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What You Need From an Inventory Tracking System

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An effective inventory tracking system is one of the most important tools for any warehouse management tool. An optimized system will allow you to track your inventory from its arrival in your warehouse to the customer’s hands. When you have accurate data about your supply chain that is easily accessible, your warehouse business will see increased productivity and profits. A good system will also help you avoid errors, provide you with alerts, help you with warehouse space, and more. 

Here are some of the most important elements that any inventory tracking system must have.

Alerts for Inventory Levels

Gauging supply and demand is a constant aspect of the warehouse business. A customizable inventory tracking system can provide you the opportunity to set alerts for inventory. These alerts can be set based on certain thresholds that you deem appropriate. With alerts for overstocked items, you can create promotional advertisements to clear those items out sooner. It will also allow you to reduce or suspend any pending orders for that item in order to avoid further overstocking. 

If you receive alerts for understocked items, you can preemptively review any pending orders. This can allow you to gauge whether or not you need to increase orders. Additionally, this can help prevent a lag in delivery time in your supply chain if you are able to mitigate the chances of the warehouse delaying shipments due to understocking. 

Having alerts in your inventory tracking system is a crucial part of ensuring your warehouse maintains efficient levels of inventory.

Metric and Trend Reports

While getting your products from your warehouse to the consumer is the quintessential element of a warehouse business, it is also important to have access to the data and metrics that are generated from your activities. Having access to data will allow you to see different trends that are occurring over time. It is generally easier to get a grasp of what is happening in the immediate moment; however, our memories are fallible and it may be challenging to know what the trends are without access to historical data. 

Trends can show you which inventory leaves your warehouse the most, the optimal price for that inventory, when that inventory leaves with the most frequency, and other metrics. When you have access to this data, you will be able to more effectively optimize your warehouse enterprise. 

In order to sustain long-term growth and profit, your inventory tracking system should include the ability to analyze and observe trends. Short-term and long-term trends can speak volumes about employee efficiency, optimal inventory levels, and more. 

Easily Understandable Dashboard

It is great to have a system that has lots of data; however, if that data takes a long time to read or understand, then that negates the point of having access to that information. Whether the employee or manager is a seasoned pro or a new hire in your warehouse, it is essential that they have access to easily understandable information. 

The less time employees spend trying to figure out what certain data means, the more time they can spend performing other productive tasks. Additionally, if you have an easily understandable dashboard, it will reduce the amount of time newly-hired employees will have to spend in training. This will save the warehouse time and money. It can also help reduce the amount of human errors if data is easily understandable.

An accessible and useful dashboard that provides understandable data and metrics is another key component for an effective inventory tracking system. 

Important Inventory Metrics

Different inventory tracking systems provide different types of data. However, regardless of how the system is used, there are a few critical tracking metrics that must be incorporated in the system. 

Your inventory tracking system must have the ability to track returns. Items that come back from customers may be siphoned into a “damaged goods” category, and sent elsewhere. Or perhaps the customer got the wrong item or is unsatisfied with what they received. Whatever the reason, you will have an item coming back to your warehouse and your inventory tracking system will need to know how to accurately measure this metric. 

Your system will also need to efficiently track items that come from your supplier. Some of your inventory may be on-site at your supplier’s warehouse or storage, or in transit to your warehouse. It is important to know where the items exist in the supply chain. If there are points in the chain in which the item’s location is unknown, it will ultimately lead to an error or miscalculation. Errors and miscalculations will cost you time and money.

Before integrating any new inventory tracking systems, be sure it includes the ability to track returns, damaged goods, and the location of items in the supply chain from your supplier. 

Scalability

As warehouses grow, so too do the inventory levels. Increased growth is certainly a good thing; however, with more inventory come more organizational and logistical responsibilities. It is a good idea to find an inventory tracking system that can grow and evolve alongside your enterprise. Having growth coupled with optimized organization and tracking will aid your warehouse in avoiding negative trends or significant logistical issues. Employees with access to customization options in the system can review trends involving growth and identify which types of modules or metrics to incorporate in the newly scaled system. 

One element of scalability is finding software that uses a cloud-based system. This will let you more easily back up your data, allow access across various locations, and you will not have to hire a large IT staff to maintain computer servers. 

Contact eoStar for a Consultation

If you are looking for help in developing an inventory tracking system for your warehouse, contact eoStar today for a consultation. eoStar has been in the warehouse optimization business for years, and we would be happy to help you increase efficiency with a custom inventory tracking system. 

Route Accounting Solutions

Coca-Cola Beverages Africa (Pty) Ltd chooses eoStar and Microsoft to replace SAP

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Holland, MI, September 16, 2020: eoStar announces it has integrated with Microsoft to provide Coca-Cola Beverages Africa (Pty) (CCBA) the opportunity to meet sales and delivery needs across their value chain from order generation, picking and distribution throughout their organization.  This digital transformation project modernizes the way Coca-Cola Beverages Africa (Pty) (CCBA) uses technology across its entire IT landscape.

CCBA is Africa’s largest Coca-Cola bottler and 8th largest in the world. With 35 bottling plants in 13 countries, serving over 600,000 outlets, the need to streamline sales and distribution was essential. eoStar is a Route Accounting Software that will manage all the sales, distribution and advanced warehousing for finished goods, while D365 covers the financials, manufacturing and human resources functionality.  This integration between eoStar and Microsoft allowed CCBA to completely replace SAP.   

“CCBA will be leveraging eoStar to mobilize our sales and distribution workforce, increasing their effectiveness in the trade. eoStar will be deployed across our internal sales force, our own primary distribution capabilities and as the system of choice for our Official Coca-Cola Distributors (OCCDs) and our Logistics Distribution Partners (LDPs)”, according to Joshua Motsuenyane, Chief Information Officer for CCBA.

The challenges of adapting the eoStar software to successfully navigate an international market provided the company the opportunity to expand eoStar’s already robust skillset to accommodate international weights and measures, as well as the multi-currency pricing (MCP) present in Africa.

Paul Rutherford, President of eoStar, commented that, “eoStar is incredibly excited to partner with a world class bottler like CCBA, who are innovative and on a tremendous path of growth.  Leveraging eoStar’s sales, delivery and warehousing solutions ensures they will be equipping their amazing team of employees with the tools to execute at the level necessary to take their business to the next level.”

Route Accounting Solutions

Benefits of Route Accounting Software for Your Direct Store Delivery

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Does your direct store delivery organization need route accounting software

DSDs work differently than most other distributing solutions. As a result, they have particular needs. The right route accounting software can help meet those needs. 

Route Accounting Software Provides Real-Time Updates  

For the most part, direct store delivery organizations handle perishable items like milk, bread, and other things with a relatively short shelf life. Route accounting software makes an excellent choice for the companies that deliver these items. 

Out of necessity, DSD deliveries happen much more quickly than warehouse deliveries. Perishable items have to spend as little time as possible in transit so that the consumer can maximize the shelf life of their items. 

Because DSD deliveries happen more quickly than other types of delivery, DSD companies sometimes need more updates along the way to make sure that their items get where they need to go. Route accounting software provides those updates, eliminating a lot of product-related anxiety. 

Optimize Your Routes 

With the right software, DSD organizations can quickly find the easiest way to get from point A to point B. Not only can DSDs find the most efficient initial routes, but the real-time updates we mentioned earlier can help DSDs change routes if an accident or weather pattern makes another route more efficient in the short term. 

Much like the benefit of real-time updates, route optimization helps companies that primarily carry perishable items. The less time your deliverables spend on the road, the faster they can get to their point of sale, which means more product freshness and better-end user satisfaction. And of course, when the end-user experiences more satisfaction with the product, your client will experience more satisfaction with your deliveries. 

Customization and Flexibility 

No two DSDs are the same. Each one has its own unique structure, clients, routes, and needs. If you have the right route accounting software, then you’ll have a powerful tool on your side to meet your company’s needs. 

The best route software will give you plenty of room for customization and flexibility. Your software should fit into your business seamlessly. 

Productivity Enhancement 

Route software can improve productivity for DSDs just as well as it can improve productivity for non-DSD logistics services. How? By removing unnecessary lulls from the supply chain. With route accounting software, you can keep up with virtually every aspect of your supply chain from inventory to payment monitoring. When all of these steps are fast and simple, you and your team can work as efficiently as possible. 

Boost Your Sales 

Remember the customer satisfaction we mentioned earlier? That customer satisfaction can increase your business reputation, which in turn can increase your sales. 

How else can your route accounting software increase your sales? It all comes back to your increased efficiency and productivity. When your team works more productively, you have time and space available for business growth. Plus, because route software can make your sales easier, you can make more of those sales without unnecessary hassle. 

Save Time on Reconciliation 

At the end of the day, when you go over your receipts and inventory, it’s important that the numbers add up. If anything falls out of place, you could spend a lot of time trying to figure out what happened. 

Your accounting software can change that. With the right accounting software, you can keep track of your stock, reloads, sales, and more from a single platform. Because the software keeps track of all of the important factors, your numbers will add up more easily at the end of the day, and you can save even more time. 

Advanced Analytics for Better Insight 

With the best route accounting software, you’ll get analytics to match the current job demands. In recent years, your orders and deliveries have probably gotten a lot more complex and difficult. These complexities can make it difficult to track and analyze your data for future use. 

The right software, however, can apply advanced analytics to the increasingly complicated sales process. From there, you can tailor your client experiences based on the resulting insights. 

Route Accounting Software from eoStar 

Ready to make sure that your route accounting software provides all of the above and more? eoStar’s software is proven to provide a competitive advantage with faster fulfillment and faster reconciliation. We help our clients save time and avoid hassle so that they can provide a better experience for their own clients. 

With eoStar, you can simplify your oversight and planning from the moment you implement your new software. Want to learn more? Contact us today to request your demo. We can’t wait to show you how eoStar software works and how it can work for you. 

You know that your clients deserve the best. We believe the same about ours.