Sage 300cloud (formerly known as Sage 300) offers a powerful enterprise resource planning tool for businesses at all stages of growth. Many have wondered what the C stood for in Sage 300c. Now, with a new name change, we know that it stands for the connected cloud you receive with Sage 300cloud (formerly known as Sage 300) . But there are other C’s of Sage 300cloud (formerly known as Sage 300) —Cloud, Customers, and Customized—that make it one of the most popular ERP products on the market. Let’s take a look at how each C benefits your business.

Cloud-Based Sage 300cloud (formerly known as Sage 300)

ERP systems are no longer optional. To remain competitive, businesses must use data to refine their strategies, target their customers, and improve service. Without data, you’ll rely on guesswork that may lead you to the wrong conclusions. With real-time data, you’ll be able to make faster, better decisions and build a stronger, more competitive business.

Sage 300cloud (formerly known as Sage 300) offers this and more. It’s a cloud-based ERP application. This means that it is accessible anytime, anywhere, from any device. If you can log into the Internet, you can log into Sage 300cloud. Sage 300 also offers an on-premises solution for customers who prefer site-based ERP.

Cloud-based ERP such as Sage 300cloud (formerly known as Sage 300) offers you so much more than older versions. The new, streamlined interface is easy to use and fast to ramp up. Maintenance isn’t an issue with the cloud-based version of Sage 300cloud (formerly known as Sage 300), since all maintenance, upgrades, and security services are provided by Sage. Your job is simply to use and enjoy the benefits of real-time data at your fingertips. Who could ask for anything more?

Customers – for Life

Sage 300cloud (formerly known as Sage 300) offers so many features that you’ll quickly become a Sage “lifer”, someone who becomes loyal to Sage products after long-time use of them.

Features of Sage 300cloud (formerly known as Sage 300) that may make you a customer for life include:

• Finance and accounting management
• Order entry
• Inventory and assets tracking
• Purchasing and vendor management
• Business intelligence
• Project and job costing
• Human resource and payroll
• CRM

Within each of these features are even more details that pack Sage 300cloud (formerly known as Sage 300) with plenty of tools for you to use. As your business grows, you can add more options to build out the exact system you need without the headache of migrating to a new platform.

In addition to these great basic features, the newer update of Sage 300cloud (formerly known as Sage 300) includes the following additions.

• Built-in business tools
• Built-in CRM so you can connect with YOUR customers!
• Anytime, anywhere access
• Access through any mobile device
• Inventory planning and forecasting
• AP automation
• eCommerce modules
• Ability to add connected services

With so much in one package, it’s no wonder that Sage 300cloud (formerly known as Sage 300) makes “customers for life.” Throughout every stage of the business life-cycle, Sage 300cloud (formerly known as Sage 300) supports your business processes and needs.

Customizable Web-Based Interface

The third C in Sage 300cloud (formerly known as Sage 300) is customizable—the “have it your way” version of Sage. New for 2018 is the completely customizable web interface.

It makes sense to allow every worker to create their own customizable interface. After all, the CFO needs a very different daily view of the company than the marketing director or the warehouse manager. Each person can now decide what goes on their daily dashboard. It makes it easy to see, at a glance, the exact information you need to do your best work.

Sage 300cloud (formerly known as Sage 300) with IWI Consulting Group

Sage 300cloud (formerly known as Sage 300) is one of many fine software products offered by IWI Consulting Group. IWI Consulting Group is a Canadian-based firm that assists businesses of all sizes to adapt the best ERP systems for their needs. For more information, visit IWI Consulting Group or call 1-866-916-3851.

Enterprise resource planning systems (ERP) offer more than a great way to manage the information from all areas of your business. They also provide you with better cash flow management.

Businesses need cash to fuel growth, development, and innovation. Better cash flow management ensures that you have the necessary cash to make sound investments into new projects. It helps your business flourish. Here’s how an enterprise resource planning system can help your business grow.

What Is Enterprise Resource Planning?

An ERP or enterprise resource planning system is business process management software. It integrates and automates many back-office functions to help you improve productivity. ERP systems such as Sage 300cloud (cloud-based ERP) offer many advantages to your business.

Improves Cash Flow

Enterprise resource systems help you automate and integrate systems and processes throughout your company. It can automate routine tasks such as billing and invoicing, and integrate with systems such as accounting and finance to run reports on unpaid invoices, past due invoices, cash flow, and much more.

ERP systems such as Sage 300cloud (formerly known as Sage 300) can help you with:

1. Late purchase orders: It can be frustrating when orders aren’t shipping out quickly. Customers get annoyed, and delays in shipping items may delay payment. Late purchase order reports can help you keep track of partial orders, delayed shipments, and other issues that may be keeping you from fulfilling orders promptly. You can then follow up, improving both cash flow and customer service.
2. Planning reports: Purchasing and planning reports can help you plan your inventory more effectively. Businesses often have most of their capital tied up in inventory purchases, and any excess inventory merely takes up space and bogs down money that could be spent elsewhere. Purchasing and planning reports can help you decide what to restock and when to order it. It helps you plan more efficiently and effectively for the future to keep stock levels sufficient without creating overages.
3. Improved workflows: Streamlining your workflow can save you time and money. ERP systems automate as well as integrate. Some processes may benefit from automation. Time can be wasted with manual tasks. This may save you considerable time, and as the old saying goes, time is money.
4. Past-due invoices: Integrated systems also enable you to follow up on past due invoices easily. When you can see all of the open invoices and the day outstanding, you can prioritize around the oldest ones first. Following up on open invoices can add cash back into the cash flow and close out some past due accounts. It is easy to see these open invoices on an ERP system.
5. Current cash flow: ERP systems provide you with accurate, real-time reports. These reports can help you keep a close eye on your cash flow. Many companies now struggle to understand their cash flow simply because they lack data on specific transactions, patterns, and more. With easy-to-run reports, you can quickly review your current cash flow situations. More importantly, you can get to know your cash flow and how it fluctuates on a daily, weekly, or quarterly basis. It’s the start of regaining control over your cash flow.

Sage 300cloud (formerly known as Sage 300): Great ERP from Sage Software

Many ERP systems can help you improve cash flows, but only one can do that and more—Sage 300cloud (formerly known as Sage 300) . Sage 300cloud (formerly known as Sage 300) , the cloud version of this popular Sage ERP software, can help you build a strong foundation for growth.

Sage 300cloud (formerly known as Sage 300) reduces time-consuming manual tasks, automates workflows, and more. Its accountability capabilities enable you to quickly and easily see and manage your cash flow, invoices, purchase orders, and more. The improved data from Sage 300cloud (formerly known as Sage 300) enables you to make better business decisions.

Sage 300cloud (formerly known as Sage 300) is available from IWI Consulting, a Sage Accpac Toronto business consulting company. We can help you improve your business’ efficiency with the right software. This includes helping you see and manage your cash flow.

For more information, please visit IWI Consulting Group or contact us today.

Sage Business Cloud can help you stay on top of changes to the world of accounting. It’s amazing how many changes take place in an industry that for many years remained relatively stable.

In decades past, accounting had more to do with tracking debits and credits, receivables and payables, than it did with strategic business decisions. Today, that’s all changed as accountants have become even more indispensable to the team setting the company’s strategic vision. Accountants are part of business management, an important voice in the future of an organization. Software such as Sage Business Cloud can support the changes you need to make and help your accounting team stay on top of things.

Nothing Stays the Same Except Change

There’s an old saying that nothing is constant except change. That goes for the world of accounting, too, where several trends are driving a great deal of change. Some of these trends are larger, market forces that are affecting many industries, including accounting. Others are specific to the accounting industry itself.

1. Connectivity: Customers today demand real-time updates. They expect an interconnected world in which information flows freely and in real-time. Internet, cloud, and other technologies have raised expectations about how quickly and easily data can be accessed. The accounting profession is recognizing the benefit of interconnectivity and the ease with which they can keep clients informed. Connecting with clients using technology is at the vanguard of technological innovations affecting accounting.
2. Automation: Manual data entry is the bane of many companies. It’s time-consuming and open to mistakes. Technology that integrates accounting and ordering systems eliminates many tedious manual data entry tasks. It also eliminates the errors that go with them, improving the accuracy of information.
3. DIY Accounting: DIY is all the rage with consumers and it is growing in popularity among business owners, too. Why spend a lot to outsource tasks when software makes it possible to do them yourself? Accounting software packages have been on the market for many years and, of course, some companies still use the ubiquitous spreadsheet. Newer software packages make even complex accounting tasks easier and help you do much of your accounting on your own, perhaps having your accountant or CPA review files at the end of each month, quarter, or year.
4. AI and Machine Learning: It sounds scary—machines learning tasks—but machine learning is now part of the business world and it is affecting accounting, too. Machine learning means that machines learn from mistakes and tasks to better predict future responses. When it comes to accounting, both machine learning and artificial intelligence are helping accountants view data in real-time and make better predictions based on data.
5. Specialization: Specialization is impacting nearly everything from products to people. Accounting software now comes in specialized packages or bundles, so that no matter what industry you are in, you can purchase software specially designed with your industry needs in mind. You no longer must settle for generic alternatives when customized ones are so readily available.

The Best Software Package for Managing Change: Sage Business Cloud

With so many trends disrupting and influencing the accounting profession and accounting software, the field is changing rapidly. You no longer should settle for run of the mill software or spreadsheets to manage your business data. Sage Business Cloud offers a powerful group of business applications in one convenient package.

Sage Business Cloud includes accounting, finance, payroll, and payment information, as well as resources for banking services and human resources. You’ll be able to manage the changes in your company anytime, anywhere, thanks to this cloud-based business suite.

Accounting is a profession that hasn’t changed much over the centuries—until now. With the advent of the computer and the cloud, change is now the new normal. Manage changes to your company’s accounting while on the go or at the office with Sage Business Cloud.

IWI Consulting Group

IWI Consulting Group puts people first, especially our customers. We help businesses gain insights into their operations, inventory, and profitability. We provide software and support for a wide range of industries throughout Canada. For more information, please visit IWI Consulting Group or contact us today.

Over the past several months, we’ve discussed how your organization can become a “people-centered” organization. Sage software, such as Sage People, can help you improve human resources management throughout your company so that you nurture your employees’ professional growth.

The benefits of becoming a people-centered organization are many. In past articles, we’ve taken a look at many of these benefits, including higher employee retention, lower turnover rates, and improved productivity. Now, let’s take a look at the practical steps you can take to become a people-first company.

Sage People: Sage Software Automates the HR Process

Automating the human resources “transaction” processes is a great way to save time so your HR department can focus on people, not paperwork. Sage People provides the tools you need for self-service to simplify core HR processes. It is a cloud-based package that includes:

• Self-service management of employee information.
• Benefits management.
• Payroll management.
• Onboarding tools to help you attract and welcome new employees.
• Recruitment tools.
• Maximizing employee performance by identifying skill development, monitoring workplace development tasks and more.

Sage People integrates well with other Sage software products, making it a great addition to your company’s suite of productivity-enhancing software. Automating HR puts the emphasis where it belongs—on the people within the organization—by using software to manage tedious and repetitive tasks.

Use Business Intelligence and Analytics

Business intelligence and analytics aren’t just for the finance and accounting departments. Human resources professionals can also use BI reports and data from their Sage software systems to understand the staffing challenges their organization may face, identify training needs, and more.

Never Stop Marketing

Your company probably has a terrific marketing department. Human resources should view its activities as an adjunct to the marketing department, too.

The way in which you portray the company to potential employees and the general public is vital to help build and sustain the company’s brand. HR should be invested in the brand and view their role as “brand ambassadors” equal to anyone in operations, customer service, or sales.

As builders of the corporate culture, the HR department never stops marketing the company’s vision and culture to others. By continuing to promote the company, you’ll always be recruiting and marketing, providing an attractive view of the company to future and potential employees.

Design Great Work-Related Experiences

Great work-related experiences aren’t just about time off, dress down days or free donuts (although that’s all great). It’s about identifying challenging projects, supporting teams, and ensuring that people have a good work-life balance.

When employees are happy and fulfilled, they become more productive. This, in turn, fuels others to be more productive. It generates a positive cycle that supports itself and builds an organization that’s always improving.

Add People-Focused Roles

Although the job titles may sound fluffy, if you’re serious about transitioning to a people-focused company, adding such roles as Director of People, People Scientists, and Business Psychologists can make a big difference. Their jobs are to ensure a people-driven culture. They can lead the company in the direction that you desire as a people-focused company.

People First at IWI Consulting

If putting people first appeals to you, we can connect you to the right software to support your efforts. Sage People, part of the Sage software group of products, is a great choice to support human resources automation.

IWI Consulting Group puts people first, especially our customers. We help businesses gain insights into their operations, inventory, and profitability. We provide software and support for a wide range of industries throughout Canada. For more information, please visit IWI Consulting Group or contact us today.

One of the advantages of many current software packages for small and mid-sized business packages, such as Sage X3 and Sage Business Cloud, is that they level the playing field. What does that mean?

Many years ago, companies that wanted a robust enterprise resource planning tool had to invest heavily in their own infrastructure to support such an endeavor. It wasn’t just the cost of the software. They had to buy hardware to run it, install the hardware in their buildings, and hire people to manage and maintain the systems. This alone made the costs off-limits for many small businesses.

Today, cloud computing offers unlimited scalability for manufacturers, as well as access to robust software that can power your business operations. Sage software such as Sage X3 and Sage Business Cloud puts the same powerful software into the hands of a small business owner as it does to a large, multi-national corporate. The result is that small businesses can finally compete on a level playing field against the big guys.

Cloud Computing Requirements

Everyone seems to be talking about cloud computing these days, but what exactly is it and what does it do? We define cloud computing along five metrics. Cloud computing must be:

1. On-demand – cloud computing is available on demand, 24/7, through internet access.
2. Pooled service – instead of one company purchasing software for its own use, resources are pooled. Multiple companies can share server space, software, and more for maximum cost effectiveness.
3. Infinitely scalable – you can expand cloud services in an almost infinitely scalable manner. From giant, intricate, global computing networks to a small manufacturer’s cloud computing needs, the cloud expands according to what you need.
4. Measured – cloud services are measured and billed according to a prescribed payment system.
5. Broadly accessible – the service is accessible to many people.

Sage X3 and Sage Business Cloud meet these criteria. Both offer on-demand, scalable, measured, and accessible software to companies of all sizes.

Cloud Computing and Its Impact on Manufacturing

ERP, BI, warehouse and distribution systems, and many other systems now run on the cloud. This enables manufacturers to track shipments, products, inventory, receiving, accounts payable and receivable like never before. Business intelligence software enables you to synchronize and use data from multiple sources to make better, faster decisions.

Digital services such as cloud computing now provide approximately 25% of the total inputs that go into the manufacturing of finished products. Thanks to cloud computing, manufacturing operations are safer, more productive, efficient, and better able to keep pace with supply and demand.

Today, over 90% of global manufacturers use some form of cloud computing. A 2015 IDC study that surveyed 600 companies from 17 countries indicated that 66% of manufacturers were using public cloud systems while 68% used a private cloud (the study indicated that some overlap, with companies using both public/private cloud hybrids).

Even supply chain management is being changed by the cloud. With the Internet of Things, RFID devices and chips, barcode scanners, and more all linked through cloud-based feeds, manufacturers are able to see, track, and monitor their shipments.

Cloud computing has made it easier for small businesses to compete, especially in the world of manufacturing. With the data and information now available to small businesses, you can use this knowledge to your advantage to make competitive products, offer better service and prices, and more. It’s a great business advantage.

IWI Consulting Group

IWI Consulting Group helps businesses gain insights into their operations, inventory, and profitability. We provide software and support for a wide range of industries throughout Canada. For more information, please visit IWI Consulting Group or contact us today.

In August, we began a series looking at the use of HR software such as Sage People. Among all the departments in your company, human resources are probably the last department to use data and analytics to improve performance. It may seem cold and unkind to refer to people as data or statistics, and we would agree that you can’t reduce human beings to numbers. But you can manage your organization better if you do so with the numbers in mind; the number of new hires, vacancies, training days, and more can all help you improve how your company recruits, hires, and retains employees.

The Challenge of Becoming a “People” Company

People-based companies run a little differently from other companies. While the definition of a people-based company may vary depending on who you asked, the accepted definition is that a people company puts people first. People are viewed as the most valuable asset, not the land the company owns or the patents they hold or another asset. The knowledge, skills, and abilities of the workers are paramount.

Even during times when it is difficult to find people with specific skill sets, a people-company typically has no problem attracting great talent. That’s because it develops a reputation for being a wonderful place to work. This leads to fewer recruiting costs and challenges and continues to generate positive results for the organization.

Leader Perspective Differs from Employee Perspective

Sage produced a study earlier this year that examined many aspects of companies claiming to be “people” companies and the attitudes towards such companies. One thing that stood out in the study is the discrepancy between how corporate leaders viewed their companies and how employees within viewed them.

The results indicated that 55% of senior management within a company viewed it as a people company while about 29% of employees within the same company held that view. Prospective employees viewing the company from the outside were also asked if they thought the same company was a people company, and 34% said it was.

What accounts for the discrepancy? Leaders seemed to hold a different opinion of the company from the workers and potential employees.

One key area that may account for the difference is in the area of communication. The leadership team may be aware of all the things the company does to put people first and to treat people as the most important asset, but somehow, this isn’t being communicated to the employees. For the employees, the company feels like “business as usual.”

Another reason may be that leaders aren’t listening carefully to the feedback they are receiving from their employees. The leadership team may be implementing actions they believe make the organization people-centered, while the employees are telling them they want and need something different. The results can be a discrepancy between what leadership thinks people want in an employee-first organization and what people actually do want.

Building a People-First Corporate Culture

To build a people-first corporate culture takes time. But there are several steps you can take today to work towards a great people-centric organization.

• Set a purpose: Purpose-based organizations tend to gather people together around a shared, common goal. It acts like a compass, pointing the way forward. Purpose then builds employee engagement, which leads to a people-centered culture.
• Improve communications: Work towards two-way communication, with leadership listening more than they talk. Have mechanisms in place for gathering employee feedback. Don’t just go through the motions of gathering feedback but actually listen and respond to it.
• Add technology: The right technology can put into place the mechanisms by which you can listen and respond to your employees, fostering a culture that puts people first. Sage People helps you gather data on things like employee turnover rates so you can see which areas of your company may need work to help build a better culture. It also helps you assess many areas of your human resources that can be built upon or improved upon as you work towards a people-first goal.

People-oriented companies aren’t new, but they remain rare. The Sage People survey indicates that only about 29% of companies worldwide can make the claim comfortably that they are people-first organizations. Perhaps your company, if it can successfully make the shift, will boost that number. The results you achieve can help you build a better, happier workplace.

IWI Consulting Group

IWI Consulting Group helps businesses gain insights into their operations, inventory, and profitability. We provide software and support for a wide range of industries throughout Canada. For more information, please visit IWI Consulting Group or contact us today.

Sage is known for its robust yet easy to use software. The company recently acquired San Jose, California-based Intaact to provide Sage Intaact, financial management solutions that target growing businesses.

Sage Intaact will help small to mid-sized businesses improve their financial management. The software offers a sophisticated and powerful cloud-based infrastructure for financial management, operational insights, process automation, seamless integration, advanced features, and an updated user experience.

Moving Traditional ERP to the Cloud

Customers worldwide are moving rapidly to cloud-based ERP. Sage, always responsive to their customers’ needs, recognized this desire and sought to find or develop new cloud-based products that would exceed customer expectations.

According to a recent study, cloud adoption rates are soaring: 81% of organizations responding to the study have either completed or are in the process of adopting a cloud-based strategy. Cloud-based ERP adoption stands at 27% versus 56% for on-premises adoption, with the remaining respondents choosing SAS.

Benefits of Cloud Software

Cloud software offers greater flexibility, scalability, security. and cost savings.

Flexibility: Cloud-based software can expand to accommodate new lines of business, industries, or other areas of growth. Sage software products are easy to integrate and offer the ability to build out a flexible system based on your business needs, not the limitations of the software. Add modules to provide additional support for human resources, sales, marketing, distribution, and more.

Scalability: As your business grows, you need software that grows with it. Cloud software can easily scale up or down depending on your business needs. Since the cloud consists of many servers linked together through the internet, it’s easy to add more computing power when you need it.

Security: Cloud hosting companies provide the security for your data. You do not have to worry about securing your own servers. It’s all kept behind the walls of cloud-hosted security which tends to be much safer than other types.

Cost-Savings: Traditional site licenses required not just an estimate of how many users would access the software but an investment in hardware to run it. You had to purchase, install, and maintain extensive network servers. That’s all changed with cloud hosting. Now the hosting providers have to offer all of that. You simply need an internet-based device to access the software. It’s a tremendous saving for many companies.

How Sage Intaact Supports Business Growth

Sage Intaact isn’t just about financial management. Sage products seek to be a company’s one-stop shop for all business productivity and enterprise resource management (ERP) software needs.

With the acquisition of Sage Intaact, the company has added a flexible cloud solution that can adapt to changing business conditions and customer demands. With Sage Intaact, you can easily add more users, connect other Sage products to the basic suite, and build out the exact system you need.

Sage Intaact is also a great option for international growth. This is important to many manufacturers seeking to expand beyond the Canadian borders. It can accommodate business within provinces or across oceans with equal ease. It’s perfect for mid-market sized companies looking to grow beyond their existing boundaries, or even for large-scale manufacturers looking for a robust, cloud-based product.

Visionary in the Gartner Magic Quadrant – A Sign of Excellence

Sage Intaact is the only AICPA preferred partner in North America and has the honor of appearing in the Visionary area in the Gartner Magic Quadrant. Not only is it in the Visionary area, it is also cited as a Visionary for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises, and the fastest growing independent provider of cloud Financial Management solutions to the mid-market.

Gartner conducts extensive qualitative research before sharing their updated quadrants. Their review and placement of Sage Intaact underscore its potential to revolutionize the mid-market business management suite of software products.

Talk to IWI Consulting Today About Cloud-Based Sage Intaact

IWI Consulting is pleased to offer our customers Sage Intaact, part of the suite of Sage Business Cloud software products for business productivity, growth, and management. If you would like more information on Sage Intaact, please contact us today. Visit IWI Consulting Group or contact us today.

Sage ERP systems have helped many companies make great progress towards their revenue and productivity goals. Shared access to information, better data and reports, and integrated systems have helped companies use important information successfully to further their goals.

Now, cloud technology has been added to the mix. No, it’s not what’s drifting across the sky. Cloud technology refers to shared servers, linked through the internet, to form a richer, more robust resource of computing power.

New cloud-based ERP is helping companies in new and innovative ways. Let’s look at how Sage Business Cloud can improve customer service, an important part of the value proposition that businesses bring to their customers.

Cloud Applications Can Improve Your Customers’ Experience

Cloud applications make data accessible to all who need it.

Cloud ERP increases the ability to collaborate with all your stakeholders—from vendors to employees to customers—no matter where they are located. It allows you to give your customers access to information about their orders, services, and invoices. Not only does this increase customer satisfaction, but it also reduces the expense of support and improves efficiency. In fact, a great number of customer service calls can be avoided if the customer has a thorough and accessible portal.

Cloud computing enables companies to be more agile.

Cloud computing allows you to accelerate innovation and slash expenses. In order to truly engage your customer, you need to listen to them. Then, you need to provide innovative products and services that provide value to the customer. With the cloud, you can react quickly to changing customer expectations and build and test ideas faster. You can focus on what you do best and leave the technology to technology experts.

Cloud technology provides enhanced flexibility and scalability.

With your ERP, you can collect customer data, analyze it, and use it to create better products and build solid customer relationships. Cloud ERP gives you the flexibility you need to be responsive to changes in customer requirements. With a hosted cloud, you can harness the capabilities of top-caliber computing without having to build and maintain it. It enables you to quickly respond to increased demand by scaling up to handle additional volume.

Sage Business Cloud: ERP and More

As you can see, cloud-based software offers many advantages. Improved customer service through a scalable, faster business response is just one of them. Now, Sage offers new software that can help you improve productivity in many areas. Sage Business Cloud has all the business software you need in one convenient package.

Sage Business Cloud provides a core set of business services that includes:

• Accounting
• Financial management
• Payroll
• Payment
• Human Resources Management
• Banking Services

Additional applications are also available that connect easily to Sage Business Cloud so you can adapt the product to your unique business needs.

Sage Business Cloud offers a right-sized package for every business. It takes ERP to new levels and provides a comprehensive suite of business services that can be scaled as your needs change.

For more information about Sage Business Cloud, contact IWI Consulting Group.

IWI Consulting Group helps businesses gain insights into their operations, inventory, and profitability. We provide software and support for a wide range of industries throughout Canada. For more information, please visit IWI Consulting Group or contact us today.

It’s estimated that around 43% of all small to mid-sized businesses lack barcode tracking, a known way to improve inventory accuracy. If you are still using paper-based counts, spreadsheets, or worse still, aren’t tracking your inventory at all, then these inventory management tips and best practices will make a big improvement in your company.

An inventory tracker is an automated system of tracking items entering the warehouse from receiving, tracking their location and quantity while they are in the warehouse itself, and then tracking them as they leave inventory to fulfill customer orders.

Even though companies are manufacturing and moving goods at a faster rate, they still tend to hold onto too much and overstock their inventory (Source: Supply Chain News). As the number of days outstanding grows, the value of the inventory decreases. Your company ends up spending more money to maintain warehouse facilities and personnel to maintain an overabundance of goods that shrinks in value. Is there a way to improve inventory accuracy?

The answer lies in the software used throughout your company for inventory management, as well as the attention given to inventory management best practices. With a software upgrade and an adjustment in your warehouse management practices, you can improve your skills managing inventory and improve productivity and profitability.

Adding an Inventory Tracker

Inventory trackers such as Sage Inventory Advisor can help you keep tighter tabs on your inventory. Business intelligence software can also incorporate data from other inventory management tools such as barcode scanners and Sage Inventory Advisor and incorporate them into your system’s reporting capabilities.

Best Practices: Tighten Inventory Controls for Better Efficiency and Profitability

Ready for some best practices? Try one or all of the following to improve efficiency and profitability in your warehouse and distribution center.

1. Improve sales forecasting: Sales projections derived from your Sage Intelligence or Sage 300 ERP system can be used to develop a more accurate forecasting system. With better forecasts, you can fine-tune your manufacturing so you create enough outputs to satisfy customer demand without overstocking your warehouse.
2. Prioritize production: Prioritize manufacturing production around what you know has sold or is most likely to sell within a short period of time. Use just-in-time delivery and lean manufacturing processes to improve systems.
3. Use an inventory tracker. Inventory tracker systems can convert any handheld device such as a smartphone or tablet into a barcode scanner. The industry has moved beyond dedicated devices for inventory management. New inventory trackers are easier to use and portable. Many integrate into Sage products, too.
4. Phase out your spreadsheets: Spreadsheets require manual data entry, do not synchronize easily with other systems, and require a lot of time to manipulate and use. Newer, automated systems can make inventory tracking so much easier and efficient. ERP systems such as Sage 300cloud (formerly known as Sage 300) and Sage EM (formerly known as Sage X3) offer a robust software package for accounting, financial planning, operations, and inventory management.
5. Prevent spoilage: If you manage items that can spoil, such as ingredients, food products, chemicals, pharmaceutical inventory, or other items with a dated shelf life, be sure to use FIFO (first in, first out) inventory methods. Keep careful track of the expiration dates on your items to avoid spoilage.
6. Enact contingency planning: While your goal is to keep inventory levels at the right levels, there are going to be times when demand outstrips supply. Plan for emergencies. Line up extra suppliers now and budget for rush shipping charges, if necessary, to accommodate customer
7. Audit your inventory: Audit your inventory and reconcile records to actual inventory quarterly. The more frequently you audit your inventory, the better you will get at managing it for maximum efficiency.

Excess inventory can be avoided with a good inventory tracker, solid best practices in place, and an ERP system facilitating communications. With Sage 300cloud (formerly known as Sage 300) or Sage EM (formerly known as Sage X3), you have more information and better control over your business data than ever before. Add an inventory tracker, and you’ll improve profitability by reducing excess inventory. It’s a winning strategy for smart business planning.

IWI Consulting Group

IWI Consulting Group helps businesses gain insights into their operations, inventory, and profitability. We provide software and support for a wide range of industries throughout Canada. For more information, please visit IWI Consulting Group or contact us today.

Technology is changing the procurement landscape. Are you ready?

Technology is a disruptive force, but manufacturing software solutions can ease the transition from one technological era into another.

Consider the changes happening throughout the procurement field. Technological advancements, such as the Internet of Things (IoT), cloud’s ability to enable the use of big data, and much more are all changing the procurement field. Manufacturing software solutions can make those changes much easier to integrate into your overall systems.

The world of procurement is undergoing a seismic shift, a radical change from what it was to what it will be. To get ready, let’s take a look at what is happening in the industry.

The Internet of Things (IoT)

The Internet of Things (IoT) refers to the ability to add internet-linked devices to vehicles, pallets, and other objects. Data can be sent from the object to the internet and through a central resource such as your ERP system. Companies transporting perishable materials such as ingredients, chemicals, or other materials may use the IoT to monitor temperature fluctuations during transport. Companies who use geo-targeting get up to the minute information on the location of raw materials or customer orders. As the IoT grows, more data added to a company’s system lends itself to more reports, better analytics, and additional insights that can lead to profitable businesses. A business intelligence system may be necessary to utilize the amount of data flowing into a company, but it’s an investment in manufacturing software solutions that pays off in the ability to visualize data and use it for better business decisions.

Leveraging Big Data

The IoT feeds a great deal of data into your system, but data also flows from many other points. Warehouse inventory, supply chain analytics, production runs, sales CRM systems, and more provide constant data for your system.

To adequately leverage such data, you may need a data warehouse that will “talk” to all of the systems. Sage Business Intelligence can then turn that data into useful analytics and visualizations that will help you make better, faster decisions.

When your procurement area can access additional data, they can make better decisions, too. Evaluating suppliers, extending payment terms, and renegotiating credit with vendors can happen with better data. Big data is rapidly expanding the role of procurement and changing how it interacts with other departments such as accounting, finance, and sales.

Procurement Moves from Back Office to Front of the House

Procurement used to have a back-office role finding vendors, securing terms, and helping with tasks such as these behind the scenes. That’s all changed. Companies today rely upon procurement to find the lowest cost and best quality raw goods and materials; procurement is now an integral part of the sales process.

Manufacturers who recognize that procurement is now a “front of the house” venture rather than a back-office function and treat the procurement department as an integral part of the process will embrace the transformation taking place. The transformation seen today gets to the heart of procurement’s role in the big picture of the business, and the way in which a sound, well-managed procurement department, fueled by data and analytics, can add to a business’s bottom line.

IWI Consulting Group

IWI Consulting Group offers manufacturing software solutions that help businesses gain insights into their operations, inventory, and profitability. We provide software and support for a wide range of industries throughout Canada. For more information, please visit IWI Consulting Group or contact us today.