You Don't Have To Be A Big Corporation To Have Great Inventory Mgt-PT II
Home / Blog / You Don't Have To Be A Big Corporation To Have Great Inventory Management- PART TWO
Stock replenishment management is the latest craze with smart gadgets. Smart internet enabled gadgets such as smart fridges automatically order milk when it’s running low. Smart printers automatically reorder ink toner when it’s depleted, and the list goes on. These features though new to consumers, have been utilised by big businesses at an enterprise level within their ERP softwarefor quite some time to better manage their own inventory .With FREE open source cloud ERP software, SMEs also get similar functionality to help run their businesses better. In this article, we will **not** go over smart devices for small business inventory management, but we will go over some key pointers that small business owners should know in order to maintain optimum stock levels to meet customer demands or internal manufacturing needs.
Automatic stock replenishment is one of the most loved features of ERPNext by small business owners. When done right, it not only maintains good customer relations because of reduced stock outs, but it also helps maintain healthy cash flow. The challenge initially is in the set up of the basic data that the ERP software requires to get started with the stock replenishment function. The best approach we recommend is to start off with a best guess-stimate and thereafter tweak those values up until there are right for the business operations.
It must be pointed out that stock replenishment management does vary in complexity, all depending on the type of business operations. We certainly know that most small businesses will benefit from the functionality that ERPNext offers. To get the most value, we recommend coupling the stock replenishment functionality with the nifty stock trend analytics reports
To get started with stock replenishment, login to our demo database here or speak to one of our friendly consultants for assistance on 0215541021 .