Magento is one of the most popular platforms for building an e-commerce business today. However, many successful e-commerce businesses find that they develop certain needs that Magento alone is not built to handle. As your business grows, you are going to want to have more control over advanced inventory management, which will require some additional software.
While there are a few inventory plugins that you can purchase separately to work with Magento, the advanced inventory controls that they offer are already built into your myFiO ERP software. This proves once again that myFIO ERP is truly a one-stop shop for managing all aspects of your business.
Here are some of the advantages you will gain by utilizing myFiO’s Inventory Management module in conjunction with Magento:
1. Comprehensive Dashboard
Like all of the myFiO ERP modules, the Inventory Management module features a comprehensive dashboard that allows you to get a complete overview of your inventory situation at a glance. This will provide you with a holistic view of your business from an inventory standpoint so that you know that you are not selling products you can’t ship or ordering more of products that aren’t selling.
2. Manage Inventory Decisions
As is true of just about any type of business, the goal for an e-commerce business is to always have enough products in stock to meet demand while avoiding having warehouses full of products that aren’t selling. With all of the benefits of myFIO’s Inventory Management module, you will be placing yourself in a position to make better, more informed decisions about how much inventory to have on hand. RIGHT product RIGHT location RIGHT time.
3. Better Replenishment and Reporting
Another huge advantage of the Inventory Management module is the advanced reporting and planning features. This will help you forecast sales for the coming months based on real data. Comprehensive reports will put the most important data right at your fingertips at the most crucial decision making times.
4. Trace, Track & Adjust Inventory
As your e-commerce business grows and develops, you will find that you biggest problem is not sales or customers, it will likely be finding a way to keep track of all of your inventory. This will be especially true as you branch out into additional products. myFiO will give you the ability to know exactly where all of your inventory is at any given moment, and can be a lifesaver when it comes to making sure that none of your inventory is misplaced, lost or stolen. REAL time stock availability by sales CHANNEL.
5. Track Backorders
Having an issue getting products from one of your suppliers? myFiO’s Inventory Management module will keep track of how many backorders you have on file and can automatically adjust your purchase orders to compensate for those backorders. This will assure your customers the fastest possible delivery once you get the product in stock.
Growing an e-commerce business can be both exciting and frustrating, and as you continue to grow you will constantly be faced with new and different problems. When the problem of advanced inventory management comes up, it is nice to know that your myFiO ERP software is already capable of working seamlessly with Magento to handle all of your inventory management needs.