Leveraging the power of ERP to optimize inventory management ERP software can be used in many different contexts. After accounting, more than 60% of users say that inventory management is the feature they most frequently use. In addition to ensuring optimal stock levels, inventory management assists businesses in organizing and planning their manufacturing strategy. Maintaining ideal stock levels helps to free up working capital. It reduces stock-out losses and encourages the most effective use of valuable working capital. The newest emerging technologies, such as machine learning, data analytics, artificial intelligence, and cloud computing, can help manufacturers and distributors improve their inventory management. Using proven inventory management techniques like ERP systems, supply chain design, and planning helps leverage your stock. What is an ERP system? The term “enterprise resource planning” (ERP) refers to a category of software that businesses use to handle routine operations including accounting, purchasing, project management, risk management, and compliance. Enterprise performance management software, which aids in planning, budgeting, forecasting, and reporting an organization’s financial results, is also a component of a full ERP suite. ERP systems enable data to flow between various company operations and connect them all. ERP systems ensure data integrity with a single source of truth while removing data duplication by gathering an organization’s shared transactional data from several sources.
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