Integrated ecommerce explained
What does the phrase “integrated ecommerce” actually mean in practice?…
Inventory management is a combination of methods that control; supply chain management, inventory control, demand forecasting, and logistics. It is usually the first step taken before warehouse management. Inventory management is a very involved process of control, including safety stock checks, economic ordering quantity, cost of goods, inventory turnover, customer-managed inventory, and vendor-managed inventory.
Inventory management can help to reduce investment in standing inventory, shipping costs and logistics. When used correctly it can efficiently save both manual labour time, costs and overall investment.
From goods in, to despatch, have comprehensive visibility of your complete inventory in real-time. Work cohesively throughout various site locations and automatically capturing detailed component specifics.
Monitor your supply chain movements and know in advance when goods are catalogued for receipt. See a full breakdown of your inventory allocations, and, in the warehouse, locate and process stock quickly.
Inventory management is not complete without guaranteeing businesses can provide items to their customers safely and within regulatory standards. Sustain a compliant inventory with software features like full serial and batch number traceability, stock discrepancy flagging, and the logging of specific variations against each item.
Save time and eliminate human error by synchronizing your inventory levels across your sales channels, all from Orderwise’s inventory management software.
Have full visibility of your stock regardless of where they are in the supply chain and save time in the event of a product recall. Benefit from improved productivity and more comprehensive cost-savings by sustaining efficient processes for ordering, managing, tracking and selling stock. All from receiving reliable and instant data.
On the ground, whether working within a single warehouse or across the whole organisation, complete tasks such as inventory transfers or adjustments quickly, and easily tick off those dreaded annual stock takes without holdups.
Perform your daily stock operations without errors and delays, as every task from fulfilment and picking, to maximising sales gains greater accuracy and productivity. You can increase your throughput without growing your costs, and allow your company to expand its reach successfully.
The key role of inventory management is to hold costs. Investment in inventory is very high, especially for those businesses that deal in manufacturing, wholesale, and retail trade. Therefore, the business needs an outlet which can control these costs.
Inventory management software is a system which is used to keep control of stock in such a way that a business is never overstocked or understocked.
Its goal is to eliminate human error, enhance the purchasing process and ensure a continuous supply of material and stock so that production never skips a beat.
With 30 years of experience in providing software solutions to businesses like yours and over 200 experts working from our purpose-built head office, you can be confident when dealing with OrderWise that our software, experience and expertise will directly benefit your business.
That’s why over 1000 customers trust and stay with OrderWise, with over 150 more joining us each year.
On the stock control side, obviously we have a lot of different ranges and products. By having everything in one place, it makes things easier as you know a product is going to be in that place, in that amount. It’s also easier for the staff putting on the orders, they can check to see how much is in stock, whether it is in stock at all, and then we can just run the OrderWise To Purchase Report to pick up what we need to buy and what we don’t.
OrderWise has improved the management of stock levels and contract production to ensure maximum possible shelf life is maintained. Many of our contract products have a 12 month shelf life and require a minimum of 11 months at the time of receipt by the customer. Batch traceability means we can control this and also enables any product falling below 6 months to be provided to customers with a fast turnover thus minimising wastage.
We’ve got much better visibility of stock now and because OrderWise is an automated system we know exactly where an order is on its journey, so that’s really helpful if customers call up to check on the progress of their order. It’s also meant better service for our customers because they now get regular updates on when their parcels have been despatched via OrderWise.
Fulfilling customer requirements accurately, efficiently and on time is high on the list of priorities for every business, with stock control at the very heart of how effectively it’s achieved. OrderWise Stock Control provides complete end-to-end stock management for your business.
From initial supply to final doorstep delivery, tracking your stock can prove vital to your business’ success. To do this accurately, your inventory management software needs several key features so when looking for inventory software you need to be asking yourself the following questions:
For all your business actions to add up, your teams need to work from the same software page. Across warehouse locations and sales channels. You need complete visibility of your business’ stock controlling systems data from one source of truth, your inventory management software. To avoid a build-up of unnecessary errors, one central solution should work throughout your chain of supply and internal operations. It should keep an ongoing accurate log of your stock management, movements, specifications, and quantities.
Your software needs to have real-time capabilities. However precise your stock data might be, there is no use making impactful business decisions; forecasting, purchasing, or even pushing for that extra sale, if your stock data is out of sync with the times.
In all, out of date inventory information leads to a wider picture of delays, errors, heightened costs and missed opportunities. Data that was accurate years ago, might bear no relation to now if you fail to keep ongoing track of consumer shifts. Stock availability one morning could all be allocated just a few hours later, leaving you unable to cater for demand.
Whether struggling with your accounting figures or your warehouse, having inventory management software that provides live tracking throughout your operations helps to tie all your actions together across your business. Tracking every action as it happens, you can use this data for analytics to fuel informed decision-making for the future.
The best inventory management software should also consider your industry requirements. For health and pharmaceutical businesses, for instance, there are strict FMD requirements. The food and beverage industry must keep a firm log of batch, expiry dates and storage requirements for each item to ensure they meet food and hygiene standards. For businesses with high volume returns, such as retail, you need to track quarantined goods for coronavirus regulations.
All these factors must be taken into account when choosing your software. Features such as full serial and batch number traceability, stock discrepancy flagging, and the logging of specific variations against each item can all help with this process.
You can find the best-performing inventory management software but, unless it can integrate with the other systems your business uses, along with that of your external partners, it can end up slowing your operations down. Having to manually rekey information across systems only leads to unwanted errors and wasted time. The result – a jam on your business progress, with too many operational backlogs and unwanted extra costs.
Software that provides full integration connects your operations into one automated solution. That’s internal, for everything from your Enterprise Resource Planning System (ERP), your Warehouse Management System (WMS) and your specialist accounts software, like Sage or Xero. But also, software that integrates externally, with your couriers and suppliers. Your website and sales team need instant stock availability to keep on top of stock controlling systems. Your accounts department need to see the flow of goods for valuations. When you can unify your operations – across systems and staff, your business becomes a well-oiled machine. Every process flows into another automatically, with complete visibility and traceability.
The last thing your business needs is to be thwarted by systems that can’t cope with your success ongoing. Hence, the best inventory management software for your business should be able to scale to your needs. Your systems need to adapt in line with your business as it evolves.
That’s not to say you need to be able to predict exactly where your business is headed. Instead, your software should be flexible enough to cater to whatever change comes your way. You may be ready to add on extra software modules for your departments, such as your accounts or marketing teams. You might even discover you need to manage greater business capacity than before and require new integrations and connectivity.
Whether you need to integrate with new couriers or connect with a new sales channel, your provider needs to be able to stick with your needs long-term. What we can rely upon is that businesses will need to evolve to keep up with the times. Your inventory management software needs to match this drive for innovation.
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