There are several challenges businesses in the cosmetics industry face when trying to maintain low costs and high profits. The cosmetics industry is highly competitive and fast-paced, creating immense pressure to produce and release new products quickly. Plus, many supply chain problems have emerged recently due to the COVID-19 computer shutdowns, natural disasters (including a massive winter storm in Texas), a container ship grounding in the Suez Canal, and cyberattacks.
To be one step ahead of the competition, cosmetics businesses must have an efficient supply chain. Acumatica can help companies achieve this goal by providing cloud-based enterprise resource planning (ERP) software that streamlines the overall supply chain and distribution processes. With their help, cosmetics businesses can eliminate disruptions in their supply chains and maximize profits.
Ensure Your Data is Up-to-Date
Acumatica gives you the power to monitor every product in real-time. When any team member enters or updates data, it is immediately tracked across all systems to ensure no relevant information is overlooked. This software is key to business success because users can access it anywhere at any time—a capability made possible by its cloud functionality.
With this system, you can quickly check in and see where your product is at any stage of development or shipment. Your business can also get a quick recap of your inventory levels to determine which products, colors, scents, or sizes are selling well or running low.
More specifically, it allows access to business records, data sources, and systems in one centralized system that smoothly works with business applications. Each department’s data is synchronized and may be accessed from any web-enabled device or software program whenever and wherever.
Efficiently Manage Your Inventory
Acumatica provides a complete view of your inventory levels, orders, and shipments in one place. Integrating your sales, marketing, and accounting data, Acumatica gives you an accurate picture of what you need to order to meet customer demand. Automating the inventory management process saves you time and money while reducing the risks of stockouts and overages. With Acumatica, you can set up automatic alerts to notify you of any potential issues. By quickly resolving these issues, you’ll be able to improve your productivity and get new products to market faster.
Understand Your Business Better
To encourage data-driven decisions, you need access to reliable information about your business operations. Acumatica provides comprehensive reports that give you visibility into every aspect of your business. With this handy information, your company can identify areas of opportunity and make informed decisions that will help your business grow.
Acumatica allows you to obtain detailed analyses on demand so you may see where your supply chain and distribution methods are succeeding or failing. You can, for example, pull together up-to-date reports using real-time insight to help you make critical business decisions.
Acumatica features intuitive intelligence tools that make analyzing data across all departments easier, including sales, purchasing, manufacturing, inventory management, and delivery.
Acumatica can review data, recognize any limitations in implementation, and develop creative solutions. Plus, when you have important meetings to attend and need to present information to your team, these tools provide the assistance you need to summarize and clarify essential data.
Recognize and Use Trends to Your Advantage
Acumatica can help you analyze how each of your items is performing. Check out distribution statistics to look for exceptionally high- or low-performing goods. You may also have these reports prepared automatically to keep track of the newest beauty industry trends.
The cosmetics industry is one of a kind in that trends are constantly evolving. Most cosmetics companies must develop fresh products regularly to compete with the competition. With Acumatica, for example, you can plan and forecast inventories/resources, supplier deliveries, and production schedules. The information and adaptability required to adjust to new trends are also available.
Bottom Line
By streamlining your supply chain and taking advantage of Acumatica’s distribution and supply chain management capabilities, you can keep your costs low and your profits high. With its comprehensive view of inventory levels, orders, and shipments, you can reduce the risks of stockouts and overages. And, with its insightful reports and dashboards, you can make informed decisions that will help your business grow.
To learn more about how Acumatica can help you run your cosmetics distribution business better, download this ERP Guide for Cosmetics Distributors.