Can your system handle your complex inventory requirements?Find out how you can improve your inventory control and accuracy
MYOB Exo is a sophisticated ERP system that can fully integrate your financial and business management data. The software has been deployed in over 3000 mid-tier organisations across Australia and New Zealand, and they have benefitted from the typically lower cost to implement compared to other mid-market ERP packages.
Inventory based companies naturally gravitate towards MYOB Exo due to its robust stock control and customisability, as well as the deep integration between the Inventory and Finance modules. However, when your business continues to grow you may need additional functionality to help manage your increasingly complex inventory requirements.
Some of the limitations of MYOB Exo
When you have warehouses in different locations, be that across country, city or state, it affects the cost of your inventory and the profit you can make. Whether you are paying different rent or different shipping rates per location, this all affects your bottom line. MYOB Exo does not cater for different costs per location.
First in First Out (FIFO), stock tracking is very important for certain businesses, for example, those with perishable inventory. FIFO assumes that the first stock bought in is the first stock sold out. FIFO tracking then assigns the oldest inventory costs to the most recent sales. Tracking stock movement in this way gives a more accurate picture of your business’s profitability. MYOB Exo uses an average measure for COGS, so while this measure is simple and easy to understand, you cannot see the clearest picture of your business when using FIFO tracking.
A typical warehouse may have multiple bins per stock item, which is part of the art of picking and packing. This can optimise picking efficiency and help control stock levels. However, managing so many small units within your warehouse can be a challenge for many ERP systems. MYOB Exo can track stock across multiple warehouses and locations, but multiple bin locations within the same warehouse is out of its scope.
MYOB Advanced is a powerful mid-market ERP, based in the cloud as a fully Software as a Service (SaaS) solution. Its Inventory Management module helps you to efficiently manage your stock and distribution process. It allows system-wide inventory control with real-time access to your inventory in transit, available stock, and inventory costs.
MYOB Advanced has the capability for warehouse specific costing, FIFO tracking, and multi-bin level stock management, as well as many other features and automations to make inventory management easier and more accurate.
There are also add-on solutions for MYOB Exo that can improve some of these areas and make your system more efficient.
eveXso is designed to improve your service levels and efficiency across your warehouse. It creates and distributes workflows for your operations team, as well as giving your management anytime, anywhere visibility to track their staff and resolve issues. If you need detailed bin management, then eveXso can supplement MYOB Exo to give you accurate picking, packing and shipping functionality. eveXso is cloud-based and usable via mobile app, so from any location, in the warehouse, you can access up-to-date, real-time distribution information.
NETSTOCK is an inventory management solution designed to give you detailed information of all stock across your entire organisation. By leveraging historical sales and purchasing information, including lead times, NETSTOCK will calculate optimised stocking levels for all groups of products. Easy-to-use dashboards, inventory KPIs, and forecasts guide you to place the correct orders. Using NETSTOCK in conjunction with MYOB Exo can give you the detailed information you need to make good inventory decisions. NETSTOCK also integrates directly into MYOB Exo so you don’t have to re-key your Purchase Orders into your ERP system.
Taking the next step
You MYOB Exo system is a powerful tool. Although like any solution available on the market, it has its limitations. You can extend the possibilities of you system by implementing add-on solutions that will improve particular areas of your business or simply but moving to the cloud. This also brings it benefits to challenges and you should make an informed decision whether you should have you system Hosted or SaaS.
How can software solutions improve real businesses?
The Arcadia Corporation successfully transitioned into the cloud and achieved a single, efficient platform from which they now manage Accounts, Inventory Management and CRM. Moving from MYOB Exo to MYOB Advanced improved functionality and provided end-to-end management of its products. Additionally, integrations with their core business management system enhanced visibility and simplified reporting for the finance and sales teams.
Learn more about the real benefits of moving your organisation into the cloud by reading the case study here.
Discover strategies to maximise warehouse productivity
Achieving optimal warehouse efficiency in a period of market decline is paramount; any inefficiency directly impacts your customers and bottom line. Taking the steps to maximise productivity now will position your company for success when the market improves.
Watch the webinar recording to discover the strategies and processes to reduce errors, maximise productivity, and increase operational efficiency.
Demand Forecasting for Supply Chains
Accurate demand forecasting is an essential tool for companies to anticipate, adapt, and exceed the demands of both customers and the market. To achieve this, organisations must embrace advanced techniques to get ahead of market trends, optimise inventory levels, and ensure timely product availability to meet demand.
Watch our webinar recording to delve into how demand forecasting can transform your approach to building your inventory strategy.
Our team is ready to help solve your complex inventory needs. To learn more about MYOB Advanced, EveXso, Netstock or MYOB Exo, send an email to firstname.lastname@example.org or call 1300 857 464 (AU) or 0800 436 774 (NZ) to book a free demonstration.