As a business owner or manager, you know how important it is to keep your inventory under control. Inventory tracking and forecasting are essential parts of managing any business that deals with physical products. In this article, I will introduce you to Acumatica ERP, the solution that thousands of manufacturers and distributors trust to run theirs, explain the benefits for inventory tracking and forecasting, talk about why it’s important, and how it can help you stay ahead of the competition.
What is Inventory Tracking and Forecasting?
Inventory tracking and forecasting are processes that involve keeping track of your inventory levels and predicting future demand for your products. Inventory tracking involves monitoring your inventory levels, including the quantity of products you have in stock, how many you’ve sold, and how many you’ve ordered.
Forecasting involves using historical sales data, market trends, and other factors to predict future demand for your products. This helps you plan your inventory levels and make sure you have enough stock to meet customer demand without overstocking and tying up capital.
The Importance of Inventory Tracking and Forecasting in Business
Inventory tracking and forecasting are essential for any business that deals with physical products. Without proper inventory management, you risk stockouts, overstocking, lost sales, and wasted resources. Inventory tracking and forecasting also help you optimize your inventory levels and minimize your carrying costs. By accurately predicting demand and adjusting your inventory levels accordingly, you can reduce the amount of capital tied up in inventory and improve cash flow.
6 Ways Acumatica ERP Improves Inventory Management
Acumatica ERP is a cloud-based, all-in-one business management solution that offers robust inventory tracking and forecasting features. Acumatica ERP offers several features that help improve inventory management. Here are some of the ways Acumatica ERP can help you optimize your inventory levels and reduce costs:
- Real-time Inventory Tracking: Acumatica ERP provides real-time visibility into your inventory levels, so you always know exactly what you have in stock. This helps you avoid stockouts and overstocking and allows you to make informed decisions about inventory levels and ordering.
- Accurate Demand Forecasting: Acumatica ERP uses historical sales data, market trends, and other factors to predict future demand for your products. This helps you plan your inventory levels and make sure you have enough stock to meet customer demand without overstocking and tying up capital.
- Automated Reordering: Acumatica ERP can automatically generate purchase orders based on your inventory levels and demand forecasts. This helps you streamline your ordering process and avoid stockouts.
- Multi-Location Inventory Management: Acumatica ERP allows you to manage inventory across multiple locations, including warehouses, retail stores, and distribution centers. This helps you optimize inventory levels and reduce carrying costs.
- Barcode Scanning: Acumatica ERP supports barcode scanning for efficient inventory management. This helps you track inventory levels and movements accurately and reduces the risk of errors and fraud.
- Serialized Inventory Management: Acumatica ERP allows you to track inventory by serial number, making it easy to manage warranty claims, returns, and repairs.
How Acumatica ERP Helps with Forecasting
Accurate demand forecasting is critical to effective inventory management. Acumatica ERP offers several features that help with forecasting, including:
- Historical Sales Data: Acumatica ERP uses historical sales data to predict future demand for your products. This helps you plan your inventory levels and make sure you have enough stock to meet customer demand without overstocking and tying up capital.
- Market Trends: Acumatica ERP can analyze market trends to predict future demand for your products. This helps you stay ahead of the competition and adjust your inventory levels accordingly.
- Seasonal Demand Forecasting: Acumatica ERP can predict seasonal demand patterns for your products, so you can adjust your inventory levels and ordering accordingly.
Integrating Acumatica ERP with Other Business Systems
Acumatica ERP can integrate with other business systems, such as accounting, CRM, and e-commerce platforms. This helps you streamline your business processes and improve efficiency. For example, integrating Acumatica ERP with your e-commerce platform can help you manage inventory levels and orders in real-time. Acumatica has an open platform, meaning if there’s not already a connector built, developers can easily work to create one. Real-time information, talking back and forth between systems is one of the key features why people choose Acumatica for their businesses.
Case Studies: Real-World Examples of Businesses Using Acumatica ERP for Inventory Tracking and Forecasting
Here are some real-world examples of businesses that have benefited from using Acumatica ERP for inventory tracking and forecasting:
Case Study 1: Design Studio
Design Studio Consolidated disparate home-grown systems into a single, connected business management solution for finance, manufacturing, and inventory, increasing efficiency.
Acumatica helped to improve customer experiences while maintaining headcounts and reducing errors.
“With Acumatica, we are able to track inventory in real-time knowing where each item is,” says Devin Samayamanthri, chief of staff. “Whether it’s in the production flow, whether it’s in raw material stores, or whether it’s in transit. Having real-time inventory tracking and understanding where it is located in the factories is very important to us,” he adds.
Case Study 2: ToughBuilt
ToughBuilt shortened their order processing time and gained improved inventory visibility through implementing Acumatica. Read their story here.
Why Acumatica ERP is the Best Solution for Inventory Tracking and Forecasting
Acumatica ERP offers robust inventory tracking and forecasting features that can help you stay ahead of the competition. By providing real-time visibility into your inventory levels, accurate demand forecasting, and efficient ordering processes, Acumatica ERP can help you reduce costs, optimize inventory levels, and improve customer satisfaction. If you’re looking for a comprehensive solution for inventory tracking and forecasting, Acumatica ERP is the way to go.
Are you interested in learning more about Acumatica ERP for inventory tracking and forecasting?
Contact us today to schedule a demo and see how Acumatica ERP can help you stay ahead of the competition.
By CAL Business Solutions Inc., Acumatica Partner www.calszone.com
