17th May, 2024
Distribution businesses live and die by how efficiently and effectively they manage their inventory.
Having streamlined and robust processes from procurement through to dispatch enables the delivery of quality services to customers while keeping costs low and profit margins healthy.
Unfortunately, many distributors lack consistent, reliable workflows and find inventory management far from seamless.
This is particularly the case if the business is using spreadsheets rather than specialist inventory management software.
Likewise, businesses that continue to rely on inventory management software that is not cloud native or integrated into their business management platform can find themselves operating in the dark.
Without an integrated cloud inventory platform, data can become siloed in separate company systems, meaning managers don’t have visibility of what’s happening across the business at any one time.
Enterprise resource planning (ERP) software brings together all your business data in one system, so you have all the information you need at your fingertips.
From a single log-in you can manage your procurement, sales orders, inventory, customers, accounting, tax, payroll and more.
MYOB Acumatica has deep inventory management capabilities, helping you run your business in the most efficient way possible.
It’s also cloud-based, so users can access live business information over the internet, while also updating it in real time.
As a specialist ERP for distributors, MYOB Advanced Business offers the following key benefits:
With MYOB Acumatica you can set an automatic re-order point for stock with the system tracking sales.
This reduces the need for frequent manual stock counts while helping you to maintain a level of safety stock.
You can use analytics to decide your optimal re-order point to satisfy demand while keeping your carrying costs low.
MYOB also offers comprehensive track and trace capabilities. Warehouse staff can enter lot or serial numbers into the system on receipt or issue of the inventory.
As the software is online, staff can update the system from wherever they’re working so inventory data is always up to date.
With full inventory traceability, you can efficiently manage product recalls and track expiration dates to manage perishables and adhere to quality, safety and compliance controls.
As your business expands and new product lines are introduced, you might need an additional warehouse.
However, server-based software limits your ability to scale as you’ll need to invest in hardware and IT maintenance at each location.
In contrast, cloud-native software scales easily. This means you can increase your warehouses, inventory volumes, transactions, users and more, while only paying for what you need.
Further, with staff accessing the software over the internet, each location can update business data straightaway.
This provides managers with the visibility and control they need for real-time, remote warehouse management.
With modern, cloud inventory software like MYOB Acumatica you can automate key processes such as requisitions and purchase orders.
For example, the software can auto-generate a purchase order when inventory levels fall to a certain point.
You can also use the system’s predictive analytics to adjust this re-order trigger based on actual or forecast demand, helping you maintain continuity of supply.
Digitised and automated workflows enable you to minimise labour costs and prevent human error from damaging your supplier relationships.
By automating procure-to-pay — from requisition to accounts payable — you can efficiently manage your suppliers, maintain a digital audit trail of all purchasing activity, track supplier performance, and uphold relationships by making accurate, on-time payments.
To manage inventory effectively, you also need to keep your financials up to date.
This is easier said than done if you’re using inventory management software that doesn’t integrate with your accounting software.
You’ll need to track what’s happening in your inventory and manually update your financial records to reflect this, which means your financial information will always be a little out of date.
With all the modules in MYOB Acumatica integrating seamlessly, data flows through the platform.
By connecting inventory management to your accounting software, your financial records instantaneously update with your income and expenses.
This data sync gives you real-time visibility of your financial information, while saving you the time and inaccuracies of data entry.
Likewise, MYOB Acumatica brings inventory management and distribution together in a single, interconnected system.
This means that your customers can place orders with you, and you can process them and manage fulfilment through your platform with everything you need to run your business available in one place.
You can also extend MYOB Acumatica with third-party integrations.
For example, you can manage your shipping with seamless integrations with TIG Freight and EIZ Fulfillment, amongst others.
With the help of an implementation partner, you can tailor your solution to meet business requirements, optimise your workflows, and power future growth.
MYOB Acumatica is a powerful ERP that offers extensive inventory management functionality.
As modern, cloud-based software, you can access your business data from anywhere that has an internet connection.
This means you can scale your business and expand to another warehouse, and your software can keep up.
With MYOB Acumatica, you can manage your entire company from one place.
With all parts of your organisation connected, you can automate workflows to ensure speed and accuracy, and maintain strong relationships with customers and suppliers.
You can also dig deep into your data with advanced reporting, so you get the strategic insights you need.
Get in touch to find out more about MYOB Acumatica.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.