How EazyStock Enhances Acumatica ERP Inventory Management
- Acumatica's Capabilities for Inventory Management
- EazyStock's Enhancements for Acumatica Users
- More than just Inventory Optimization
When most inventory/supply chain managers think of their inventory, they think of it in terms of inventory management: how can I get by till the next period? What will I need to order?
Inventory management helps a company’s supply chain operations run smoothly, but inventory management often ends up being a time-consuming and frustrating endeavor for most managers. This is where inventory optimization comes into play.
Inventory optimization is inventory management for the serious inventory/supply chain manager or purchaser. Where inventory management helps a supply chain get by, inventory optimization helps a supply chain excel and progress.
Inventory/supply chain managers using inventory optimization utilize every technology available to lower their inventory levels, boost their customer service levels, and free up both capital and time. These sound like simple goals, right? But the power that goes behind achieving these tasks is complex and all-encompassing. And inventory optimization ends up affecting so much more than just the warehouse; when inventory is optimized, the entire supply chain runs quickly, seamlessly, and effectively.
Acumatica’s Capabilities for Inventory Management
Most ERPs come with some inventory functionality; ERP companies recognize the need for inventory management in the supply chain. What most ERP companies don’t recognize is just how crucial inventory optimization is for even greater success.
With the cloud-based Acumatica ERP, Acumatica provides limited inventory capabilities. For companies just moving to an ERP or for ones that don’t strive for greater success than what they are currently achieving, these capabilities are sufficient. With Acumatica, you can manage multiple warehouses, see what inventory you have available, classify your items as stock or non-stock inventory items, determine min/max inventory quantities and set a fixed order quantity for certain reorder points, and keep track of transactions.
While Acumatica offers basic inventory management functionalities, these capabilities will only take your warehouse so far. Your supply chain is a like a living thing, with your warehouse at the heart. It takes a more dynamic system to grow the success of your warehouse – and consequently, your entire supply chain.
EazyStock’s Enhancements for Acumatica Users
A cloud-based inventory optimization solution like EazyStock integrates directly with your existing ERP to automatically feed data back and forth. When you add EazyStock to your Acumatica ERP, you get a whole new view of your inventory. Let’s take a look at a few of the areas where EazyStock enhances the Acumatica ERP.
One of the key areas is in replenishment. With Acumatica, you can set your replenishment parameters using the minimum/maximum quantity method (“min/max”) with the minimum quantity being the reorder point for an item and the maximum quantity being the maximum stock quantity allowed per item in the warehouse. Reorder point is determined by how much of the item you’ll need during the lead time plus the amount of safety stock you keep on hand.
With EazyStock, the demand for every item in your warehouse is automatically analyzed and categorized into one of nine demand types (because every item in your inventory is different, right? So why would you treat them all the same?). With this data, EazyStock then calculates the optimal replenishment parameters. This way, you’re only purchasing the inventory that you absolutely need to have on hand, and you are trimming down your excess stock and unnecessary expenditures. And the crucial element here? Automation.
EazyStock is automatically handling these transactions so you don’t have to spend hours every day slogging through the different items and determining demand types and replenishment parameters. Acumatica allows you to set replenishment parameters, but this must be done manually, and they do not get automatically updated as the system gathers more demand data. And not only is EazyStock automatically analyzing demand patterns, determining replenishment parameters based on demand, lead time, and costs, calculating optimal safety stock levels, and generating purchase orders, but EazyStock is also constantly looking ahead with automated forecasting and risk-of-runout reports.
Forecasting, purchase orders, and risk-of-runout
Especially for items with challenging seasonal demand patterns, forecasting is an invaluable tool for supply chain/inventory managers and purchasers to access. By seeing how demand could change, EazyStock is able to recommend purchase orders that will ensure you have exactly what you need when you need it. Plus, with risk-of-runout reports, you have insight into how your inventory is balanced; maybe that item you’ve been putting off reordering for a while now is running dangerously low. With Acumatica, items are not added to the purchase order list until they fall to or below the reorder point. Inventory optimization software does more than just give you an overview of your entire inventory in all locations, it helps you balance that inventory and avoid any nasty surprises.
When it comes time to reorder, you’ve probably run into the problem of not having the exact amount of items to fill the shipping container or to reach a certain value. With Acumatica, you’d need to manually pick and choose what other items to order from that supplier and how many. However, with EazyStock’s order fill-up functionality, you can opt to have the software choose to top off an order based on volume, value, or weight and it will select from items that meet these criteria or are next up to be ordered from that supplier.
More than just Inventory Optimization
When you use an inventory optimization solution, the positive effects are felt down the entire supply chain. Communication with your suppliers improves since you can let your suppliers know what days you can receive orders, and they can let you know what days they accept orders. Your customers are receiving great service since you always have exactly what you need to fulfill their orders. Your warehouse(s) becomes more organized since you are eliminating excess and obsolete stock and filling your shelves with items guaranteed to bring in revenue. And inventory optimization is even easier than ever, with EazyStock’s one-click integration to the Acumatica ERP.
So stop wasting hours on crunching numbers and poring over orders, and take your Acumatica ERP to the next level. And who knows what you can achieve with all those extra hours per week? Building product portfolios, engaging new suppliers, growing your business. Use the link below to sign up for your free demo of EazyStock! How can you afford not to?