Insight: Making automated inventory management accessible for SMEs

An automated inventory management system is a software-based solution that aims to automate workflows and minimise the effort needed to manage a company’s inventory. The team at MRPeasy explains how automated inventory management is now more accessible to SMEs than ever before.

Key features of automated inventory management software

The key features of a robust automated inventory system are

1. Automated inventory tracking. Using lot and serial numbers to record stock movements in real time, giving you an accurate view of what you have, where it is, and which materials were used in which products.

2. Assisted inventory planning. Using current inventory, order, and production data to help you plan purchasing, calculate material needs, and prepare for future demand, thereby reducing stockout and overstocking risks.

3. Instant inventory valuation. Continuously tracking inventory costs so you can always see stock value, cash tied up in inventory, and its impact on COGS.

4. Reporting and analytics. Providing reports on stock levels, movement history, aging, expiry, and other metrics to support better inventory decisions.

5. Inventory notifications. Alerts users to important events such as low stock, quality checks, order updates, and task assignments.

6. Barcode-supported data entry. Speeding up and improving data accuracy by capturing inventory transactions instantly while drastically reducing manual entry work.

7. Multi-channel syncing. Connecting with e-commerce and CRM platforms so that inventory is continuously updated automatically across all channels.

8. Multi-site inventory management. Allowing you to manage stock across multiple warehouse locations within one system, making operations easier to scale.

Benefits of automated inventory management

Automated inventory management brings a multitude of benefits to businesses, regardless of their size or industry, including:

1. Reduced costs. Automated systems improve inventory control and eliminate manual processes, resulting in lower labour expenses, reduced carrying costs, and less cash tied up in inventory.

2. Minimised risk of human errors. Automation mitigates the risk of human error by ensuring that everyone has the same up-to-date data to work with, reducing costly mistakes.

3. Optimised stock levels. Automated systems enable you to use historical data to achieve accurate demand forecasts. They also enable precise material planning and setting reorder points for effective replenishment.

4. Higher visibility. A good inventory system provides a clear view of stock levels and performance, enabling businesses to make informed decisions about purchasing, sales, and replenishment.

5. Full traceability. Automation offers full traceability, making it easier to track inventory movements throughout the supply chain. This provides a solid foundation for quality control, compliance, and recalls.

6. Faster order fulfilment. Optimised inventory and accessible data ensure that you can quickly provide accurate quotes and get products out the door faster.

7. Scalability. Automated inventory management solutions can adapt to handle an increased number of SKUs and other inventory and production data.

Choosing an automated inventory management software

Instead of an inventory-only solution, manufacturers should choose a manufacturing-centric system. These solutions are specifically designed to address the complex needs of manufacturing operations. Manufacturing ERP software like MRPeasy integrates inventory, production, sales, procurement, and finances to provide manufacturers with a centralized platform to manage their whole operation. They help optimize material procurement and production planning, ensuring efficient resource use and timely order fulfillment.

For more information and a free trial, please visit mrpeasy.co.uk or come see us at Stand B50 on June 3-4 during Smart Manufacturing Week at the Birmingham NEC.