Increase efficiency in Procurement – Eliminate challenges faced by your business
As the business structure has evolved over the years, certain aspects of inventory management have gained more importance. One such aspect is procurement. Inventory procurement is related to a multitude of business activities which act as a fundamental catalyst for daily tasks. Despite being a very basic part of the inventory module, procurement still poses challenges to the majority of businesses. If your company decides to proceed ahead with such problems persisting, it is bound to get a major setback a few years down the lane.
Here are some common procurement problems that you might encounter:
- Unreliable and inflexible suppliers: Your business is unique and to maintain that image you need to find suppliers which fulfill your product criteria. Oftentimes, companies lack a list of appropriate suppliers to help them get the right inventory.
- Going over budget: When you do not perform a cost-comparison survey, you often end up buying things at an expensive price. Apart from this, ordering excess stock also pushes your costs high enough to go over the budget.
- Risk mitigation: Companies which don’t maintain an accurate database are at a greater risk of uncertainty. Your business can lower chances of risk by storing relevant inventory information to make informed decisions.
These issues can be attributed to the lack of automation in organizations. A proposed solution would be to spend on a cloud-based inventory and purchase order software.
An efficient inventory purchase order software offers supercharged features to bolster your procurement strategies:
1. Monitor stages in inventory lifecycle to plan ahead
Companies usually stock up on various kinds of inventory. Oftentimes, it comprises of perishable items or products which have an expiry date. When it comes to time-sensitive inventory items, it becomes necessary to design appropriate management strategies. Because once these items expire, they cannot be used again. If not restocked on time, the company’s work operations might face a delay. So, in order to cater to such situations, inventory purchase order software allows your company to run lifecycle management practices. Doing so not only helps you have an idea of the useful life of inventory but also lets you make arrangements for replacing and ordering new stock on time. Run flawless stock management procedures with predetermined asset life cycles.
Estimate the useful life of stock to make timely purchase orders
Read more: How To Tackle Low Inventory Stock Problem With Inventory Tracking Software
2. Record usage history to predict future consumption
As companies grow, they tend to alter their inventory portfolios as well as their budgets. But, what exactly does this entail for your organization? Such fluctuations portray that the company’s consumptions habits might not be the same each year. So, how do we track these changes in usage? The simplest way to do so is to deploy a cloud-based system to record usage history of all your tools and machines. This can be easily done through the purchase order and inventory tracking software. For items used extensively in your inventory, you can store how they evolve over time. Practices such as this allow your company to build upon current usage to forecast future demand patterns.
3. Use RFID tracking for faster procurement activities
Inventory management can be a huge challenge, especially when you have multiple items to deal with. A large procurement shipment means that your employees will spend a long time checking all the items in. This can be redundant and ineffective for an organization. To help you enable faster checkout and check-in mechanisms, inventory purchase order software offers you RFID tracking. With the new technology, you can scan multiple items at once and save valuable time. Taking mass actions on large procurement shipments through RFID raises employee productivity. The use of RFID provides the following benefits to your firm:
- Access to accurate real-time information
- Efficient time and cost management through less manual work
- Capacity to track product locations
All these factors allow your company to achieve higher targets through increased efficiency and seamless work operations.
Enable faster checkouts through RFID for large shipments
Read more: Inventory Control App for Large Business: The Basics
4. Automate purchase orders through effective supplier management
The key to optimized procurement routines lies in a robust supplier management system. Finding the right suppliers can be very tricky if you are new to the market or don’t maintain records of your past transactions. To filter suppliers for your company, you should store their details in an online software. This can be easily done through a purchasing and inventory control software. With access to a wide-ranging database, you can easily record all supplier information. Doing so accelerates the procurement process as it allows you to automatically generate purchase orders every time your stock is low. Structured management routines help you conduct a cost-benefit analysis and choose reliable suppliers which fit your budget as well. Implement streamlined procurement practices to make the most out of your inventory for optimized performance.
Did you know? According to Gartner, the supply chain market exceeded $13 Billion in 2017, an increase of 11% from 2016.
Capture higher profits through optimized procurement routines with EZOfficeInventory
Strategic business purchasing plans can have a huge impact on yearly profits. This is because procurement represents a large chunk of the company’s budget. Keeping this in mind, your organization should make smart decisions regarding its supply chain and stock orders. In order to help your company, attain a higher rate of return on investment through procurement, you can invest in a cloud-based inventory purchase order software.
EZOfficeInventory is a similar software which is designed specially to assist companies run streamlined procurement routines. With high-performance features like customized labels, you can track each and every movement of your inventory. This works with the help of barcode technology which helps you to record locations of inventory in transit for out of office projects.
EZOfficeInventory also offers unique features for companies which want to differentiate their products from the industry. You can maintain the company’s image by having access to customized templates to store all relevant information. This also makes it easier to generate the end of year performance charts.
EZOfficeInventory lets you prepare actionable reports on any business asset you wish to assess. Such practices make room for analysis and review for the overall business growth over the past years. A strong database which provides protection against unauthorized use certainly proves to be a valuable asset for any company. Choose EZOfficeInventory for your organization and aim for higher revenues!
Read more: Managing Purchase Orders with EZOfficeInventory
Why should your business invest in an inventory purchase order software?
EZOfficeInventory is an inventory tracking software designed to offer various procurement features to cater to small and medium businesses help them run smooth supply chain management operations and generate higher profits.
For more assistance, drop us an email at support@ezo.io.
