In today’s dynamic world, there is no time for slip-ups; the business that is merely reacting to past events and copying the actions of others will soon be left behind. To succeed, you must be agile and manage fluctuations appropriately and with a plan. Inventory management software is a tool that will help you optimize your supply chain and is a key aspect of any business that sells goods. Here are several advantages of inventory management software and how it could help your business.

Knowledge Sharing

Each aspect of a business is often concerned with its own comings and goings. The bigger picture is often a difficult one to see. With a management dashboard, you can more easily see and understand the big picture and make proactive decisions. Cloud-based inventory management software gives administrators a clear view of all business processes—nothing is kept a secret from those that have access to view it. For example, in previous years if there were a shipping error involving a raw material you would have finished your product before you noticed an error. Today’s software intelligence aligns all of your operations so you can see through the entire process and scale back or seek alternative supply sources when needed.

Outside Factors

Another aspect to keep in mind is that inventory management software can trace several different types of random events. Unfortunately, we all know that business does not occur in a perfect world and several outside factors are in effect. Cloud ERP software (such as NetSuite) keeps you, or your administrators up to date on all the variables that can affect your distribution process. There can be shipping errors, natural disasters, damaged stock, and just plain old human error. By knowing about what is moving or slowing your distribution chain in real-time, you can work with it and around it as needed.

Forecasting

Predicting the future is never easy but inventory management software makes it simple to see organizational trends. Take the guesswork out and view all processes in real-time on a customized dashboard that shows you the trends you want to access quickly. By reading the data presented, you can make predictions on capacity and supply chain management based on historical data. One way you may do this is by researching a particularly busy area for your distribution chain and opening warehouses to speed up the shipping process by having goods and materials on hand in key locations.

Any product you make is a net loss until it is sold. In this respect, excess stock is something you want to avoid. By tracking trends with inventory management software you can adjust stock allocation. This way, you can make sure a majority of your product stock goes to active and growing markets and established ones are not over saturated. You can predict future growth locations by reviewing past trends and comparing that with the most up-to-date data. If an area has been showing steady sales and ever-increasing amounts of sold products then it may be one that requires future expansion.

Efficiency

With greater visibility comes better and more informed decision-making capabilities. You know when stock needs to be shipped, when it’s about to run out, where it’s at in the shipment process, and outside factors that could be causing delays. Not only does this mean your business is running better by taking proactive control of supply, but it also makes you a more attractive choice to your customers.

Scaling and Growth

Every business wants to grow and increase its market share and using NetSuite’s inventory management software, steady growth becomes a reality. The best thing? The software grows right with your business–as new markets are added they are integrated along with existing data. With the growing usage of cloud-based software, your organization transforms itself from one with stagnant growth to an organization with tremendous growth opportunity.