User:Laurenmicaela/Inventory management software
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Article Draft[edit]
Popular Management Softwares:[edit]
- Acumatica: ERP platform that integrates inventory management and accounting features
- Oracle NetSuite: This software offers different levels of packages that are best suited for larger businesses. The combination of ERP and accounting features make this a commonly used cloud management software.
- QuickBooks: Great accounting software for small or mid-sized businesses. There are different packages available within QuickBooks including Plus and Advanced options. Inventory management features are limited.
- SAP: Better suited for large businesses with a large range of features. This inventory management software and ERP platform is more complicated than most options, but can provide many more services than other softwares.
- Syspro: Offers an ERP platform and inventory management software that can be used by any size business. This software has very efficient reporting features to properly manage data and gain insight on business operations.
Features[edit]
Point of sale integration [1][edit]
Helps retailers automatically track when a sale to a customer is made regardless if the sale is made in person or online. These software tools process these sales can be used by retailers, restaurants, and other businesses to track the amount of inventory left after the sale and provide reports.
E-Commerce (EC) integration [2][edit]
This is the process of making sales or conducting business electronically. E-Commerce has only increased in popularity in the past decade. The ability for consumers to purchase goods online is great for businesses as long as they can properly account for and keep track of all of these sales. The main initiatives regarding EC include but are not limited to: online trading of stocks and bonds, remote payments, online banking, online retailing, smart cards, and contactless payments.
Forecasting [3][edit]
Can also be referred to as demand planning. This process combines past trends and data with upcoming events to predict the amount of inventory needed for a future period. It is important that this forecasting is accurate to avoid buying a surplus of unneeded inventory, or not having enough inventory to meet demands. Understanding the trends and patterns helps increase customer satisfaction and adapt to any unprecedented events or conditions.
Advantages of ERP Inventory management software[edit]
Cost savings: A company's inventory represents one of its largest investments, along with its workforce and locations. Inventory management software helps companies cut expenses by minimizing the amount of unnecessary parts and products in storage. Being able to predict labor and operating costs is simplified by using inventory management software. It also helps companies keep lost sales to a minimum by having enough stock on hand to meet demand.
Benefits of cloud inventory management software[edit]
Inventory tracking [4][edit]
For startups and SMBs, tracking inventory in real time is very important. Not only can business owners track and collect data but also generate reports. At the same time, entrepreneurs can access cloud-based inventory data from a wide range of internet-enabled devices, including smartphones, tablets, laptops, as well as traditional desktop PCs. In addition, users do not have to be inside business premises to use web-based inventory programs and can access the inventory software while on the road. Inventory is tracked in real time showing you where the inventory is currently located and where it has traveled. The technological tracking helps efficiently keep track of inventory whereabouts while eliminating human error in the tracking process.
Reordering [5][edit]
Keeping track of the amount of inventory and materials held is a major factor in making sure key items are in stock. This software feature reorders items that are low in quantity to prevent delays. This also ensures that something high in quantity is not being reordered and sitting dormant.
Easy integration[6][edit]
The combination of accounting software and inventory management systems helps increase efficiency of inputting data by decreasing the likelihood of entering information twice, as well as decreasing the likelihood of human error. Cloud inventory management software allows business owners to integrate with their existing systems with ease. For example, business owners can integrate the inventory software with their eCommerce store or cloud-based accounting software. The rise in popularity of 3rd party marketplaces, such as Amazon, eBay and Shopify, prompted cloud-based inventory management companies to include the integration of such sites with the rest of a business owner's retail business, allowing one to view and control stock across all channels.
Amazon Inventory management software[edit]
Amazon Innovation:[7][edit]
- Amazon is constantly innovating its system and adapting procedures to remain on top of the market. To build loyalty and market value, Amazon has allied with Yahoo!, American Online, to name a few of the large web surfers in order to gain more advertising.
- The online retailer has shown in the way they manage inventory and CRM is so instrumental to its success. From the beginning, they knew the design of their website would be meaningless if they failed to ship its products to consumers in a timely manner. Acquiring more distribution centers helped to decrease shipping costs, and made order fulfillment more efficient. As far as customer service relations in the beginning representatives were available 24 hours a day, 7 days a week.
Amazon’s Inventory System & Operation[edit]
- In 2000, Amazon spent $200 million on restoring its system. In the same year, the company decided to update its supply chain system by focusing on automated warehouses and automated supply chain management.[8]
- Originally, Amazon’s primary focused on selling books. Amazon rapidly diversified into other industries as their revenues increased, they decided to expand their product line and diversify their profits by offering music and movie subscriptions, gaming, and more. [7]
- All of the operations are controlled by a CRM system. Customer accretion and retention has been the top priority to Amazon's operation. [8]
- Amazon uses Oracle as its ERP when it comes to managing its customers. The customer's online ordering process is automated where each order is automatically located at the nearest distributing center for delivery. This automated process reduces distribution errors and speeds up order tracking.[8]
- Due to their overall system upgrade, Amazon was able to decrease it customer complaints by 50% since 1999.[8]
Amazon’s implementation of Electronic customer relationship management (eCRM)[8][edit]
- This innovation is very important to their success. This provides the ability to capture, integrate, and distribute data gained at the organization’s website throughout the enterprise.
- eCRM supports marketing, sales, and service of the rapidly growing online-based business. Every single customer is taken into account no matter if they purchase something.
References[edit]
- ^ Manthou, Vassiliki; Vlachopoulou, Maro (2001-05-06). "Bar-code technology for inventory and marketing management systems: A model for its development and implementation". International Journal of Production Economics. Tenth International Symposium on Inventories. 71 (1): 157–164. doi:10.1016/S0925-5273(00)00115-8. ISSN 0925-5273.
- ^ Gunasekaran, A.; Marri, H. B.; McGaughey, R. E.; Nebhwani, M. D. (2002-01-10). "E-commerce and its impact on operations management". International Journal of Production Economics. Information Technology/Information Systems in 21st Century Production. 75 (1): 185–197. doi:10.1016/S0925-5273(01)00191-8. ISSN 0925-5273.
- ^ Barrow, Devon K.; Kourentzes, Nikolaos (2016-07-01). "Distributions of forecasting errors of forecast combinations: Implications for inventory management". International Journal of Production Economics. 177: 24–33. doi:10.1016/j.ijpe.2016.03.017. ISSN 0925-5273.
- ^ Ala‐Risku, Timo; Collin, Jari; Holmström, Jan; Vuorinen, Juha‐Pekka (2010-01-01). "Site inventory tracking in the project supply chain: problem description and solution proposal in a very large telecom project". Supply Chain Management: An International Journal. 15 (3): 252–260. doi:10.1108/13598541011040008. ISSN 1359-8546.
- ^ Inprasit, Teera; Tanachutiwat, Sansiri (2018-07). "Reordering Point Determination Using Machine Learning Technique for Inventory Management". 2018 International Conference on Engineering, Applied Sciences, and Technology (ICEAST): 1–4. doi:10.1109/ICEAST.2018.8434473.
{{cite journal}}: Check date values in:|date=(help) - ^ Cachon, Gérard P.; Fisher, Marshall (2000-08-01). "Supply Chain Inventory Management and the Value of Shared Information". Management Science. 46 (8): 1032–1048. doi:10.1287/mnsc.46.8.1032.12029. ISSN 0025-1909.
- ^ a b "AMAZON.COM- ProQuest". www.proquest.com. Retrieved 2022-05-03.
- ^ a b c d e Al Imran, Abduallah (2014). "A Study on Amazon: Information Systems, Business Strategies and eCRM" (PDF): 3, 5, 9.
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