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How Well Do You Know Your Inventory?

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Your sales team knows your products and product lines well enough to keep you in business, but what happens after the sale?  Busy warehouses can experience times of excess inventory, stock-outs, miscalculations between records and physical inventory, or lost inventory.  Each of these situations can be costly and eat into profit margins. 

Are you controlling your inventory or letting it control you?  Getting the upper hand with inventory control involves knowing what products to order, when to place that order, ordering appropriate quantities, as well as finding the best source for those items.  Add to that tall order the ability to make accurate forecasts and create realistic replenishment rules and you might be tempted to call in sick.  Luckily, there are solutions that can work with your business operations to optimize your specific inventory needs and maximize your profit margins.

You can take back inventory control with a single, integrated software solution such as Microsoft Dynamics® GP.  Your entire team can enter and share data within this powerful solution.  Sales teams can enter orders which trigger procurement to check inventory levels using automated workflows.  Procurement can view real time inventory levels, including what is on its way to the warehouse, at the warehouse, and on its way out to customers.  Once you know what you have and where it’s located, you can begin to identify trends in products and customer behavior.  Shed excess inventory which isn’t moving fast enough and invest in the products that are top-sellers.  You can save money by not stocking up on obsolete inventory and put it toward preventing expensive backorders for the hot products. 

Once you know your fast-moving products from the slower-moving items, you can rearrange manufacturing or distribution lines.  Streamline the pick, pack, and ship process by putting the fast-moving products nearest the shipping and staging area and tucking the slower-moving products out of the way, near the bulk storage areas.  The fewer steps that your pickers need to move, the quicker you get products in customer boxes and out the door.

Don’t let inventory control you or your profit margins.  Manage your inventory with a comprehensive ERP solution with robust inventory management features, such as Microsoft Dynamics® GP.  The experts at Socius can provide more information about using technology to get greater control and insight with inventory and warehouse operations.  Contact Socius to see how you can get to know your inventory and use your inventory to boost profitability.

By Socius, Ohio Microsoft Dynamics GP Partner

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