30 Aug Top Features of MYOB Inventory Management Programs
MYOB inventory management programs are allowing businesses to fulfill their market potential.
Gone are the days when business managers had to rely on traditional analog models that saw a higher rate of human error eat into vital profits.
Now in 2018 with automation at the forefront of commercial development, there is a trend towards software evolutions across all profiles of business and niches respectively.
Yet there is still a hesitation in some quarters as managers are opting for safer choices that do not push the envelope and challenge certain conventions within an enterprise.
Change can be difficult to embrace, but the best organisations in the commercial world happen to be ones that embrace innovation and look for those marginal 1% gains to excel their business practices.
The program on offer by MYOB examining inventory management happens to be one of those outlets that boosts efficiency through all facets of the company.
Here we will outline the major features of this leading program to illustrate why you require such an asset for your inventory modeling.
Gauging Stock Numbers
The need to keep on top of your stock numbers is a paramount importance for any business that is shipping, important or manufacturing any goods. MYOB inventory management allows for that process to be tracked and traced in a much more efficient manner by allowing employees and managers to run serial numbers through the centralised hub where item allocation numbers and stock quantities are updated in real time. If there happens to be bulked orders that have to be moved or space reserved in unique cases, then the stock number outlining is of major importance to the organisation.
Implementing Discounts and Promotions
A policy that sees a discount or a promotion issued by an organisation will require a sound and structured business framework to support the decision. MYOB inventory management can implement a pricing algorithm that is far more complex than just one price per item. A software program like that on offer by MYOB can see multiple listings and allow for VIP consumers and gift card recipients receive those benefits without confusing the system overall. Any business model that wants to attract new customers and take advantage of a hungry consumer market will want to utilise the discount option and there has to be navigational and digital support to back that decision.
Checking and Registering Expiration Dates
Depending on what niche of business you happen to be based in, there will be goods and products that will only have a certain lifespan before an expiry date approaches. With the assistance of an MYOB inventory management program, you can cut down on needless waste by having a notification process where managers and analysts are aware of product that must be shipped within a certain timeframe. This is pressure that can be alleviated and something where an absence of reliable software opens up the pathway for human error.
Warehouse-to-Warehouse Communications and Specifications
Large organisations are likely to have more than one warehouse in operation. Major franchises need uniformity and communication to be fundamental to their business model and an application such as that provided by MYOB inventory management can allow for distribution and asset management to be conditioned and monitored without interruption.
Reports and Real Time Analysis
To help analysts pass on their data and judgments to the management team, a practice that is boosted by an MYOB inventory management program can issue the reporting in black and white for all to see. From the graphic information that is presented in unique formatting to the spreadsheet numbers and digital analysis that can be segmented and aggregated according to their profile, companies can make decisions that are well informed with their finger firmly on the pulse.