When it comes to keeping track of inventory parts and vendors, nothing is more important than a cohesive inventory management system.
When it comes to keeping track of inventory parts and vendors, nothing is more important than a cohesive inventory management system that covers everything from your current stock to individual vendor part numbers and pricing.
When your customers come calling for a specific part, you need software that can offer instant answers and up to date information directly from the source.
Here are the top ten benefits of a comprehensive inventory management system.
1. Streamlining Data
One major problem we see among parts dealers is complexity. Oftentimes employees have to dig through software systems, which refer them back to reference manuals and price lists. All this shuffling around and consulting of multiple resources eats up time and energy. Meanwhile, your customers are getting impatient waiting for their answers.
By bringing all of this data into one searchable database, you can instantly eliminate all of the wasted time.
2. Inventory Balancing
Inventory management software does more than just tell you what you have in stock. It also tracks trends and can provide you with helpful projections for individual parts and products.
Our ERP system keeps you from ordering too much of the wrong thing and ensures that you have enough of the parts your customers want on a regular basis.
3. Cost Controls
As your inventory becomes more balanced at your shop, you will see a shift in your monthly expenditures.
Integrated inventory management keeps tabs on everything you're ordering as well as vendor pricing so you can make the most out of every dollar. The system will look for red flags and alert you if there is an unexpected overage.
4. Inventory Turnover
A well-tuned purchasing department will know just when to order parts to keep inventory from sitting on shelves collecting dust. Inventory turnover is an important part of keeping high-quality parts, especially those with lubricants or seals that may age or expire.
With the help of your inventory management system, you can easily track FIFO and make sure that inventory is being rotated properly as well.
5. Customer Service
The fact of the matter is that inventory management software leads to happier customers. You can provide customers with more complete information when they call, and you can keep the products they need in stock more of the time.
When it comes to parts, few customers are shopping on a whim. They need the parts, and they need them now. Building a strong track record for having parts in stock will build loyalty with your customer base.
With all of this data at your fingertips, you'll have access to tons of new metrics for tracking performance and profits. Currently, it may be a struggle to put together a single monthly or quarterly report, but this software can do it all in just minutes without missing a beat. Your dashboard will give you an instant look at how things are going at any time of day.
7. Labor Costs
Inventory management software doesn't just compile data into a single resource. It also comes with some handy tools to make your system run smoother and faster. With barcode scanners and RFID, you can do away with manual tickets and hand-keying part numbers.
8. Delivery Timing
Even the best shop can't keep every single part in stock. When it comes time to order parts in, your customers will appreciate having more accurate shipment information coming from you. Timing your deliveries precisely will help your team and your customers alike.
9. Warehouse Organization
The more information you have available about your stock, the easier it is to keep it organized in your warehouse. Combined with the barcode system, your team can easily scan products and determine where they need to be stored for future access. Put-away will take a fraction of the time.
10. Simplification Top to Bottom
Ultimately, every step of your daily processes will be simplified down to a keystroke on the computer. All new price lists can easily be uploaded and any changes in inventory tracking can happen automatically.
Cohesive inventory management software is helping parts dealers stay on top of their game. Handle spare parts inventory control and vendor management with an ERP solution.
By allowing you to handle more data in less time, you can serve more customers than ever before with a higher level of satisfaction all around. Eagle Business Management Software has everything you need to take your parts center to the next level.
Call or email us today to schedule your first consultation with one of our software implementation experts.
Read more about our ERP, EBMS.