact to your company’s growth.
Inventory optimization helps you to have right mix and amount of inventory on hand to satisfy customers and investors. Companies have to balance the conflicts of customers and investors to not caught up in between and products and capital; which is why they opt for inventory optimization solutions using NetSuite ERP. Planning the right inventory level and amount requires your sales order, purchase order as well as planning system to have real-time inventory visibility.
Supply chain visibility helps in managing the inventory levels and customer shipments. By seeing company’s fluctuating inventory levels, suppliers can ensure that their products are available at your warehouse to fulfill your customers’ need.
Accurate financial reports ensure that your annual reports and tax returns are absolutely accurate, since these are crucial for the investors and government.
It is important to remember that inventory and back-office system integration must be flexible, real-time, scalable, transparent and reconcilable. Since integration offers real-time solutions, it provides best visibility to supply chain partners along with customers and also ensures that financial reports remain updated and accurate.
The simplest way to achieve the integration aims is to find an appropriate ERP system that has an inventory management module to meet your needs. If this is non-executable, next solution could be to find an inventory system along with an ERP system that are both designed from ground up with flexible APIs. If the solution is still unavailable, you can still go for system integration, but that may not be the real-time solution and will require constant maintenance, with upgraded solutions at the end of your system providers. Getting NetSuite ERP development from acclaimed NetSuite developer can take you further in a fast-changing and low-margin business environment. NetSuite Expert offers complete NetSuite development services including NetSuite ERP implementation at best prices in global marketplace.