Best ERP Software In The World

Rising competition and thin margins are forcing small businesses involved in multi-channel selling to better equip themselves with efficient  Multi Channel Inventory Management Software . Multi-channel selling involves platforms like eBay, Amazon, Walmart, Shopify, and countless other online stores. A good start to achieving inventory management efficiency is by managing lead time. What Is The Lead Time? Lead time is defined as the amount of time it takes for any process to complete. In a typical business, there are multiple lead times involved from the point of initiation to the point of consumption for any product or service. Let’s take the example of ordering raw materials, depending on how far your supplier is, the time it takes for the material to be delivered can be considered as the delivery lead time. So, if it is delivered in 3 days, then we can say that the lead time for delivery is 3 days. Lead time can be tracked for many more processes as well, like, lead ti...

Inventory Management system is required in any kind of business whether you are running a brick and mortar store, an online site, any logistic firm or a supermarket. Inventory management systems allow users to track goods or products on time in an accurate manner. It also gives a positive impact on productivity. By tracking the inventory, companies can minimize waste, at the same time they can also analyze market trends and make more effective investment decisions. In an organization, almost every department adopts different aspects regarding inventory. For example, the sales department wants a huge quantity of inventory in reserve so they can easily meet their market demand. The production department requires stock of material to continue their production without any interruption while, the finance department argues investing less in inventory due to waste and advice to invest the remaining fund into some other place for better purpose. Hence, we can conclude that managing busines...

Serialization is the recent buzz in stock management techniques. Through the efficient use of available unique product codes or serial numbers, many benefits can be achieved. The most important benefits being reduced inventory losses. Examples of Inventory Losses Inventory loss (also termed as shrinkage) has various reasons, some of which are caused by the lack of serialized inventory are: Theft   – The most common source is through theft either by employees or customers (if operating a retail business). Wastage  – If stock consists of products with an expiry such as medicine or dairy items then not managing this crucial information can result in losses. Input Error  – Inventory management consists of many redundant tasks such as maintaining spreadsheets and conducting frequent stock audits. If done manually, errors are bound to occur. Counterfeiting  – In a supply chain, counterfeit products can enter if unique product codes are not being utilize...