Should you get Inventory Management System for your business?

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Why get Warehouse Inventory Management System for your business?

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With the idataFive ERP System Singapore; Warehouse inventory management System or also known as wms, you can manage and track the movement of inventory from receiving through shipping. Hence, the Warehouse inventory management system dramatically cuts warehouse costs by eliminating paper work and costly shipping errors, improving staff productivity, and providing accurate inventory levels to all departments.

 

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Unlike many systems which require you to alter your successful business operations to accommodate the deficiencies of the software, the Warehouse inventory management system was programmed from the Inventory Management Software ground up to provide optimal flexibility and conformance to your warehouse environment.

 

The system has tools that enable the idataFive warehouse inventory management system customers to quickly change existing reports and labels or to add new ones with minimal expense.

 

Warehouse Inventory Management System IdataFive

The use of client/server technology provides a gateway for growth unsurpassed by traditional, legacy systems. As your warehouse needs change, the wms System will adapt and provide a solid migration path.

 

idataFive Pte Ltd Enterprise Resource Planning, (ERP System) Inventory Management Software offers a complete range of modules to give your company unrivalled capabilities unique to the trading & distribution industry.

 

Warehouse Inventory Management Software Singapore

 

Easily catering to operations concerning sales management, purchase management, logistics, inventory management, and finance.

If a company is operating in wholesale distribution environment, distribution software functionality will be at the heart of any ERP system evaluation project. Also, while virtually all ERP system have distribution software functionality, not all ERP system solutions offer robust enough features to manage complex distribution channels.

iData Five ERP System have extensive expertise in a variety of distribution companies and understand the technology requirements of today’s wholesale distributors.

 

A wholesale distribution company will be concerned with software functionality that focuses on maintaining optimal inventory levels, facilitating quick movement of goods, providing strong front office functionality for customer service personnel, and delivery flexible reporting for management.

 

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The ERP System Singapore selection process

A complete warehouse management system, strong financial management, and kitting and assembly capabilities for light manufacturing.

 

In addition, many wholesale distributors clients require strong supply chain management capabilities.

Advanced planning, merchandise importing, and distribution requirements planning (DRP) for centralized purchasing environments and multi-warehouse distribution channels.

Selecting the right ERP System Singapore with the appropriate distribution software functionality will help improve sales performance. Reduce costs and improving order and line item fill rates. It will help distribution companies succeed in otherwise challenging business environments.

 

idataFive ERP System Singapore offers cutting edge trading & distribution features for you to succeed in this highly competitive field.

  • Increase Labour Productivity – System directed activities and Task Interleaving, combined with the elimination of paperwork and manual data entry result in significant productivity gains in direct labour.
  • Improve Customer Satisfaction – Having the right product at the right time and place increases sales and allows companies to meet Service Level Agreements by reducing short ships, shipping errors, and missed deliveries.
  • Improve Space Utilization – Optimize product storage using rules established for the facility. Better product organization yields space savings.
  • Increase Inventory Accuracy – Provide visibility to real-time inventory to gain inventory and warehouse accuracy and reduce safety stock levels, eliminate lost product and reduce overstocks.
  • Improve Shipment Accuracy – Eliminate the potential for shipping mistakes by providing an accurate way to pick orders and verifying the product being picked.
  • Reduce Fulfilment Costs – A lower cost per order, increased storage capacity within the centre, reduced freight costs, and improved service levels results in overall reduced fulfilment costs.
  • Improve Inventory Visibility – A centralized global view of inventory allows managers to view the movement of their inventory and ascertain the accuracy of all inbound activity, inventory on hand, and outbound shipments across all facilities in real time.

 

 

idataFive Singapore Number 1 ERP System Provider

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Inventory Management Software

How important is an inventory management software? To answer this question, you should first answer two other key questions. How important is it to your business to make sure that orders are manufactured and shipped on-time?  And what software/hardware strategies have you put in place to ensure that your core business functions operate if one or more of your systems fails?

 

For most companies fulfilling orders on time is very important. However, far too often these same companies don’t have an answer to the second question. Therefore, there are many aspects of developing and implementing a fault tolerant warehouse management system ERP system integration strategy but the focus of the post is to look at the basic strategies employed by ERP System Singapore of Warehouse inventory management system providers.

 

Three main warehouse inventory management software ERP System Singapore integration strategies

 

Loosely Integrated.

The loosely integrated concept is quite common in most Warehouse Management System solutions. The integration strategy allows the user to import and export information between the two system. The integration is “loose” because it requires a considerable amount of manual processing and oversight. The advantage to this strategy is that it provides a generic integration into ERP applications that may not typically be supported by the leading Warehouse Management System (wms) providers.

 

Tightly Integrated

Tightly Coupled. This warehouse management system ERP strategy is often referred to as an embedded solution. The integration is tight because the updates between the two applications are automated and trustworthy. The “coupling” between the two systems is “tight” because the Inventory Management Software (WMS) is typically developed using the tools provided by the ERP System Singapore application. The advantage to this strategy is that the user interface is consistent and there is only one database to maintain. The downside is that if the ERP server or system environment fails, both the front office and warehouse operations experience downtime.

 

Recently iData Five Software customers have upgraded their ERP System Singapore application. After considerable testing they estimated that their ERP System Singapore upgrade would take about two hours. Unfortunately, they encountered a critical error and the ERP System Singapore was down for almost two days. With idataFive ERP System tightly integrated, loosely coupled Inventory Management Software ERP integration strategy, the warehouse remained operational and could continue shipping orders to customers during ERP System Singapore downtime.

As you can see from the previous story, selecting an inventory management software with ERP integration strategy can have a significant impact on your business. Take the time to weight the pros and cons of each strategy to find the one that optimizes your business goals.

 

Control

Inventory Management Software is geared towards the handling and control of material within the warehouse. Though confined to warehouse, warehouse inventory management system addresses certain critical and complex issues, lest the entire supply-chain is crippled. Warehouse inventory management system is concerned with the movement, picking, packing and storing of stock within the warehouse.

 

Functions

Warehouse inventory management system provides for the handling of core functions of a warehouse like storage management, storage unit management, hazardous goods management, inbound and outbound materials management order processing and stock taking, tracking and replenishment.

 

Manage

Centralized warehouse is easy to manage but leads to delays, transport woes and the like.  Therefore, multiple warehouses have become a necessity.  Even company in small nations like Singapore can have multiple warehouses, based on factors such as material sourcing, delivery location and nature of goods etc.

Hence, strategic placement of warehouses reduces unnecessary labour and transportation costs, while improving the speed of delivery. Assured delivery and better than expected delivery times are some of the easier ways to ensure customer loyalty.

 

Ensures

ERP System Singapore of an inventory management software ensures storage of adequate stocks at the nearest warehouse based on demand.  Sudden and bulk orders can be fulfilled by picking up inventory from multiple warehouses. Stock consolidation can be done for purposes such as drop shipping and stock cross-docking.

Some of the issues concerning multiple warehouse management are; ensuring the availability of adequate stock, proper and timely shipment of the right goods and optimizing and balancing the inventory-warehouse quotient based on the logistics of demand. Warehouse inventory management system layout determines as to how quickly and accurately the goods are selected and shipped. Inventory management software also ensures stocking of goods according to the dimension, shape and storage space to manage the storage better.

 

Difficulties

One of the difficulties in multiple warehouse management is the determination of re-order level.  The stocks are scattered at multiple locations and adequate stock should be maintained in order to meet market demands, which may vary from time to time.  A fast moving item at one location may find no takers at another.  In such situations, an inventory management software ensures the movement of items lying idle at one location to another, based on criteria such as the date of manufacture, date of expiry etc.

 

Benefits

The benefits of cycle counting can have a significant impact in managing your inventory levels and improving your bottom line. Managing your inventory management software successfully means having enough inventory on hand to fill customer orders without having too much which consumes cash. In the past warehouses performed annual physical inventories. This often shut down the warehouse, redirected staff to counting inventory, and forced management to spend hundreds of dollars spent on pizzas and sodas.

 

Process

Cycle counting is the ongoing process of counting and validating the accuracy of inventory. If done correctly, it can eliminate the need for traditional physical inventories.

If you take your car into the shop for regular checkups and maintenance, the car performs optimally, there are fewer long term issues, and potential problems are identified before they become catastrophic. Cycle counting is regular inventory maintenance.

 

The benefits of cycle counting are:

Increased Inventory Accuracy – The traditional physical inventory count catches inventory inaccuracies one or twice a year depending on the frequency of the counts. However, cycle counting resolves inaccurate inventory levels more frequently.

Reduced Inventory Shrinkage – When you increase the frequency of your counts, you also have the ability to identify and resolve problems related to shrinkage.

Eliminate the Annual Audit – Most companies that perform regular cycle counts are able to eliminate or greatly reduce the annual physical inventory audit. This will save time to prepare for the audit as well as the costs of the auditors themselves.

Faster and Better Decision Making Regarding Inventory Levels of Specific Products – The improvements in inventory accuracy benefits both purchasing and sales departments. Managers can make decisions about reorder points and promotions more quickly and in response to shifts in the market.

Eliminate the Costs Associated with Traditional Physical Inventories – As stated earlier, cycle counting can replace traditional physical inventories. There is no need to shut down distribution operations for lengthy physical counts. Costs are reduced as staff is not redirected to perform counting tasks.

Implementing a cycle count program can provide many improvements to your distribution and manufacturing operations. Working with both your internal team and software provider will help you create a strategic plan for executing your program.

 

Difference

If your company in the supply chain management industry, it is important to understand the difference between Enterprise Resource Planning (ERP) systems and a Warehouse Management System (WMS).

Though many of today’s ERP systems have tightly integrated warehouse management systems, older legacy versions of ERP System Singapore have limited integration or access to a warehouse management system. Often times, having an ERP and a warehouse inventory management system in place does not guarantee an optimized or efficient supply chain.

Many companies install a warehouse management software independent of their ERP System Singapore to manage their warehouse activities. Unfortunately this practice leads to silos of data that create a great deal of complexity and confusion in the supply chain. Let’s take a deeper look into the differences between ERP System Singapore and Warehouse Inventory Management system (wms) to better understand what it is that each system does in the supply chain.

 

Enterprise Resource Planning (ERP System): Definition & Features:

The term ERP System Singapore has evolved over the last few decades and has become the parent description to other systems that fall under its banner such as Material Requirements Planning (MRP) or more commonly known as Manufacturing Resource Planning (MRP II). The concept of ERP System Singapore has come to represent a larger whole that that extends beyond just managing manufactured goods.

 

Traditional ERP’s help companies focus on managing the following business activities:

Financials

Order processing, logistics

Sales, marketing, customer relationship management

Manufacturing processes & quality control

Service management

Budgeting & general forecasting

Human resources

Payroll

Specifically relating to the supply chain industry, most ERP System are used to collect, store, manage and interpret data from the varying business units across the organization. An ERP System Singapore typically are on premise solutions, which require a great deal of investment into hardware, software, IT system support and on-going maintenance costs to support system upgrades.

 

Functionality

Even with the big price tags, ERP System Singapore still functionality to support an optimized or lean inventory management process. Effectively managing lean inventory levels while maintaining high order fill rates is very difficult if not impossible with traditional ERP System.

 

Warehouse Inventory Management system (WMS): Definition & Features:

A warehouse inventory management system is an inventory tracking software that aims to control the movement and storage of materials within an area.

 

A warehouse inventory management system monitors the progress of products through the warehouse. Features of an inventory management software includes:

Inventory location assignments

Order picking & fulfilment management

Warehouse capacity management

Capability for data management

Cross docking management

Put-away and picking optimization

Classification

Labour utilization

A warehouse management system process the inbound/outbound transactions, including shipping, receiving, stock allocation, order picking and fulfilment.

Features and Understanding

Additionally, inventory management software (wms) involves  receipt, storage and movement of goods, within the warehouse. In the multi-echelon model for distribution, there are warehouses where inventory is classified based on demand.

Even with all the advanced warehouse inventory management system capabilities listed above. A warehouse management software still lacks the ability to help inventory managers optimize the inventory levels of their warehouses.

As well, Excess stock and obsolete stock are still a very prevalent and expensive challenge for most warehouse managers. Similar to ERP System Singapore, inventory management software are premise solutions that require a large upfront cost to implement.

 

Why an ERP System Singapore and warehouse inventory management system (WMS) are not enough to Optimize Inventory Levels

ERP and warehouse inventory management system (WMS) integration are in place. Most business that carry large quantities of inventory do not have optimized stock levels. For instance an ERP System Singapore is great at reordering minimum and maximum order levels based on the preferred supplier in the system.

The big issue is that Min and Max reordering practices do not typically take into consideration dynamic customer demand. For each individual in the warehouse and order quantities, it typically result in over or under ordering situations.

 

Also..

Easily identify and reduce excess stock levels

Locate obsolete inventory to remove from your warehouses

Automatically calculate dynamic demand forecasts

Automatically calculate optimized order levels for replenishment

Analyse historical demand for every across your network of warehouses

Reduce carrying costs of unnecessary inventory by upwards of 30%

idatafive ERP System Singapore of Warehouse Management System has inherent support to multiple warehouse management. Shipping from multiple locations, the warehouses act as fulfilment canters, shipping the right products at the right time.

 

Why More Companies are Investing in Warehouse inventory Management System (WMS)

More companies are investing in warehouse inventory management system (WMS) because they can help gain competitive advantage. Also, it creates a lean warehouse environment. Inventory management software can come in a standalone form or part of an integrated ERP System Singapore solution; both options can assist in maintaining quality customer service levels and customer retention. Here are some of the potential benefits of investing in a comprehensive warehouse inventory management system.

Improved efficiency

An intuitive Inventory Management Software (WMS) can suggest processes that are most suited to the workload. The platform will look at different variables.

Such as labour availability, item locations, stock quantities, item weight, volume, and suggest the most efficient picking instruction.

It is also a good way to improve warehouse capacity. Thus, it can optimise the speed in which goods moves through the warehouse.

Minimising expenditure

A balance between supply and demand requires inventory to be stored appropriately. Ordered at the right time and picked and dispatched in the optimum order. An effective inventory management software  (WMS) will facilitate this at the same time as reducing that trio of expenses, waste, scrap and help avoid excessive stock levels.

Inventory accuracy

Inventory accuracy is vital to customer satisfaction and operational efficiency. Hence, The keys to an accurate and up to date inventory are stock level monitoring and the appropriate placement of orders. Both of these can be more ably managed within an inventory management software than without one.

Maximised facility potential

Hence, it is tempting to take on additional costly warehouse facilities without a detailed analysis. Thus, to make a more informed decision, analyse the data within your warehouse inventory management system. It can negate the necessity of this by maximising the use of existing facilities.

Therefore, it can help assist with improvement such as automating key processes like stock rotation and assist purchasing decisions. Thus, Based on the speed of inventory turnover and make recommendations on put-away strategies and storage areas; which will result in improved capacity and organisation of the warehouse.

 

Building relationships 

Both customers and suppliers will benefit from a warehouse inventory management system (WMS). Hence, having all inventory data readily available to reduce inaccuracies and improve customer service.

 

Labour productivity

As well, Staffing is one of the biggest business costs. Hence, the warehouse inventory management system (WMS) benefit in the staffing in different ways. Thus, a good Inventory Management Software will improve productivity by rationalising day-to-day operations and optimising productivity to meet demands. Hence, with the right technology in place to assist with processes, it minimise employees stress and ensure higher staff morale.

 

In Summary, advantages of investing in an ERP System Singapore solution with a built-in Inventory Management Software will ensure timely and accurate deliveries to customers. As well, optimising warehouse processes and interlink with other areas of your business.

 

 

 

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