Deciding which electronic-resource preparation or "ERP" features get better your supply chain efficiency shouldn't be overwhelming. Study these three key ERP features for running your supply chain with greater ease.
As a leader in supply chain management, it's essential to have efficient data to correctly produce logistical plans, production plans, and procurement plans. That's why it's vital to choose an ERP system that offers demand forecasting capabilities. With demand-forecasting features, you can foresee the need for an explicit product or stock-keeping unit, or "SKU," with accuracy to help improve your inventory-turnover rate.
This process helps to avert products from being out of stock while satisfying more customers and potentially mounting your sales. An ERP demand-forecasting feature also works as a data-visualization tool, empowering you to quickly recognize trending demands so that you can better understand why some specific recommendations rank higher than others.
Keeping track of when products are coming in and out of your facility is critically important to controlling your expenses so that you're not eating into your bottom-line profits. However, when you have a high-volume operation with thousands of products that have hundreds of SKUs, keeping up-to-date on each item's position and status is complex. Furthermore, not knowing the arrival or departure of your inventory can hamper your daily operations by slowing it down or even bringing it to a halt if a major change, such as a stock death, takes place.
That is why it's essential to invest in an ERP system that offers warehouse automation tools. These mechanization tools are often part of warehouse management system, or "WMS," software that identifies the location of a product in an instant. Then you'll know if you at this time need more of an item or not. By providing agility via automation, you stand to save money and time while escalating efficiency for all the operations of your supply chain.
ERP systems that include pricing tools can be helpful in ornamental the customer experience. For example, business-to-business, or "B2B," supply chain managers can easily use ERP pricing functions to offer discounts to wholesalers for purchasing a minimum amount of inventory. This benefit allows the wholesaler to have a better experience by having the ability to purchase more products at a reduced rate while creating a bond that encourages loyalty to your company. You automatically give them a reason to make multiple purchases in the future. Also, consider an ERP system that offers pricing features that are flexible enough for customization. When you have the ability to adjust the pricing, such as a base price of a product or the price to transfer products across different locations, you can formulate better pricing strategies that can save your company money and align with your business needs.
Saving on expenses and taking care of your everyday operations as proficiently as possible necessitate the right tools with the right functions. ERP systems come with a multitude of capabilities to help take your supply chain management to the next level. However, all these features can make the process of picking an ERP system that fulfills your business needs seem daunting. Simplify your search by allowing for the ERP features of demand forecasting, warehouse automation tools and pricing tools to improve your company's chances of increased sales.