6 key benefits of ERP integration to drive business excellence in retail

2: Optimize Inventory Management Having complete control over your inventory means you have enough stock to fulfill anticipated orders while removing the surplus. Since the retail industry is primarily built on Fast-moving Consumer Goods, the demand for these products tends to fluctuate daily. Therefore, being out of stock or having it in excess can lead to financial losses. An ERP can address these challenges comprehensively. Some benefits of ERP Integration with respect to inventory management include:

• • Complete Visibility

An ERP lets you coalesce inventory and warehouse data in a single solution. Notifications alert you of over or under-stocking to respond to issues timely.

• • Stock Tracking and Planning  

An ERP integrates all your existing tools and offers a comprehensive view of the entire inventory across retail touchpoints. The system can track and report inventory shortages, excess, planned replenishment, and even obsolete inventory. As a result, businesses can procure stocks as well as deliver customer orders at the right time and in the right quantities. Leading to improved customer satisfaction scores.

• • Reporting

With accurate inventory data, ERPs can generate reports and give data-driven insights such as your top-performing SKUs, sales by location/channel, and other metrics. You can even create customized reports for accurate forecasting and planning. With such a 360-degree visibility of inventory, a business can maintain optimal stock levels and avoid costly errors at the same time. 3. Enhance Operational Efficiency   This is one of the most evident benefits of integrating an ERP in retail or any business. It automates workflows, simplifies data to ensure seamless operations, and organizes information in a central location. Moreover, digitization of manual and repetitive tasks leads to resource efficiency, reduced operational costs and a boost in business efficacy and overall productivity. An ERP serves as the keystone for supporting progress, streamlining workflows and revolutionizing retail business operations. 4. Improve Financial Management   The finance module of an EPR shows the bigger picture for evaluating a business's financial health. An ERP solution, such as Microsoft Dynamics 365 Finance and Operations, covers a spectrum of intelligent tools, which can be integrated into your core finance operations for end-to-end financial visibility and to minimize cost. Retailers often follow a dynamic pricing system, which can take hours if managed manually. An ERP automates the process of recording product prices and discounts. It also lets you access relevant data for defining budgets and allocating costs for tasks, such as buying raw materials, making transportation arrangements, managing payments to vendors, and other operational expenses. In addition, the AI-powered dashboard and insights give a financial overview as and when needed to let you access the general financial health of your business.