Increase Stock Accuracy with Sage X3
Updated: Feb 17
Increase Stock Accuracy with Sage X3
If you manage a manufacturing or distribution business, stock accuracy is crucial to your success. Having the right products in stock at all times helps you avoid lost sales and keep your customers happy. Inaccurate inventory can also lead to production issues down the line. Sage X3 is a powerful software solution that can help you improve stock accuracy and keep your business running smoothly.
What is stock accuracy and why is it important for businesses?
Stock accuracy is a crucial measure of the efficiency and health of any business, as it refers to the amount of stock being correctly accounted for in a company's balance sheet. Inaccurate stock can lead to unnecessary wastage, a decrease in profits and costlier labour time to bring stock levels up-to-date. Not only that, but incorrect stock accuracy can make forecasting future stock requirements more difficult and inaccurate. It is therefore essential for businesses to strive to maintain accurate stock levels to effectively plan ahead and direct resources efficiently. When stock accuracy isn't properly managed, you may find yourself purchasing too much stock. This can become a costly problem as leftover items begin to accumulate in your warehouse and rack up expensive holding costs. To ensure financial success, you must have an accurate understanding of how much supply you need so that any surplus products are sold before they start taking away from your profits.
How can Sage X3 help businesses increase their stock accuracy levels?
Sage X3 is a comprehensive and highly efficient solution for improving stock accuracy within businesses. By introducing real-time stock control, Sage X3 facilitates an efficient inventory management system with features such as barcode scanning, batch/Lot management including expiry date management, serial number tracking and sophisticated reporting capabilities. In addition, the option to automate the rotation of stock based on of First Expiry First Out (FEFO) and First In First Out (FIFO) ensures that the oldest stock or stock due to expire first is used. Handheld devices can be used to process real-time stock movements in the warehouse. This is complemented by the use of License Plate Numbers (LPN) which can be assigned to containers as barcodes that enable the stock to be easily moved and tracked through the warehouse and production processes.
What are some of the benefits of using Sage X3 to improve stock accuracy levels within a business?
Utilising Sage X3 software within the supply chain of a business can help to significantly improve stock accuracy levels. Minimising wastage, production costs and downtime due to inaccurate inventory is an essential process for businesses wanting to remain competitive in today's challenging markets. Sage X3 offers a comprehensive solution that benefits the entire organisation. Customer service levels will be increased with the reduction of order delivery and fulfilment times. The number of "mis-picks" will be significantly reduced to ensure the customer is receiving the right products at the right time increasing customer satisfaction levels. Having accurate inventory allows your employees to do their work easier and faster. They know exactly where to find a product in the warehouse. Stock can be moved using barcode scanning, this speeds up the employee's job and makes the process more efficient. By reducing manual work, you also minimize human errors and can allocate your staff to focus on more important tasks.
In conclusion, the use of Sage X3 to improve stock accuracy levels can have a significant impact on business performance. The ability to monitor and record stock movements in real-time provides much-needed transparency throughout the supply chain while automating processes such as FEFO/FIFO and LPNs streamline workflow which leads to secondary benefits such as improved customer satisfaction, reduced wastage and cost savings. All of these contribute to the overall success of the business by maximizing efficiency and profit whilst ensuring stock levels remain accurate. By investing in Sage X3, businesses can ensure that their inventory is well managed to meet their desired objectives and goals.
The end result? Stock accuracy that ensures businesses remain competitive, profitable and successful.
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