Inventory management is about knowing what's in your warehouse and where your inventory is located. To streamline inventory management, leading companies integrate their inventory software directly into back office and accounting systems.
This integration provides a competitive advantage with the ability to plan effectively, work confidently with customers, and minimize labor costs and errors associated with manual reconciliation. You can get all your integration in one place with a good ERP system.
In order to determine the right inventory management system for your business and back-office integration strategy, you need to assess your current needs and your plans for future growth. To maximize benefits, your integrated solution must be real-time, flexible, transparent to consumers, compatible, and scalable.
Image Source: Google
The three main benefits of integrating inventory management software with your accounting and back-office systems are:
1) Optimizing inventory levels to meet product availability and return on investment objectives
2) Ensuring visibility of inventory for partners in the supply chain
3) Inventory details in the annual financial report
The integration of inventory and back-office systems must be real-time, flexible, transparent to users, compatible, and scalable. Real-time gives your customers and supply chain partners the best possible visibility and ensures that your deals are up to date and accurate.
Consumers want integration to be flexible and transparent, because constant changes in business processes may require adjustments to integration. Users don't want to think about integration, they just want it to work!
Sometimes scalability is overlooked when designing integrations, but ignoring it will haunt you when the success of your business weighs in on a large volume of transactions.
The easiest way to meet integration goals and criteria is to find an ERP system with an inventory management module that fits your needs.