Managing inventory can be the difference between making or breaking a business. Too much inventory can tie up funds, while too little means missed sales, and missing data also means confusion on the operations side. No surprise why a full ERP solution for inventory management is becoming less popular in favor of spreadsheet and simple solutions.
An advanced inventory management system does not just track inventory. Rather, it can monitor real-time activity, automate ordering, optimize forecasting, and integrate inventories with sales, finance, and procurement. Now, let us explore the importance of ERP inventory system solutions.
Importance of Using ERP for Inventory Management in Businesses
Decentralized systems for stock inventories in traditional stock companies are common. The sales department cannot access the real-time stock information, and the finance department has to work with inaccuracies when valuing the stock, and the stock information has to be manually updated for the warehousing department
These problems are solved by having an ERP system for inventory management since everything will now be in one place. Using automated inventory management systems, businesses will now be able to make informed decisions with reduced errors and increased visibility into their warehouses whether they are growing businesses with multiple warehouses and high SKUs to oversee.
What to Look for in Inventory ERP Software
Before purchasing online inventory management software, the following needs to be considered:
- Live stock information for multiple sites
- Reordering Automation and Low Stock Alerts
- Batch & Serial Number Tracking
- Integration with purchasing, accounting, and sales
- Systems for forecasting and reporting
- AI-driven insights for Demand Planning
Such characteristics help maintain the optimal level of inventory automatically.
Best ERP Software Solutions For Inventory Management in India
Following is a hierarchical list of the top inventory management solutions available in India.
5: Busy Inventory Management
Busy provides rudimentary inventory management and accounting functions. The app allows stock management and reporting. However, the app does not have sophisticated automations and analytics necessary for a company growing in size.
4: Zoho Inventory
Zoho Inventory has a cloud-based platform that offers sound inventory tracking and order management capabilities. Small business enterprises can benefit from this inventory management and stock tracking system, which seems a bit limited for larger companies that would benefit from ERP functionality.
3: Tally with Inventory Module
Tally is well-liked for accounting related to inventory management. Although a reliable accounting package, Tally sometimes needs manual interventions and supporting solutions for automation of inventory management.
2: NetSuite ERP
NetSuite has robust inventory management capabilities that cater to multi-location and international businesses. It is a complex and expensive system for medium-scale businesses in India.
1: Bigsun
Bigsun is unique for being the most effective inventory management system ERP, having a perfect combination of simplicity, automation, and scalability. Bigsun has real-time inventory tracking, auto-replenishment, AI-based analytics, and seamless connectivity to finance, procurement, and sales components.
The capability of the Bigsun AI-powered inventory management software is helpful in demand forecasting and minimizing dead stock. The service, regardless of how many locations are being handled, is fully visible and controllable.
How AI Enhances Inventory Management
AI inventory management software is revolutionizing the way businesses handle inventory. Gone are the days when businesses will wait for either shortage or overstocking of the commodity before they order more supplies.
An organization can become "proactive" in managing its inventory or warehouse by using an ERP system like Bigsun. This strategy allows them to reduce costs.
Final Thoughts
Selecting the most effective inventory management ERP solution is more than just locating where your stock is. It’s about enhancing productivity and releasing working capital. Although there exist a number of tools that provide inventory functionality.
Bigsun ERP provides a comprehensive, automated, and AI-enabled inventory management solution that is designed specifically for Indian industries. For those who value control, precision, and scalability, there still exists no better option for inventory management than BigSun’s.
