Resource optimization is the backbone of achieving your established business goals. To do this, it is important to match the available assets with your company’s requirements. Here comes the need for appropriate planning. The conventional retail planning process is quite straightforward – identify what to sell, to whom, and at what price and make sure the product is delivered timely where it needs to be. This is, of course, a simple concept, but theoretically. Practically, it’s too challenging to execute. Especially, because customers often expect quick fulfillment and this makes it even more difficult to plan, manage and monitor products effectively.
Do you know, what makes this all truly complex? Delivering a seamless customer experience for which you need to precisely orientate your organizational structure, business processes.
Despite ample industry and technological progress, there are still many manufacturers that plan channels individually and maintain a separate inventory for each channel. Also, eCommerce teams preferably operate independently from their brick-and-mortar counterparts and vice versa.
The need of time is to apply and improve integration across all channels.
For your ease specifically, here’s a list of top 5 inventory planning and management solutions implemented and working well in all sorts of organizations across all industries.
- Merchandise planning
- Order management
- Replenishment
- Demand planning
- Omnichannel demand planning
There are further opportunities to enable the most expected and holistic customer experience through better integration of inventory management apps across channels; and the processes, people, and technology as their support system.
In some cases, you need to consolidate all of your teams into one unified entity to identify synergies and eliminate imprecisions to create a more cohesive and productive operation. Leaders can best formulate and perform better strategies when advanced applications integrate your disparate data, providing a holistic view.
The integration of ERP system with inventory planning and asset management modules across the organization provides enhanced insights that enable the planners to make result-oriented strategic recommendations relating to pricing, positioning, and supply chain.
Engaging The Right Inventory Tools & Systems:
The right tools and systems benefit the manufacturers by giving full support to the integrated planning environment. A full suite of business planning and management tools like MIE Trak Pro working in an integrated system requires best practices. The omnichannel strategies will fail to gain maximum efficiency if the right technology is missing. As companies transform their multichannel approach to sales, demand planning and inventory control become more difficult.
The complexity of more assets across different channels requiring different fulfillment parameters and supply chain options makes accurate demand forecasting a challenging job. Hence, you need a more effective best ERP software solution incorporating asset management, inventory control, order management, and omnichannel demand planning to name a few.
A fully integrated production environment requires a solid technological foundation to get a definite competitive advantage.
As a case in point, consider asset tracking technology which is a key component of enterprise resource planning best practices.
3 strategic benefits of asset tracking software for your manufacturing enterprise:
Asset tracking is the core of integrated inventory planning for manufacturers and distributors. This digital, centralized system allows companies to track and monitor important details about each inventory asset in real-time. This helps decrease administrative costs, improves customer service, and gives you greater visibility into asset costs, utilization, and maintenance.
Asset tracking using barcodes and mobile devices is a primary component of any inventory management plan. Built on automation technology, this tracking system for assets reduces overhead costs, lowers insurance premiums, and increases productivity.
A lot of manufacturers lack visibility over important assets, resulting in unsustainable overhead and administrative costs.
Increasing visibility and data insights across an enterprise drive business growth, sustainability and improve financial performance. Although, more than 50% of manufacturers plan to enhance tracking capabilities in coming years, only a few have solid technological capability.
With currently prevailing supply disruptions, tightening margins, and demand fluctuations, manufacturers must prioritize business tracking technology, including asset tracking software.
Swap your paper records with inventory tracker software involving barcode scanning and mobile devices for accurate and real-time asset monitoring.
The benefits of asset tracking and inventory management solutions are far-reaching, including:
Enhanced Productivity:
Boosting your tech expertise using scalable tools and systems will help improve your company’s production capacity and efficiency. With mobile solutions, the true inventory status and condition, and location of each asset will increase your productivity. You can monitor and assign your asset the right status in the production flow, complete reports.
Reduced Overhead:
Asset tracking system, helps enterprises reduce overhead costs across all business operations. With this technology, you can eliminate your ghost assets for better utilization. Often, when inventory isn’t managed through automation, your registries may show the assets that are not physically available in the storage facility. These assets might be broken or have missing parts or do not exist at all.
Gain Compliance:
Asset tracking allows you to meet compliance requirements because your technicians can complete inspections and ensure work orders for repairs and instantly update it in your manufacturing ERP. Now, managers can quickly pull accurate asset reports to achieve regulatory compliance and reduce fines.
Pay Less Taxes:
Are you paying high insurance premiums and taxes on assets you don’t use? With automated asset tracking, you can better identify and take out end-of-life assets. Now, as you will be having more accurate asset ledgers, your insurance premiums will be decreased.
Final Thoughts:
Enterprises across all industries need automated technologies, that increase asset visibility and traceability to drive sustainability and growth with improved finances.
Is your business adapting to digital transformation? If not, then don’t waste time and get your hands on an inventory management app – else, the fierce competition will eat you up. Save, and survive your business with MIE Trak Pro – a flexible ERP solution with multiple modules, including asset management and inventory control, and more. Set yourself up for profitable success by integrating cost-effective and efficient-boosting automated technology now.
