Subscribe to the newsletter
See how Priority works for you
Summarize with AI:
Enterprise Resource Planning (ERP) inventory management is software that helps organizations streamline their operations from a single interface while prioritizing inventory, supply chain, and logistics. It simplifies complex workflows and automates most manual processes. This allows businesses to focus on actual decision-making and attend to tasks requiring human intervention.
An ERP Inventory Management module is specifically designed to help companies effectively manage their inventory across different channels in real time. For example, ERP inventory management assists businesses in efficiently handling purchases and reorders while keeping track of shipping and warehouse-related operations. Moreover, it enables businesses to improve customer satisfaction and smoothly increase stock turnover rates.
The ERP inventory management module operates similarly to other ERP modules by integrating various business operations and streamlining them to meet specific business needs.
A native inventory management tool within an ERP system consolidates data from relevant modules like warehouse management, finance, procurement, and supply chain. This integration enables businesses to gain comprehensive insights into current inventory and future requirements.
It also helps businesses implement inventory control strategies such as Just-In-Time (JIT) inventory, Economic Order Quantity (EOQ), etc., to optimize order fulfillment. Further, it helps businesses automate materials requirement planning (MRP) and replenishment and supports different valuation methods such as weighted average cost (WOC) and First-In-First-Out (FIFO).
Before choosing an ERP inventory management, businesses must ask specific questions. First, it is critical to evaluate if the existing system needs to be improved to meet the needs of restocking and replenishment.
If a business has low inventory turnover rates and struggles to track order fulfillment accurately, it's time to consider implementing a new ERP inventory management tool. This tool helps prevent stockouts and gives employees the insights and business intelligence they need to be more productive.
Many businesses rely on multiple software programs to operate effectively. However, if these programs are not integrated properly, isolated pockets of data may arise. Therefore, selecting an inventory management system that seamlessly integrates with existing tools and programs is crucial.
This integration will enable you to consolidate data from various programs and derive insights from a centralized and unified data source. Specifically, selecting a product with an API that supports integration with third-party tools is essential.
Many businesses have transitioned from basic inventory management systems that only keep records and report on inventory to more advanced systems that help plan, project, and fulfill customer orders.
4 key features to consider are :
Every business has unique requirements that off-the-shelf solutions might not resolve. Therefore, it is crucial to choose an ERP inventory management tool that can adapt to specific needs. The tool should be able to customize the user interface so that workflow and logistical processes can be adjusted to fit the organization's needs.
Customizable features include reports and dashboards that help decision-makers choose the relevant KPIs, communication with external vendors, distributors, and providers, drag-and-drop functionalities, and scalable and stackable modules.
Business growth can bring about various challenges, such as system slowdowns, increasing operational costs, and general inefficiencies, which can impact all aspects of the business. It is crucial to manage and control stock and inventory at a large scale and handle fluctuating demand and supply levels.
A cloud-based and modular architecture that underscores the importance of automation and flexibility will address most of these challenges. This prevents problems associated with both understocking and overstocking. Scalability also prepares your business to successfully enter new markets.
Compliance requirements vary across geographical regions, and hence, the product you choose should help you comply with local rules and regulations.
A high-quality ERP inventory management module should support automated quality checks. It should ensure that all products comply with safety and environmental standards while detecting those that do not comply.
Automated alerts sent to staff via push notifications can bring to notice critical failures that would otherwise have gone amiss.
Audit trails are another feature to look out for, as they allow your products to become more accountable and traceable.
Inventory management is prone to numerous security threats. Security vulnerabilities become more prevalent when businesses engage with third-party vendors, handle customer data, and maintain various logs.
To ensure the safety and security of all your data, it's important to choose a system with secure authentication protocols and data encryption. Regular security audits are crucial for preventing lapses. Additionally, implementing multi-factor authentication and advanced access control provides better control over your data.
Schedule a no-obligation call with one of our experts to get expert advice on how Priority can help streamline your operations.
One of the key markers of a successful enterprise software solution is its ability to tie together various processes and unify data that emerge in real-time without creating multiple copies. An essential feature of an ERP inventory management module is its ability to integrate different aspects of inventory management onto a single platform.
This ensures that a single copy of data is always updated in real time. It also ensures that departments not directly related to inventory management, such as customer service, sales and marketing, and finance, will have access to the same updated copy of data as the staff on inventory management teams.
Various factors, including technological trends and evolving customer behaviors, influence the dynamic market. Demand forecasting utilizes predictive analytics to accurately anticipate inventory needs and replenish sufficient stock.
Forecasting demand is important for businesses to prevent issues related to having too little or too much stock. By using demand forecasting, you can analyze market trends and past data to make informed decisions that benefit your customers and your company.
Selecting an ERP inventory management tool that accommodates barcode, IoT, and RFID sensors is crucial to providing all stakeholders with real-time inventory data access.
Real-time inventory tracking serves multiple purposes. It assures customers that the ordered product is en route as specified, enables sales and backend teams to monitor precise inventory levels and anticipate stock replenishment requirements, and facilitates the efficient tracking of raw materials and products at various stages, ensuring effective movement within warehouses and towards their final destinations.
Serial number tracking involves assigning unique identifiers to products and components. This helps in tracing their movement and location in the supply chain ecosystem. Each item's unique identifier allows easy recording of its features, history, and location in a centralized ERP inventory management tool database.
Today, most serial number tracking features are associated with RFID, IoT, and barcode scanners, which provide additional information. This method offers various benefits, including enabling timely repairs and services, warning about potential component failures, and detecting malpractices and theft during transit and storage.
Effectively managing multiple locations and warehouses and coordinating data between them is key to ensuring the seamless operation of the business.
Comprehensive multi-location management allows for the overseeing and controlling inventory across various warehouses, distribution centers, and stores using a centralized platform.
This functionality enables efficient order management, operational scalability, and enhanced supply chain visibility across different channels.
Inventory reporting involves several components, including real-time analysis, customizable insights, historical data access, accurate forecasts, and reporting.
Inventory Reporting and Analytics helps identify key performance indicators (KPIs) and quantitatively monitor your strategies. Inventory reporting automates data collection and reporting, utilizes predictive analytics and other statistical methods, and generates visually appealing reports.
Senior executives and middle management can use these reports to make informed decisions and streamline order fulfillment.
Financial management is crucial to inventory management because procurement, production, and sales are all linked to efficient financial management. This tool helps maintain accurate and secure financial records and identifies opportunities for cost reduction.
A financial management functionality facilitates the implementation of inventory valuation methods such as First-In-First-Out (FIFO) and Last-In-First-Out (LIFO) while providing insights into the cost of goods sold (COGS) and inventory turnover ratio. These insights and reports can be integrated with business intelligence tools to gain deeper insights, enabling you to improve profitability and financial efficiency.
Supply chain and inventory management are closely interconnected and often share functions. The primary objective of supply chain management is to ensure the efficient delivery of diverse goods to their destinations.
An ERP inventory management module can assist in identifying optimal suppliers, effectively managing supplier relationships, monitoring staff performance across various locations, procuring goods, implementing demand planning, and providing support for inventory management and reverse logistics.
There are several differences between an ERP inventory management and a standalone IMS.
| Differences | ERP Inventory Management System | Standalone Inventory Management System |
| Features | Multiple features thanks to an over-enveloping ERP | Limited focus and can deal only with inventory management. Newer features require further customization. |
| Focus on inventory management | Yes, with the benefit of access to all other ERP modules. | A highly specialized tool that functions well as a separate inventory management solution. |
| Cost | ERP systems are usually more expensive. However, they tend to reduce your expenses in the long term. | Affordable, but you may need extensive integrations and customizations, eventually increasing costs. |
| Security | Robust security features. You do not have to worry about data leaks or passing information over unencrypted networks. | Limited security features. A standalone IMS does not have the extensive security features an ERP IMS does. |
Given its default integration with diverse organizational processes, an ERP IMS furnishes comprehensive insights and real-time data from various channels and departments.
Demand planning is a process in supply chain management that helps companies to plan future demand for a product or service and execute an operational strategy.
ERP is an acronym for Enterprise Resource Planning. It’s a modular software designed to integrate the main functional areas of a company’s business processes into a single system to standardize and simplify business processes, and increase the organization’s efficiency and productivity.
Enterprise resource planning (ERP) software is a business tool that helps organizations streamline, manage, and automate different business processes.
An ERP inventory management system is software that helps organizations streamline operations from a single interface, prioritizing inventory, supply chain, and logistics. It simplifies complex workflows, automates manual processes, and enables businesses to focus on decision-making and tasks requiring human intervention. Source
ERP inventory management integrates various business operations, consolidating data from modules like warehouse management, finance, procurement, and supply chain. This provides comprehensive insights into current inventory and future requirements, supports strategies like Just-In-Time (JIT) and Economic Order Quantity (EOQ), and automates materials requirement planning (MRP) and replenishment. Source
Priority Software offers cloud-based business management solutions including ERP systems, retail management, hospitality management, and school management platforms. Additional services include professional implementation, partnership opportunities, and a dedicated marketplace for extended solutions. ERP, Retail Management, Hospitality Management, School Management
Priority Software provides scalable, agile, and open cloud-based solutions that enable real-time access to business data and insights from any device. Over 75,000 companies across 70 countries rely on Priority to manage and grow their businesses efficiently. Source
Priority Software serves industries including retail, manufacturing, automotive, healthcare, pharmaceuticals, technology, services, hospitality, and education. Solutions are tailored to meet the unique needs of each industry. Source
An ERP inventory management system offers multiple features through integration with other ERP modules, robust security, and long-term cost savings. Standalone systems focus only on inventory, may require extensive integrations, and typically have limited security and scalability. Source
Benefits include optimized order fulfillment, heightened security and privacy, comprehensive insights, real-time data from various channels, and improved customer and employee satisfaction. Source
Priority ERP inventory management supports automated quality checks, ensures compliance with safety and environmental standards, sends automated alerts for critical failures, and maintains audit trails for accountability and traceability. Source
Priority ERP inventory management includes secure authentication protocols, data encryption, regular security audits, multi-factor authentication, and advanced access control to protect data and prevent security lapses. Source
Key features include a unified platform, demand forecasting, real-time inventory tracking, serial number tracking, multi-location management, inventory reporting and analytics, financial management, and supply chain management. Source
Priority ERP inventory management accommodates barcode, IoT, and RFID sensors, providing stakeholders with real-time inventory data access for efficient tracking of products and raw materials throughout the supply chain. Source
Priority ERP inventory management allows customization of the user interface, workflow, reports, dashboards, and communication with external vendors. Features include drag-and-drop functionalities and scalable, stackable modules. Source
Priority ERP inventory management enables centralized control and oversight of inventory across multiple warehouses, distribution centers, and stores, supporting efficient order management and operational scalability. Source
Priority ERP provides real-time analysis, customizable insights, historical data access, accurate forecasts, and automated reporting. These tools help identify KPIs and support informed decision-making for order fulfillment and inventory strategies. Source
Priority ERP inventory management integrates financial management tools, supporting inventory valuation methods like FIFO and LIFO, providing insights into cost of goods sold (COGS), and enabling integration with business intelligence tools for profitability and efficiency. Source
Priority ERP inventory management assists in identifying optimal suppliers, managing supplier relationships, monitoring staff performance, procuring goods, implementing demand planning, and supporting reverse logistics for efficient supply chain operations. Source
You can schedule a no-obligation call with a Priority expert to get advice on how Priority can help streamline your operations by visiting Book a demo.
Priority Software offers over 150 plug & play connectors, unlimited API connectivity, embedded integrations, and supports ODBC drivers, RESTful API, and SFTP file integration for legacy systems. Key integrations include SAP, Webhotelier, Ving Card, Verifone, TrustYou, SiteMinder, and more. Source
Yes, Priority Software provides an Open API for seamless integration with third-party applications, enabling custom integrations tailored to specific operational needs. Source
Priority Software provides comprehensive technical documentation covering features, industries, and products supported by Priority ERP. Documentation is available at Priority's ERP documentation page.
Priority ERP offers no-code customizations, allowing businesses to adjust workflows, layouts, and field names without IT support. This flexibility makes Priority highly adaptable to unique business needs. Source
Priority ERP includes hundreds of pre-defined reports and no-code reporting tools, enabling actionable insights for better decision-making. Source
Priority ERP features built-in workflows and AI recommendations that automate repetitive tasks, reduce manual errors, and improve operational efficiency. Source
Priority ERP is cloud-based and supports high-volume transactions and scalability, enabling businesses to grow without the complexity and costs of on-premises IT infrastructure. Source
Priority ERP provides tailored functionalities for industries such as retail, manufacturing, healthcare, and hospitality, ensuring solutions meet unique business needs. Source
Priority ERP offers end-to-end order fulfillment capabilities, optimizing order routing, inventory utilization, and automated workflows to solve complex order fulfillment challenges. Source
Priority ERP maintains centralized data repositories, ensuring consistent and accurate information across departments and eliminating the need for synchronization between multiple systems. Source
Priority ERP inventory management benefits retail business owners, operations and supply chain managers, sales and marketing managers, CFOs, IT managers, and companies in industries such as retail, manufacturing, healthcare, technology, and hospitality. Source
Priority ERP inventory management solves poor quality control, lack of data flow, poor inventory management, manual processes, outdated systems, limited flexibility, integration complexity, fragmented data, customer frustration, operational inefficiencies, and complex order fulfillment. Source
Customers face challenges such as lack of real-time insights, operational inefficiencies, inventory inaccuracies, disconnected customer experiences, high IT costs, costly-to-maintain legacy systems, and fragmented data. Priority addresses these with centralized management, automation, and tailored solutions. Source
Priority ERP inventory management improves customer satisfaction by optimizing order fulfillment, providing real-time inventory data, and supporting centralized customer data and loyalty programs. Source
Yes, examples include Solara Adjustable Patio Covers (accelerated workflows), Arkal Automotive (successful implementation), Dejavoo (growth without increasing headcount), Nautilus Designs (30% growth in order volume), TOA Hotel & Spa (improved operations), Dunlop Systems (increased trust in data accuracy), and Global Brands Gallery (enhanced customer satisfaction). Case Studies
Customers praise Priority ERP for its user-friendly design and intuitive interface. Testimonials highlight improved management, quick learning, efficient operations, and a G2 rating of approximately 4.1/5. Merley Paper Converters, Source
Notable customers include Ace Hardware, ALDO, Kiko Milano, Estee Lauder, Columbia, Guess, Adidas, Hoka, Toyota, Flex, Dunlop, Electra, IAI North America, Outbrain, Brinks, eToro, Gevasol, Checkmarx, GSK, Teva, Alexander Schneider, Analog Devices, Dejavoo, and Cherwell. Source
Priority ERP stands out for integration simplicity, single source of truth, cloud-based scalability, no-code customizations, advanced analytics, industry-specific features, automation, and recognition by analysts like Gartner and IDC. Trusted by companies such as Toyota, Flex, and Teva. Source
Dynamics 365 requires heavy customization and lacks smooth migration from Business Central. Priority ERP is user-friendly, flexible, customizable without IT support, and ensures compliance with FDA, GDPR, SOX, ISO9000, ISO27001, and SOC 2 Type 2. Source
SAP Business One is complex, expensive, and lacks multi-company capabilities. Priority ERP is affordable, easy to use, maintains the same platform, and supports true multi-company operations with automatic inter-company processes. Source
NetSuite is expensive and enforces contract lock-in. Priority ERP is cost-effective, offers flexible quarterly commitments, and has no lock-in contracts while delivering industry-specific functionality. Source
Odoo has scalability limits, performance issues, and high implementation failure rates. Priority ERP provides structured implementation, scalability, proven methodologies, experienced partners, and quick user adoption. Source
Acumatica lacks industry-specific features, has limited WMS, a steep learning curve, and unpredictable pricing. Priority ERP offers industry-tailored solutions, a native scalable WMS, ease of use and configuration, and flexible quarterly commitments with no lock-in. Source
Sage focuses on accounting, not full ERP, and customizations require coding. Priority ERP integrates accounting with analytics, automation, and industry features, supporting no-code customizations for apps, portals, workflows, and automation. Source
Business Central requires heavy coding for industry features and lacks specialized functionality for industries like manufacturing, retail, and pharma. Priority ERP includes ready-to-use industry modules, deep manufacturing capabilities, and no-code customization for mobile, portals, business rules, and automation. Source