23. Transform your vision – ask us how!
1. Set Up Initial Inventory Data
Import/manually enter current inventory levels, SKUs, and product information into the ERP system.
2. Categorise Inventory by Product Type
Group products into categories such as raw materials, finished goods, and work-in-progress for better visibility.
3. Define Min. and Max. Stock Levels
Establish min. and max. stock thresholds for each item to guide when replenishment is needed.
4. Set Reorder Points
Set automated reorder points within the ERP based on historical data and sales velocity for each SKU.
5. Implement Safety Stock Levels
Define safety stock levels to ensure buffer quantities are maintained to avoid stockouts.
6. Enable Real-Time Inventory Tracking
Use real-time inventory tracking to monitor stock levels across warehouses and locations.
7. Integrate Supplier Information
Add supplier details, including lead times and delivery schedules, into the ERP for accurate replenishment.
8. Automate Purchase Order Generation
Configure the ERP to automatically generate purchase orders when stock levels reach reorder points.
9. Set Up Inventory Alerts and Notifications
Create alerts for critical inventory levels, overstock, or slow-moving items to trigger action before stock issues arise.
10. Link Sales and Production Data to Inventory
Integrate sales forecasts and production plans with inventory to ensure alignment between demand and stock levels.
11. Monitor Inventory Turnover Rates
Track and analyse inventory turnover rates to optimise stock levels and reduce carrying costs.
12. Conduct Regular Cycle Counts
Schedule cycle counts to verify actual stock levels against ERP data for accuracy.
13. Implement Barcode/RFID Scanning
Use barcode or RFID scanning to update stock movements and replenish inventory in real time.
14. Track Expire Dates and Lot Numbers
Record batch or lot numbers and expiry dates to manage perishable items and ensure proper stock rotation.
15. Optimise Storage Locations
Map out storage locations in the ERP to streamline picking, packing, and replenishment.
16. Automate Stock Transfers Between Locations
Automate stock transfers between warehouses or retail locations based on demand and stock availability.
17. Use Vendor-Managed Inventory (VMI)
Enable vendor-managed inventory processes where suppliers track and replenish stock levels within agreed-upon parameters.
18. Monitor Supplier Performance
Track supplier performance data such as delivery times, quality, and consistency to optimise replenishment.
19. Generate Inventory Reports
Set up automated inventory reports that provide insights into stock levels, replenishment needs, and inventory health.
20. Analyse and Forecast Future Demand
Use demand forecasting tools within the ERP to predict future inventory needs and adjust replenishment accordingly.
21. *OPTIONAL* Book a demo with MISS Enterprise team so that I can SHOW you how to do all this!