February 20th 2024 11:00:00 AM
Frequently Asked Questions About Acumatica Inventory Management Solutions
March 26th 2019 15:00:00 PM
You’ve probably already read or heard about inventory management solutions and wondered how investing in this type of software can help your business. Go beyond improving your record-keeping capabilities to get valuable information and analysis that you need to make better decisions.
If you are already familiar with the benefits that Scanco’s inventory management solutions for Acumatica Cloud ERP can give you, don’t hesitate to contact us online or call (330) 645-9959 to arrange your consultation with a Scanco Solutions Expert today.
FAQs About Inventory Management Solutions You Can Use
- What does Inventory Management Software Do?
Inventory management software performs a number of tasks. It can perform simple operations, such as tracking orders. The software can also branch out from this simple task to become a useful tool for keeping inventory at optimum levels and for making decisions.
Advanced planning and scheduling (APS) helps your business manage the raw materials and supplies needed in manufacturing. Warehouse management systems have specific features dedicated to keeping track of items coming into and leaving your warehouse space.
- How is Inventory Management Software Different From Other Kinds of Supply Chain Software?
An inventory management software package will generally include both forecasting and replenishment capabilities. Forecasting is used to help you balance incoming supplies and your target inventory levels with anticipated demand. The forecasting function can be set for the specific time frame you wish (eg. a month, season or year), depending on your specific needs and the type of business you’re running.
Replenishment refers to the movement of inventory from reserve product storage to primary storage locations. From this point, the inventory will be picked and turned into individual shipments headed to customers. The point of replenishment is to keep the inventory moving through the supply chain in an orderly manner while keeping inventory fill rates at optimum levels.
- How can Using Inventory Management Software Benefit my Business?
There are a number of advantages to choosing an inventory management software for your business. One of the main advantages that managers notice when this type of solution is implemented is that carrying costs drop. When you are able to keep a tighter rein on your inventory, there are fewer financial resources being spent on items that aren’t turning over quickly or only sell well during certain times of the year.
Inventory management software can work with demand planning software to improve the accuracy of sales forecasting. When you have the advantage of current information on available inventory, the task of looking forward and determining what level of resources will be needed in the future becomes a much easier one.
Your sales team can access inventory levels through the inventory management software. They will be able to discuss the specifics of orders with customers confidently, knowing there is enough stock available to fill them. Nothing is more frustrating than putting in the work to bring in a large sale, only to find out the items the customer wants to order are not available and can’t be delivered in the time frame the customer wants.
- How Do I Know Which Inventory Management Solutions are Right for my Business?
You’re busy spending time working on your business. The good news is that you aren’t expected to become an expert on inventory management solutions on your own. Scanco Warehouse was designed and certified specifically for Acumatica users. You don’t need to worry about compatibility; it will integrate effortlessly with the ERP software you are currently using. If this is the right option for you, it can be used right out of the box to automate functions such as physical counts, cycle counts, bin transfers, and more.
To discover which one of Scanco’s inventory management solutions is the best fit for your business, contact us online or call (330) 645-9959 to arrange your consultation with a Scanco Solutions Expert.