Price tracking in an ERP (Enterprise Resource Planning) system refers to the process of monitoring and recording the changes in the price of goods or services over time. This function is typically used by businesses to keep track of changes in the cost of raw materials, products, or services that they buy or sell.
Price tracking in an ERP Software System can be useful for various reasons, including:
Cost Control: By monitoring the price changes of raw materials, products, or services, businesses can make informed decisions about their purchasing and pricing strategies to control their costs.
Profit Optimization: By understanding the market trends and the price changes of their products, businesses can optimize their pricing strategies to maximize their profits.
Forecasting: By analyzing the historical data of price changes, businesses can forecast future trends and make informed decisions about their purchasing and pricing strategies.
Mirror ERP is an ERP Solution that can help with price tracking in an ERP system. Mirror ERP provides businesses with a centralized platform to manage their entire supply chain, from procurement and inventory management to sales and accounting. It offers a range of features that can help businesses track prices and manage costs effectively.