Having an efficient streamlining data management system is crucial to the growth of your business. Here, we put together some tips that could help your business better manage data.
Keep an organized data:
Sure, having a spreadsheet and manually typing in all the important inventory data could be the best way to keep information accurate. But, in all honesty, who has the time to punch in numbers when your inventory is growing?
Using an inventory management system, or and Enterprise Resource Planning (ERP) software, can help manage all customer, inventory, e-commerce, and manufacturing data in a single database.
By doing this, not only would it make work go faster, but it could also help obtain and achieve increase in profits.
Give ERP access to relevant employers:
Everyone knows that communication is the key to a successful anything. By giving relevant employers access to the ERP system, employers throughout the company. This way everyone will see and know how much inventory is left and see the sales data.
Keep up stock levels:
By keeping an organized data, you could determine an accurate sales forecast in order to predict stock levels for items in your inventory. This way you would know how much should be spent on building up stock.
Do some micro managing:
Track each SKUâ€™s pricing, inventory levels, and lead time by using an ERP system. This way you can track whenever an inventory level reaches a minimum and it will notify you to let you know that order need to be made.
You could also set up the ERP to automatically create purchase orders whenever inventory levels are low so that it could be ready to send to vendors.
Keep detailed records:
Keeping records of inventory and sales can make it easier to track SKU numbers and lot numbers. By doing this, you could make better decisions on future decisions.