Less Is More: Increasing Manufacturer’s Efficiency through Inventory Reduction
ERP solutions are data-driven. This is arguably the most beneficial technology feature because it alerts users to the specific inventory needs right down to quantities and timing. The right ERP tool can analyze historic and current data such as customer orders, inventory balances, usage/shipment of each product, seasonal trends, etc. and apply these insights to future inventory predictions. Armed with this knowledge, manufacturers can make more intelligent decisions regarding how much inventory to keep in stock and how best to respond to customer demand, regardless of seemingly unpredictable fluctuations. This help ensure investments are being made in the right place and that operations remain efficient.
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