Smart Inventory Management for Small and Medium-sized business (SMB): Complete Guide of No-Code ERP from Waveon with a Customer’s Case

Efficient inventory management is crucial to the growth and stable operation of small and medium-sized businesses. If inventory is not properly managed, sales opportunities can be missed, unnecessary costs can be incurred, and you may even lose credibility from customers.

Statistics have shown that the inventory management software market grew 15% in 2023 (prior to former year) which shows that many companies saw managing inventory systematically is something that needs to be dealt with especially after COVID-19 when there was instability of supply chain.

Efficient Inventory management is now inevitable. Waveon offers a No-Code ERP solution to assist small businesses move away from traditional inefficient management to a more systematic and simplified inventory management system. Let’s find out why inventory management is important and how Wavevon can solve these problems.

Efficiency of Inventory Management

Everyone understands the importance of inventory management. However, many companies still manually hand-write or use Excel to organize their data, which leads to errors and inefficiencies.

Therefore, it causes the following problems:

1. The limitations of manual work

Small mistakes are bound to happen if people are manually inputting data and managing inventories manually. As a result, you will experience problems of over-stocking or making a sale not realizing you have no stocks left. As these small mistakes accumulate, they will adversely affect your business and lose credibility.

2. Lack of real-time information

If multiple departments use different data or cannot share the latest data on a real-time basis, it will create confusion and make wrong decisions. In essence, there’s a risk of losing customers and credibility not knowing the exact amount of inventory on a real-time basis.

3. Danger of dependency

When the inventory manager is absent or quits, it may result in problematic situation. This poses a significant threat of instability when operating the business.

Deviating from the old traditional ways to the new efficient ways

Limitation of Excel

Many small businesses still use Excel to manage inventories. It may seem convenient and cost-effective in the beginning, but its limitations become evident in the long run.

Data entry errors using Excel is inevitable. A single mistake of data entry can lead to incorrect calculations and mess up the entire inventory.

Additionally, real-time sharing is restricted because multiple departments cannot access and edit the same file at the same time.

For instance, if the purchasing team and logistics team work with different versions of the same Excel file, confusion can arise and mess up the file as more modifications are made. As the business grows and inventory items increase, Excel struggles to handle the growing volume of data.

Why aren't existing ERP suitable for SMEs?

Following issues can occur with using traditional ERP solution:

1. Too many functions leading to complexity: Most ERP systems offer multiple modules which includes HR, accounting, and production, in one package. However, small businesses may not need all the functions and experience difficulties with complex UI. This can load up the system and slow down the speed as well as taking up space with unnecessary functionality.

2. High initial costs and maintenance costs: Acquiring ERP system requires significant initial costs not to mention the maintenance cost. Licensing fees and additional hardware can be financially burdensome for SMEs as users increase.

3. Long deployment period and staff training hours: Typically, installment of ERP system takes an average of 3 to 6 months in which employees will need to learn how to use the new system. This can lead to inefficiency of productivity with additional training for newcomers.

4. Hard to customize with additional cost: It costs money and time to customize to each company not to mention the dependence of a specific developer who needs to re-customize every time you need to upgrade the system.

ERP customization may accommodate the unique needs of a company, but it will come with high cost, time consumption, and difficulty in maintenance. Therefore, additional developments(upgrade) will increase the cost and system may crash due to compatibility issues with existing customization requiring additional modification work.

Moreover, customized systems increase the dependence of developers who initially created the system requiring a long-term support. Therefore, you need to carefully re-think about the factors that can reduce the efficiency of ERP system.

👉 No-Code ERP vs. Traditional ERP: Which is Better?

Waveon No-Code ERP: The Best Alternative for Small and Medium Businesses

Waveon No-Code ERP completely changes the paradigm and users can solely customize without any prior IT knowledge only selecting the functions they need.

Above all, the system can be built in just 1 week, so there is no need to wait for several months like with existing ERP solutions. The real strength of this solution is that it delivers exactly what small and medium businesses want.

Introducing the Key Features of Waveon ERP

Waveon No-Code ERP offers a number of features that deliver real value to your business:

• Intuitive inventory status dashboard

The data-based dashboard, which is updated in real time, is designed to provide a quick overview of the inventory status. It accurately delivers the necessary information without unnecessary complexity and supports quick decision-making.

• Automated order management system

This system prevents overstock and stock shortage issues with automatic ordering based on inventory levels. This feature increases cost efficiency while minimizing errors in logistics management.

• Unrestricted external data integration

In addition to data transfer from the existing ERP, it supports more than 1,000 data links from open markets, online shopping, delivery companies, financial companies, and public data.

Waveon ERP: Unrestricted stock management data integration

• Customizable item management system

You can easily set up existing item codes and classify them accordingly to the company’s needs. This enables detailed data management and full integration with the operational processes.

Waveon Case: LU Vascular & Endovascular Clinic (LUVEC Clinic)

LUVEC Clinic was experiencing a number of inefficient issues due to its existing manual-based supply management system.

There were the following issues:

• Limitations of manual management: Common problems many small businesses were facing which were manual data entry error and time consumption of manual data management.

• Independent item code system (LUVEC’s own code): LUVEC’s own code was not compatible with the existing ERP solution, which prevented smooth business connection.

• The uniqueness of medical device management: Traditional solutions are not uniquely customized to meet the needs of the current healthcare industry. Therefore, it lacks efficiently during management.

Existing ERP solutions were difficult to meet the needs of LUVEC, and hiring outsourced developers would dramatically increase the operational cost.

As a result, LUVEC Clinic decided to opt Waveon's No-Code ERP solution to efficiently improve overall supply management tasks, including item management, account management, warehousing and shipment management.

Introducing Waveon

Waveon ERP was the perfect solution for solving problems at LUVEC’s Clinic. Waveon was able to quickly build a system tailored to the hospital's special needs, and the staff were able to utilize it without any prior knowledge of ERP.

The system was built in 1 week and it has completely changed they way they operation of the business.

• Customized design: Provided an optimized solution based on the requirements from the LUVEC, business partner management, and inventory management.

• Easy set up without complexity: Solution has been simplified to meet the needs of easy utilization without the need for IT experts.

• Gaining credibility via simulation(demo): Minimizing the learning curve through easy simulation prior to actual operation.

Effectiveness of Waveon ERP Solution for LUVEC

LUVEC’s Clinic has experienced noticeable changes and been able to significantly improve operational efficiency after opting for Waveon’s ERP.

• Productivity have changed systematically. Significantly improved the efficiency and transparency by integrating item management, client management, and delivery management.

• Repeat tasks have been automated to increase employee productivity. Employees are able to focus on their demanding tasks rather than tedious work.

• Dramatic increase of employees' satisfaction. Due to its intuitive and user-friendly interface, employees are able to enjoy the low learning curve.

• Opening the possibility of future expansion. We plan to link insurance codes and data to the Health Insurance Review & Assessment Service (HIRA) in the future to stay competitive in the management of stocks and medical data.

Experience the future of inventory management with Waveon

The case of LUVEC is a prime example of how Waveon No-Code ERP can make a real and noticeable difference to SMEs.

In just one week, complex inventory management changed systematically, repetitive tasks became automated, and employees were able to focus on more important tasks. You can also experience this with Waveon.

Start Now With real-time inventory

you can quickly make important decision. Automated tasks will make you devote your energy to your core tasks. With flexible expansion, you can respond swiftly to business growth and change. Waveon would like to go beyond just delivering software to becoming a true partner to help you grow your business.

This is the process of free consultation:

1. Assessment with demos

Meeting with an expert to analyze current status along with an experience of Waveon's demo system to see how the solution will make a difference to the business.

2. Custom prototype development

Prototypes will be developed quickly based on feedbacks to experience the software

3. Implementation with training

Quickly adapt to the system through user-friendly training and start operating rightaway.

Don’t wait any longer to experience the simplicity of inventory management.

Apply for a free consultation now to see how efficiently you can organize and manage inventories with Waveon ERP.  If there’s a problem, no problem with Waveon!

👉Try the inventory management template now.