Have you ever lost track of your inventory and wondered why it is becoming increasingly difficult to manage? Initially, these discrepancies may not have too much of an impact, but if it happens regularly, business suffers, and profits take a hit.

This is where a supply chain management function of an ERP system can help. A good supply chain management solution will enable your employees to be more efficient and your business to be more profitable.

A woman in high vis uses her tablet to check on her supply chain management while in the warehouse

There are five key ways in which improved supply chain management with ERP software will help your business.

Accurate and timely reports

A supply chain management platform can benefit its users by providing them with an in-depth look into their organisation’s supply chain. A user can download custom reports on everything from materials ordered to inventory available. Supplier delivery and performance reports can also be obtained from the system. These detailed reports are useful to monitor various aspects of the business functions and spot bottlenecks early on. Accurate reports also aid in the decision-making process.

Improved supply chain visibility

Management and control of the supply chain is crucial. Increased visibility results in increased control of the supply chain. With a centralised management system, you can see the workflow and address any potential issues. When your business receives a customer order, a good system allows you to cross reference it with the inventory available to deliver the order, predict the demand, purchase the materials, and raise purchase orders. Departments can also communicate with each other, and everyone in the business can track how the inventory moves in the system.

Improved visibility in the supply chain also enables retailers to know when shipments are put on hold or are having problems leaving a country. Such knowledge can prevent embarrassing schedule changes when a product will be arriving late.

Optimised speed of business

A reliable supply chain management software can lower time delays when it comes to operations. Since data is captured real time, there is no duplication or errors. This helps create accurate information and speeds up the decision-making process.

From material management to transactions, a good supply chain management solution can eliminate data entry mistakes, help you track inventory, materials, tasks and workflow, track costs and shipment, predict the date of delivery and prioritise orders. It streamlines the business process, removes redundant processes and helps you communicate with all stakeholders – both internal and external – through a centralised system. All of this can enable you to meet customer demands at a faster rate and deliver better services at a lower cost.

Speed of business also increases when you can identify issues and mistakes early in the workflow. For example, let’s say you receive a customer order and raise a purchase order for a material, but you realise the supplier’s shipment is stuck at a certain point. Since you have access to the complete workflow and the database of suppliers in once place, you can decide to go with another supplier, so the delivery does not suffer. Anticipating such concerns and dealing with them quickly can help organisations save on both time and cost and ensure that the customer order is not delayed.

Automation of workflow

Supply chain management software also provides the ability to automate a range of workflows and tasks. There are many tasks that can be automated, including allocation of inventory for picking, creating new purchase orders and invoices. You can also set automated notifications and alerts – once a customer order comes in or when the stock is almost used up, there are tools that can be used to set up automated alerts to specified team members. Using such a system can let you streamline purchase decisions and approvals with ease. Automation also saves time and ensures recurring tasks are captured.

Better customer service

Since a supply chain management solution is designed to improve communication between team members and departments, it increases efficiency and accuracy. Collaboration and coordination with vendors and suppliers are easy and simple. You can also track shipments and vehicles, including; what time they are out for delivery, route taken and the expected time of delivery.

This detailed information streamlines the workflow and increases transparency. Increased transparency eliminates employee frustration and results in better customer service. When information is shared with all stakeholders at the right time, other business tasks and operations also perform better – forecasting, ordering, planning becomes easy. Plus, delays can be predicted ahead of time and measures can be taken to avoid the delays impacting customer service. Root causes of problems can be spotted early on and rectified. When business operations run smoothly, naturally customer service is also improved.

Looking for a supply chain management solution?

Precise Business Solutions can provide you with ERP (Enterprise Resource Planning) solutions and consulting expertise to help you with your supply chain management, and more.

Epicor ERP software solutions, and our own in-house developed integrated companion solutions empower our customers to achieve their business goals. Check out our customer success stories here to learn more about what we do.

Contact us today to set up an obligation free meeting to discuss your supply chain management aspirations for your business, and how we can help you get there.