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Seven Simple Ways for Small and Mid-Sized Businesses to Manage Inventory

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If you run a small to mid-sized enterprise (SME), you know your inventory is one of your most valuable assets. It’s critical to accurately manage your inventory while at the same time keeping production cost-effective. This delicate balancing act enables you to fulfill sales orders in a timely manner and keep your customers happy.

Fortunately, today’s technology has the power to help you improve on-time delivery, reduce inventory shortages, and eliminate the need to keep surplus inventory on hand. Not all technology, however, is created equally. SMEs need robust software that can track inventory across various locations. Particular features to look for in a software solution include several inventory valuation models and support for consignment and drop shipping. Additional capabilities may include core production planning, including material requirements planning and management of production orders. You’ll also want your chosen software to produce numerous types of bills of materials (BOMs).

You’ve probably heard the expression, “location is everything.” You should have real-time access to information about your inventory and production orders wherever you are – in the office, at the warehouse, or in a remote location anywhere in the world. That information should also be available to you via a desktop computer or your mobile phone.

It’s possible to have all of these features and benefits with one simple, affordable, low-risk software solution. Sage 300Cloud – specifically designed for SMEs – is customizable and includes modules that can be added as your company grows.

Here are seven simple ways Sage 300Cloud can help you manage your inventory:

  1. Improved inventory and production processes
    Manage detailed warehouse data, optimize stock locations, track and record stock movements, and execute production orders.
  2. Advanced inventory tracking and costing
    Support for multiple unit types means you can buy and sell your inventory in different units, for example purchasing in cases and selling in individual bottles.
  3. Comprehensive available-to-promise functionality
    Conduct instant availability checks and track item stock levels with real-time visibility of the inventory you have “available to promise.” Sage300 Cloud shows you quantity details, adjusted by what is already committed to other customers, incoming purchases, and production orders.
  4. Easy management of stock movements
    Sage300 Cloud can integrate individual item prices or price lists, updating inventory valuation at the same time. It also fully integrates inventory and accounting transactions.
  5. BOMs and production orders
    Manage BOMs, production orders, and material requirements quickly and easily. Plan and fulfill production orders based on your material requirements planning.
  6. Material requirements planning
    Maintain an ideal production plan for multilevel production methods. You’ll have a structured process using data from various sources to create a clear picture of your production and supply chain.
  7. Production and warehouse reports
    Powerful reporting tools mean you can run data-intensive analyses in seconds. Ease of use eliminates the need for IT support.

Inventory management is just one of many ways Sage300 Cloud can streamline your day-to-day operations and transform the way you do business, allowing you to focus on growth and customer satisfaction.

Atlantic Data Systems Can Help.

If you’re looking for assistance in optimizing your inventory, Atlantic Data Systems (ADS) can help. ADS partners with small to midsized businesses throughout Atlantic Canada and Ontario so they can fully realize the promise of technology with the right software, services and support.

We are ready to work with you and your team to ensure a solution sized to fit your needs and budget. Let’s chat. Contact us here.

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