Price Tracking in ERP Applications
Price tracking means monitoring and managing the material costs, stock levels and selling prices of the company’s products.
How to track price in ERP applications;
Product and Material Information:First of all, you must properly record all information about your products and materials in your ERP system. This includes data such as item numbers, description, units of measure, material costs and stock levels.
Supplier Information:The ERP system should contain the information of your suppliers. Suppliers’ prices, delivery times and other important information should be entered into your ERP system.
Pricing Strategies:Your ERP system should allow you to implement different pricing strategies. For example, you can use it to set different price levels, such as wholesale and retail pricing strategies.
Cost Calculation:The ERP system can automatically calculate labor, material costs, supplier costs and other components when calculating the costs of your products or materials.
Inventory Monitoring: The ERP system automatically monitors stock levels and can help set minimum stock levels so that you can create automatic orders when your stock is nearing the end point.
Sales and Price Updates:The ERP system tracks customer orders and sales. Using this information, you can make price updates and apply customer special discounts.
Reporting and Analysis:The ERP system can generate reports on price tracking, which can help you analyze product profitability, the impact of price changes and other important data.
Approval Processes:The ERP system can be used to manage the approval processes for price changes. Especially in large organizations, price changes may need to be approved at several levels.
ERP applications aim to enable businesses to manage price tracking processes more effectively and efficiently. These systems collect information in a central location, increase data accuracy and automate business processes, so businesses can make faster and more accurate pricing decisions.
