What Are The Advantages And Disadvantages Of Inventory Management
Advantages
1. When the retailer approaches the sales team to buy a product on an critical basis, the sales team has real time data access to the products in inventory department into centralized system. The sales team responds on time, which leads to augmented revenue and customer satisfaction.
2. In case manufacturing is required, the sales team updates the centralized database. The centralized database auto updates the production planning department for requirements. The production planning team monitors the availability of raw materials required through central database which is updated by the inventory division. Thus data duplication is evaded and precise data is made available.
3. The HR department can access the manpower status updated by the shop floor team in the central database. In case of shortage of work force the HR team starts staffing process with substantial time to employ a suitable candidate at market value. Thus labor costs go down.
4. Vendors can directly submit their invoices to the centralized enterprise system. This is in turn accessed by the finance department. Thus payments are made on time and possible lawful actions are evaded.
Benefits of using mySAP ERP
It eliminates duplication, discontinuity and redundancy of data.
Provides information across departments in real time
Increases productivity, better inventory management, promotes quality; reduced material cost and boosts profits.
Better customer interaction, increase throughput and improves
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