Manage Raw Materials, WIP and Finished Goods with ERP Inventory Management Software

QT9 INV MRP

QT9 Inventory Manager Software

Mastering supply and demand is the essence of good inventory management. Ensuring you have the proper amount of inventory to meet demand but not too much to increase carrying costs can be tricky. When done right, companies can enjoy increased profit, decreased costs and happier customers.

Balancing inventory supply and demand using the integrated, automated applications that come with ERP inventory management software gives businesses an advantage over standard inventory management software methods.

As a central hub for staff from every department and location, ERP inventory management software creates efficiencies from manufacturing to shipping. Below, we explore how ERP inventory management software streamlines operations beyond traditional inventory solutions, delivering end-to-end process optimization.

Contents

What is ERP inventory management?

What is ERP inventory management software?

Standard inventory management software features

ERP inventory management software features

Benefits of using inventory management ERP software

QT9 MRP software

What is ERP inventory management?

ERP inventory management entails managing inventory in an environment that connects to and is informed by enterprise-wide operations, such as purchasing, sales and manufacturing. This involves the use of Enterprise Resource Planning (ERP) software, which provides a framework for these connections.

ERP inventory management uses integrated applications to maintain thorough insight into and control of inventory at each point in its lifecycle. The overall goal is to optimize inventory, be it finished good, work in process (WIP) or raw materials, so that there is enough available at the ideal time it is needed and at the least cost.

What is ERP inventory management software?

ERP inventory management software is an ERP solution that centralizes and streamlines enterprise-wide inventory management, automating the processes that help a business know what stock it has, where it is located, where it needs to go and when more needs to be ordered or manufactured.

Inventory control is combined with related office and operational functions in an automated system. Processes, such as purchasing, manufacturing and sales, are integrated with accounting or ecommerce applications. More robust systems often include additional capabilities, such as compliance tracking, demand forecasting and multi-location management.

Standard inventory management software features

There is a wide variety of inventory management software on the market. Some are better suited for retail inventory, which focuses on finished goods. Others, like QT9 INV, are better for companies whose inventory is more diverse, including raw materials and WIP, in addition to finished goods.

Typical features of general inventory management software include:

• Stock tracking and management
• Supplier management
• Sales order management
• Purchasing
• Barcode scanning
• Periodic inventory counts
• Basic reporting

ERP inventory management software features

ERP inventory management software features include those above plus additional features geared to manufacturing operations, such as the following:

Material Requirements Planning (MRP)

MRP applications within ERP inventory management software calculate the materials needed to meet production schedules and customer demand using data from lead times, sales forecasts and manufacturing plans to determine optimal stock levels.

Bill of Materials (BOM)

A BOM is a comprehensive list of all the raw materials, components, assemblies and subassemblies, along with instructions, that go into the manufacture, assembly or repair of a product. ERP inventory software often enables users to easily create and revise BOMs, centralize BOM records and eliminate disconnected data silos and manual processes.

Demand Forecasting

Advanced ERP inventory software provides powerful analytic tools that enable a business to analyze sales trends, forecast demand and generate detailed reports. By harnessing real-time data, inventory managers can make well-informed decisions about stock replenishment, supply chain optimization and resource allocation, helping them be ready to respond to changing market demands while minimizing excess inventory and associated carrying costs.

Real-Time, Multi-Location Tracking

The best ERP inventory management software provides real-time data and views of inventory levels across locations, whether its among multiple warehouses, in transit or on store shelves.

Automated Re-Order Points

Automated low-stock alerts and auto-replenishment functions help prevent stockouts or overstock situations, ensuring inventory is always where it’s needed most.

Lot and Serial Tracking

Comprehensive traceability through lot and serial number tracking is essential for businesses that handle regulated products or perishable goods or goods that require strict quality control. This feature enables detailed tracking of products across their lifecycle, minimizing waste from expired goods and allowing for quick identification and retrieval in the event of a product recall.

Advanced Analytics and Custom Reporting

Real-time inventory insight helps management make data-driven decisions, optimize stock levels and respond swiftly to changing market conditions.

Benefits of using inventory management ERP software

Using ERP inventory management software offers a competitive advantage over standard inventory management systems by integrating real-time information from across the business. This informs decisions that fuel operations and ensures assets are being used most efficiently.

Cost Savings

The integrated applications available in ERP inventory management software eliminate certain tasks, improving accuracy and efficiency so goods and materials are on hand when needed, avoiding costly delays and ensuring timely delivery to customers.

Businesses can avoid over-ordering or under-ordering products or materials. This minimizes the costs associated with excess inventory and reduces the risk of stockouts. Additionally, by automating inventory tracking, businesses can cut down on labor costs related to manual counting and tracking of inventory, freeing up resources to be used elsewhere.

Increased Productivity

Manual inventory management can be time-consuming and error-prone, especially as a business grows. ERP inventory management software automates repetitive tasks, such as automatically updating stock levels and generating reorder alerts. Data can automatically populate across related applications. This not only saves time but also reduces the likelihood of inaccuracy.

Manufacturing Optimization

For manufacturing businesses, optimizing schedules and minimizing production delays are critical to staying competitive. ERP inventory management software enables businesses to track the flow of materials, ensuring that the right products are always available when needed. This helps avoid production bottlenecks caused by missing parts or materials. With better control over inventory levels, companies can adjust production schedules in real time, leading to more efficient workflows and faster turnaround times.

Greater Customer Satisfaction

When your business runs efficiently, you’re better able to serve customers efficiently. With proper inventory on hand, businesses are able to meet customer demand in a timely manner. Inventory management software provides insight into available inventory so delivery times are estimated correctly and purchase orders are processed quickly.

Better Decision Making

ERP inventory management software not only provides real-time insight into inventory availability and location, it also provides real-time data about inventory costs and value. By keeping track of inventory in real time, businesses get a more accurate accounting of potential opportunities and costs. Integrated systems allow for the automatic generation of reports, giving management access to the data they need for better decision-making and cash flow management.

QT9 MRP software

QT9 MRP enhances efficiency and accuracy through integrated data and automation— without breaking the bank. With over 14 modules included in its standard package, QT9 MRP offers manufacturers powerful analytics and automation tools to streamline inventory management.

With QT9 MRP you get:

• 14+ modules, including MRP and multi-level BOM
• Quick implementation
• Tailored customer support
• Customer, compliance, supplier and physical inventory web portals
• Lot and serial number inventory control
• Access to digital business intelligence and analytics
• Integration with QuickBooks, Xero and Sage 50

For highly regulated businesses, QT9 MRP seamlessly integrates with QT9’s highly rated quality management system (QMS) software. What’s more, you’ll get unlimited training, unlimited customer support, free software updates and tailored implementation support, all at an affordable price point.

Final Thoughts

ERP inventory management software goes beyond basic inventory tracking, offering integrated, automated solutions that enhance business efficiency. By leveraging real-time insights, streamlined processes, and advanced analytics, businesses can reduce costs, improve productivity, and stay ahead in a competitive marketplace.

For manufacturers and enterprises seeking a scalable, feature-rich solution, QT9 MRP delivers the tools needed to master inventory management—ensuring the right stock is available at the right time, with minimal waste and maximum efficiency.