“Managing your Inventory is the first step to maximize revenue and profits”
The tire industry is one of the oldest and booming verticals in India. With increasing competition and demand, tire companies are looking for ways to deliver faster and reliable services. One of the major problems a tire company today faces is “Inventory Management”.
Companies need ERP software to manage their inventory as it not only automates the entire process but also increases productivity.
Optimum stock level
The first and the most basic rule of inventory management, “the stock should always be at its optimum level”. An ERP ensures that every essential item in the inventory is automatically stocked once the item is on the verge of exhausting. This way the inventory is neither overstocked or under stocked.
Easy to search
Since every item in an inventory is classified and sub classified according to its property, it becomes easy to search an item whenever required. When suggesting a tire to the client, the person sitting on the front desk can simply make a search and get the information they want. This makes it easy to suggest as per the requirement of the customer.
An ERP keeps track of every item in an inventory. This includes the physical location of every item, the flow of items, the number of items ordered, transportation of items at what location, etc.
With real-time data like the number of tires sold or which product is performing good, it becomes easy to plan which item is needed at what duration and at what quantity. A proper plan leads to proper distribution, enhances customer satisfaction, reduces wastage, saves time, optimizes the entire business processes and increases productivity.
Any updates regarding the stock level is updated at every place the stock data is relevant. If 40 tires are sold to a customer, the software automatically subtracts 40 tires from the count, as well as updates the finances related to this operation in the financial books and other billing-related documents. This reduces the possibility of making errors due to updations required at multiple places.An ERP provides an essential way to handle day to day activity for a tire business. It also serves as a forecasting tool for planning future inventory by keeping all the necessary information at your fingertips, which leads to faster decision making.