Looking for real-time inventory management solutions? In a dilemma about the operational changes, cost of inventory, and other challenges? Smooth ERP Implementation is the key to a perfect inventory management system or inventory control system! Let’s start the journey to understand how technology is here to help warehouse inventory management.
Business optimization is the ultimate goal for any company around the globe. And if you are dealing in consumer goods, it is extremely vital to achieving excellent cash flow management and operational transparency. Warehouse inventory management is a years-old challenge and automation is the ultimate solution. In this blog, I am going to ascribe this statement!
Large brands dealing in the consumer goods sector at a huge level often face challenges to manage their inventory. Right from underestimating the demand to overstocking the goods, managing inventory is definitely not a piece of cake!
Being a part of this industry for more than 10 years, I have assisted many companies in smart & automated inventory management. I remember when a Dubai-based company that sources consumer goods from Asian countries and re-exports them to US & European markets was struggling to achieve efficiency in inventory management. Our domain expertise allowed us to identify the root cause of inefficiency and we delivered complete customized Oracle NetSuite Solutions to the brand. By delivering such projects successfully, I thought of helping out companies by writing a relevant blog that has all the answers.
5 Warehouse Inventory Management Solutions by Oracle NetSuite
1. Understanding the demand & supply
One of the most crucial factors of Inventory Management is to understand what is the demand per product to manage the supply. Right from analyzing the reason behind a particular hike in demand to analyzing the efficient supply of raw material, along with predicting the possibility of growth in the sale, Oracle NetSuite is an end-to-end inventory management system.
2. Increasing marketing ROI
Did you know that a well-optimized inventory management system can actually contribute a lot to increasing your Marketing ROI? By simply understanding the demand & supply of your products, you can analyze the estimated revenue from a particular set of products. Focusing more on those products & investing more in marketing campaigns can increase the marketing ROI & streamline the processes smartly.
It also gets easier to analyze if the company is capable of producing as per the increase in demand or not. You must have understood how deeply connected inventory management is with other major business operations.
3. Understanding customer requirements
The inventory management module of Oracle NetSuite or any efficient ERP allows businesses to gather data that holds immense importance like customer preferences, their buying journey, their buying motivators & demotivators, etc. to ultimately enhance business performance.
The warehouse inventory management model also helps in enhancing customer service. Identify buyers’ challenges with ERP data and offer them appropriate solutions.
4. Managing omni channel presence
For multi-entity businesses, having entire data from all their sales channels is extremely crucial. Let’s take an example. I am a brand that purchases fashion apparel from local markets and sells it in different cities as well as on online channels. If I want to boost my business, I would need to understand which city’s outlet is performing well, which resource has the best customer feedback, which e-commerce marketplace is offering me the best ROI, and much more.
To get all this data in real time, ERP can help! Such data is crucial for every business as it plays a vital role in decision-making. If you are a business that is planning to spread across countries with an omnichannel presence, getting a well-known ERP Warehouse Inventory Management Solutions like Oracle NetSuite is recommended.
5. Financial planning & analysis
Intuitive and Predictive Inventory Management Solutions like Oracle NetSuite allow CFOs & Financial heads to easily produce budgets and forecasts, build paradigms of what-if scenarios, generate reports around them, and much more.
The collaborative & scalable solution enables complex task completion in less time as compared to manual consolidation, troubleshooting, reporting, data loading, time allocation for finance staff, data entry, maintenance, and strategic analysis, with the help of NetSuite’s Smart Workflows, Reminders and KPI Dashboards.
Curate Better Financial Budgeting Plans through in-depth data that provides real & valuable insights. With the help of Oracle NetSuite ERP & Integs Cloud’s domain expertise, our clients get to regularly compare and analyze actual versus estimated results that work as a fundamental support to refine forecasts.
At Integs Cloud, we make sure that our domain expertise helps us offer excellent finance-centric ERP warehouse inventory management solutions to different industries. We are also expert NetSuite solution providers. Contact us if you wish to streamline your inventory operations in a smarter way and get a free demo of how things work! And we can share case studies with you of how we have helped our clients to solve their business inventory challenges.