Sage 300 ERP offers a robust Basic (standard), Advanced, or Premium package to suit almost any type or size business. With the data you can obtain from such an ERP system, you can improve many areas of operations. That includes inventory management data.
The inventory contained within your business’ warehouse represents a valuable asset. Poor management of this asset leads to losses while improving inventory management techniques can lead to profits. Warehouse data collection systems can help you improve the management of your inventory so that you know exactly what you have, its age, value, and costs.
Still not sure how better inventory management leads to increased profits? Here are three great reasons why using Sage 300 with inventory management modules can help you achieve your revenue goals.
Increased Data Accuracy Leads to Better Decisions
Sage 300 itself is not an inventory management system, but modules attached to it feed warehouse and inventory data into the overall ERP system. This combination of accounting, operations, and warehouse data can help you make a better business decision.
#1: Create and build new business models based on accurate data.
Companies often become complacent when faced with the same data on a weekly or monthly basis. Freshly generated data may paint a surprising picture, leading to new ideas and a new business model. These new business models may, in turn, boost profits and ROI.
#2: Identify revenue drivers.
It’s easy to make assumptions about your best-selling products, but assumptions can be based on faulty information. Instead of assumptions, base your decisions on data. Identify revenue drivers from among your inventory by using reports derived from Sage 300. When you find your best-selling items, you can put more effort into marketing them and boost profits.
#3: Understand your best customers
Data from Sage 300 can also be used to identify your best customers. This information, combined with Sage CRM and input from your sales team, can help you build models for future marketing acquisition efforts. By analyzing the features of your best customers such as the industry they’re in, their annual revenue, decision-making process, problems your company solves and more, you’ll be able to derive a model for future marketing programs.
Accurate Data Builds a Strong Foundation
A building is only as strong as its foundation. The same goes for a business. With strong, supportive, and accurate data, you can build a better business. Sage 300 ERP, along with inventory and warehouse data, can be used to build better product strategies, customer profiles, and more.
PositiveVision provides consulting and services to manufacturing, warehousing, and distribution companies. Sage 300 ERP with inventory management modules, Sage CRM, and other Sage products can be a game-changer for your business. Learn more on our website or contact us today.