In order to make profits out of one’s business and maintain cash flow properly, it is very important to manage inventory in the right way. And as inventory management is an innate part of your business, there is no way you should compromise with it. An ideal inventory management solution is the one that helps you to streamline inventory related tasks and gives you stock updates in real time.
However, the default Dynamics CRM system’s inventory management functionalities are not integrated with order processing. A superior quality inventory management plugin is the one that facilitates smooth transaction flow by helping you get rid of issues like stock-outs or other hindrances in production and selling process. Through this blog, we will help you understand why it is important to have an inventory management plugin for your Dynamics CRM system.
Keep human errors at bay
Flipping through pages, making charts and setting reminders in your devices might not work in a long run. Especially, when your business starts growing, mistakes in noting down things on time might lead you to incur huge losses! This is why you need a system that generates orders and invoices automatically and keeps a record of your outward and inward flow of stocks. Once you install a smart inventory manager in your system, human errors can be avoided.
Manage purchases easily
It is difficult to track purchasing trends of your company and manage the purchase cycle of large orders on your own. Inventory management plugin comes with purchasing assistant module that provides you with all the information about the expenses incurred. By looking at the figure, you can decide your budget for different products and save money by ordering in bulk. It also becomes easy for you to manage your stock purchases as you can get automated documents of invoices and purchase orders. Also, you will always have an idea about current stock status and are less likely to run out of stocks.
Keep a track of your inventory
With inventory plugin to your help, you do not have to indulge into any manual work of noting down your inventory or keeping a track of items purchased/sold through papers. Inventory management plugin makes it extremely easy to track your inventory by providing you with all the data about the number of products purchased, number of products sold, amount of products remaining in stock etc along with the reasons of inflow and outflow of different products.
Generate Return Merchandise Authorization (RMA)
Things can get quite cumbersome and difficult when orders get cancelled or products are returned. Through inventory management plugin, you can take care of product returns without difficulty and order for cancellations even if the order is fulfilled. You can generate RMAs and manage stock for products that are a part of RMA. As soon as RMA is generated, you can make reports that include details from RMA. Also, RMA reports can be saved in a PDF format and printed whenever the need be.
Create Purchase Orders
Having purchase orders is mandatory for the companies that are into selling products and have to order different parts and materials. With the help of purchase order module, you can generate a new order or select one from the existing orders. All you have to do is enter information like product name, quantity, price per unit etc and choose the available suppliers for a particular product. If you do not assign a new supplier to the product again, it will auto assign it.
Generate purchase invoice
After you have generated Purchase order, you have to create a purchase invoice. In order to generate purchase invoice for Purchase Order, you need to add the received quantity, or the number of products received from the vendor and make changes to the price of products if/when needed.
With the above mentioned advantages and many more, a superior quality inventory management plugin is all you need for your Dynamics CRM system. Can you think of other ways in which inventory management software can help? Feel free to share with us!