Your business is unique and demands tools that can help you manage your inventory in an efficient manner. SAP Business One inventory management module offers a wide range of features to help you do just that!
A robust business system should be able to manage your inventory. Managing inventory is a key component of keeping track of your company’s supply chain, which is important for growing your business.
Inventory management systems help you keep track of products and materials, so you can manage your stock effectively. Maintaining stock levels is crucial to ensure that you have the right number of products in stock at any given time. This is to avoid overstocking, which can tie up valuable capital and cause a reduction in profits.
It’s also essential for avoiding the effects of under-stocking, where the demand for your products exceeds your supply, leading to lost revenue and dissatisfied customers.
SAP Business One offers a well-developed inventory management solution. The inventory component supports processes that optimize inventory management for large and start-up businesses.
It streamlines operations for businesses by managing master items and data records, among other things. Inventory management offers many additional functionalities to achieve objectives such as reducing inventory levels, lowering costs, and improving the company’s revenue.
The primary responsibility of inventory management is to manage stock already in storage, making orders and sales. SAP Business One provides inventory management for streamlining procurement processes, tracking receipts, and inventory levels in real-time.
Here are a few ways SAP Business One makes inventory management easy:
Manage Item Master Data
Manages all item data from a single screen. All details about the item can be kept in the system, including specific barcode numbers for each item.
Product quantities are tracked according to their specific serial numbers, batch numbers, and expiration dates. This enables them to be tracked through their entire life cycle—from production to customer delivery—to ensure that they are always available when needed and in high demand. Having this information enables you to make business decisions based on accurate information rather than assumptions or guesswork.
Manage the financial aspects of inventory management (costs, prices)
When you set up a product master record in SAP B1, you can store all relevant information regarding costs and prices. You can enter information such as standard price and standard cost, which can then be used to create reports that show how much money your products are generating or costing.
With SAP B1’s inventory management module, you can also define specific price lists for different markets and customer groups. For example, you could have one price list for wholesale customers, another for retail customers, another for customers in different countries and so on.
In addition to product base prices, the inventory management module lets you set up discount schedules based on sales volume or other criteria.
The Forecast Wizard helps you generate sales forecasts by product, region or customer segment. You can set up different combinations of parameters to suit your business needs. The wizard lets you see how forecasted sales change over time depending on the parameters you select, so you can adjust them if necessary. This gives you greater control over your inventory planning and helps reduce write-offs due to expired products.
The Order Wizard helps you produce purchase orders based on forecasted demand, current inventory levels and supplier lead times. The tool will flag any items that are below their reorder point, as well as quantities that need to be ordered from each supplier, giving you an accurate overview of your suppliers and inventory levels at a glance. You can also use the Purchase Order Report to view all open purchase orders for a given supplier in one place.
Stock transfers between warehouses, locations and sites
The Stock Transfer Wizard lets you generate stock transfer orders based on which items are running low in which locations or warehouses. With this tool, you can move stock where it’s needed most without wasting time trying to manually identify reordering needs site-by-site.
Basic inventory information
Inventory management lets you create and update data records for all the items in your stock, including the minimum and maximum quantities needed to trigger a replenishment order. It also lets you keep track of units of measure and unit conversions (e.g., 12 pieces per box). You can choose what information to enter manually or upload it from a spreadsheet using a utility called Data Transfer Workbench. To help you manage your warehouse, the Inventory Count module lets you perform physical stock counts as well as stock takes at specific locations.
Other benefits include:
Multiple warehouses and locations – allowing you to manage your stock at different locations by creating a separate warehouse for each location
Multiple units of measurement – allowing you to keep track of your stock in different units of measurement (kgs, litres, meters etc.) per item
Full traceability – allowing you to trace an item’s history at every stage of production (purchase order, goods receipt, goods issue etc.)
Serial number tracking – allowing you to monitor individual serial numbers for each item in your inventory
Batch number tracking – allowing you to track the batch numbers assigned to each item in your inventory
Your business needs efficiency, and it needs a system that can automate and streamline its inventory and production processes. SAP Business One offers you both—and more.
As a user of SAP Business One, you can gain greater visibility into key functions like inventory, which allows you to plan ahead and avoid both shortages and surplus inventory through better planning.
This means that your business will be able to reduce costs while speeding up its delivery times, so you can meet customer demand and expectations. With a system that enables real-time updates of inventory and warehouse data, you will always have the most accurate information available to inform your decisions..
Overall, the SAP Business One inventory management functionality is extensive and will serve you well. SAP Business One includes all the tools you need to grow your business from idea to reality. Best of all, everything integrates seamlessly so that you can easily manage your inventory in real time.
To learn more about the inventory and warehouse management functionality of SAP Business One, request a demonstration with one of our experts or contact us for more information.