Getting ROI out of a inventory management solution

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The advent of enterprise resource planning (ERP) platforms has been a great boon to businesses that depend on their supply chain operations to continue with steadfast accuracy and without disruptions. These tools can be especially helpful for facilitating an enterprise's physical inventory management tasks, providing various key business factions with clear insight into warehouse processes.

As data analyst Will Clevett recently noted in ERP Cloud News, inventory management solutions such as Microsoft Dynamics NAV can significantly help an enterprise realize a greater return on investment from its supply chain operations. These benefits can be attained by businesses across various sectors, with the degree of success dictated by a business' level of dependency on efficient warehouse operations for the generation of robust revenue streams.

"For example, in food distribution, being able to see warehouse stock levels, sell by dates and storage requirements for perishable good can save vast sums of money just in stopping loss of stock, whereas rental inventory software helping to keep track of stock levels and contracts is still providing a very important service for the business, however won't provide the same kind of direct ROI," Clevett wrote.

Clevett stressed that businesses interested in maximizing their ROI from warehouse inventory management software should implement a solution that meets the precise needs of their operations. An ill-suited solution will not return the number of benefits that an optimal inventory management software package can provide.

The value of mobile solutions
One function that enterprises should look for in a supply chain software solution is mobile capabilities. Using these tools, business leaders from warehouse managers to executive officers can monitor inventory levels from anywhere, allowing teams to coordinate solutions quickly in the event of a production disruption. Industry strategist Jim Somers touched upon the enhanced operability afforded by mobile inventory management solutions in Manufacturing Business Technology.

"Back at the warehouse and distribution centers, receiving and storage operations can now provide inventory visibility immediately at the dock with the help of mobile devices, providing a real-time look at availability," Somers wrote. "And in fulfillment, manufacturers can give their customers the ability to track and trace orders while optimizing their own delivery routes and fleet management. These are just a few examples of the multitude of tasks in which manufacturers across all types of different markets can now accomplish with the help of mobile applications."

By deploying mobile warehouse management software, businesses can keep an eye on their inventory levels and ensure that shipments and deliveries are occurring on schedule, preventing costly service disruptions from occurring and keeping operations on task.

Learn how to define your ERP strategy by downloading the white paper entitled "ERP in Manufacturing:
Defining the ERP Strategy" from the DMS website here.