As we discussed in last week’s post, modern distribution business software provides accurate, company-wide inventory data that lets you create proactive, responsive replenishment operations and minimize inventory costs. In this article, which is part 1 in our 3-part Distribution Tools Series (Read the overview of Distribution Management Software here, Part 2 on Purchase Order Management here and Part 3 on Sales Order Management here), we’ll look at how Acumatica’s Advanced Inventory module can help businesses improve customer service with real-time access to available inventory, inventory-in-transit and inventory costs.
What is Inventory Management Software?
Inventory management software is a system that businesses use to track inventory levels, orders, sales and deliveries. It also helps businesses plan and prepare for the future by leveraging inventory automation. Further, it supports businesses in achieving success by creating visibility into operations with record keeping and monitoring capabilities.
To remain competitive and to continuously meet customer expectations, inventory management software is essential for any company in retail, wholesale, manufacturing, distribution and many other industries. By improving organization and categorization of inventory, this software enhances a business’ effectiveness and efficiency. Additionally, inventory management software can prevent product loss caused by environmental factors and theft – therefore reducing your overall financial losses.
What Can Inventory Management Software Do for My Business?
Inventory tracking software can help you control system-wide inventory to efficiently manage your distribution process without losing track of costs. It allows you to receive stock to a specific location and drill down to change an item’s lot/serial number, valuation method, accounts and more.
One function of inventory management software is to provide you with the ability to manage multiple warehouses with location-specific inventory quantities, allocations and costs. It also allows you to redistribute inventory from a central warehouse to other warehouses automatically upon receipt. You can even assign specific access rights for each warehouse to determine who can access information and enter transactions.
Another critical function of inventory management software is multiple valuation methods. With software, like Acumatica’s Advanced Inventory, you can use standard cost, moving average, FIFO and item-specific methods. You can also select a different valuation method for each inventory item. All while making direct adjustments to cost and physical inventory count using report and inquiry screens. Want to learn more about what sets Acumatica’s Inventory Management software apart? Check out our recent blog post PC Magazine’s Best Inventory Management Software Going into 2019!
Key Benefits of Acumatica’s Advanced Inventory Module
Get Secure Access From Anywhere
- View, modify and analyze inventory using any popular web browser.
- Restrict access to inventory by item or warehouse.
Improve Customer Satisfaction
- Honour contracts and fulfill orders as promised with real-time access to inventory levels and customer-specific pricing.
- Accurately track costs of goods sold and inventory holding costs.
- Select a different valuation method for each inventory item.
- Create general ledger entries directly from inventory transactions.
- Automatically or manually allocate freight costs on sales orders, shipments and invoices.
Speed Up Data Entry, Minimize Errors
- Save time entering data with inventory sub-items and flexible screen layouts.
- Reduce errors by setting default accounts, subaccounts, valuation methods, lot and serial numbers, storage locations and sub-item values.
- Use drill-down reports and dashboards to gain access to past information and provide insights into future needs.
Want to learn more about Acumatica’s Distribution Management Software? Check out the following articles in our What is ERP? Distribution Tools series! (Advanced Inventory Mangement, Purchase Order Management and Sales Order Management)
Want to learn more about Acumatica’s Manufacturing Management Software? Check out What is ERP – Manufacturing Management and the other articles in the series: Bills of Material/Routing, Material Requirements Planning, and Production Management.
Think Acumatica’s Distribution Management Software could be a game-changer for your business? Find out more here.
Have any questions about Acumatica or want to request a demonstration? Contact our team.
Remember, the company you choose to implement your software dictates the success or failure of your software investment. At Aqurus, we’re passionate about providing superior ERP solutions and support.