ERP systems offer a huge range of capabilities and features to businesses, one of the major ones being inventory management software.
However, many businesses aren’t sure about implementing an ERP system because of the effort and cost that comes with it.
What they don’t factor in though is that the cost of their current inventory management process may be larger than you realise. Inventory management can easily (and often) be full of hidden costs.
So, while ERP and inventory management software come with a price, the ROI you receive can be swift and worth every dollar.
Inventory control comes at a cost
If you don’t have a dedicated ERP system or a way to automate inventory control, your inventory management process is likely to be long, difficult and highly manual.
Not to mention, expensive. You’ll be wearing the cost of:
- Lost stock
- Data and reporting errors
And that’s just to name a few. It’s not hard to see how the amount spent on inventory management and stock control is generally a lot more extensive than most businesses realise.
How you save by spending on inventory management software
When you consider these hidden costs of inventory control, it is a lot easier to see how the cost of an inventory management system can be worth it – and how ROI is quickly achieved.
There are two main ways inventory management software saves you, and it is often the last two things businesses think of.
By automating and streamlining time-consuming manual processes, staff spend less time doing menial tasks and more time focusing on doing other parts of their jobs that are more valuable. You immediately limit the time required for overtime, stocktake duties or tracking down lost or missing stock and stock data.
Tasks are done faster, better and more easily. This doesn’t just help the team involved directly with inventory management, but other teams across the business. When inventory is on time and accurate, sales and customer service teams can do their jobs better too – leading to more sales, happier customers and a better result for the business.
Enjoy the benefits of inventory management software
Inventory is the livelihood of your business, so why wouldn’t you ensure that you’re managing it to the best of your abilities?
When you improve the efficiency of your processes and productivity of your staff, you immediately improve your ability to run a good business and achieve higher returns.
If you want to know how you can better control your stock for better results, or if an ERP can be a smart and profitable option for you, download HARMONiQ’s free e-Book, Effective Stock Control.