For manufacturers and distributors, maintaining an accurate inventory is a vital tool for profit and business success. If there’s too little inventory, businesses miss out on sales. Too much inventory is costly to purchase and store, especially when inventory may not match demand. Furthermore, mistakes made in inventory can have a major impact on customers, and leads to distrust in the business.
That’s why manufacturers and distributors are always looking for solutions to make inventory management more efficient. With the right systems in play, an efficient inventory process can increase productivity, save employees a significant amount of time, and streamline operations for a more accurate inventory and optimized supply chain.
One of the most all-inclusive ways to streamline inventory operations and maximize ROI is through an ERP system. An ERP solution enables businesses to track order commitments and shipments, adjust inventory purchase orders and receipts, open work orders, and build kits. Companies can also create and manage warehouse transfers and inter-company transactions, track lots and shelf life dates, track serial numbered items, and much more.
To showcase the benefits of an ERP-optimized inventory processes, below are three companies who successfully improved accuracy and increased productivity through ERP.
Concordance Healthcare Solutions Optimizes Inventory Following Three Company Mergers
Concordance Healthcare Solutions is a multi-market healthcare distribution company that offers supply chain solutions to the entire healthcare continuum. After merging three companies and with over 20,000 products in its inventory, Concordance has been utilizing suggested purchasing to accurately forecast demand and inventory, leading to improved productivity and accuracy. See how the company is achieving this and more:
Capital Wholesale Drugs Improves Compliance and Inventory Management, Opening New Business Development Opportunities
Capital Wholesale Drugs, a pharmaceutical wholesaler serving retailers and healthcare organizations, needed an ERP solution to assist with compliance regulations and optimize inventory management. Because of strict compliance regulations and the risk of recalls, an accurate inventory is absolutely critical for Capital Wholesale Drugs. Since implementation, the company has saved significant time, plus employees are now being trained on analyzing data to identify business challenges and opportunities.
After Major Acquisitions, Rowmark Improves Inventory Accuracy to Nearly 100 Percent
Rowmark, a global sign plastics manufacturer, recently acquired its largest distributors, enabling it to sell directly to customers. The company has a complex product family of over 5,000 stock keeping units (SKUs), making tracking the products and finished goods a critical task. Prior to implementing its ERP solution, Rowmark’s inventory accuracy was about 90 percent. Now, the out of the 70,000-80,000 products Rowmark ships each month, inventory accuracy is nearly 100%. See how the company has been able to flourish with improved inventory processes, and hear how certain features have improved employee management.
From opening new business opportunities to saving significant resources, ERP is a proven solution for improving inventory accuracy and efficiency.