Inventory Management System
The ability to deliver the right product to the right place at the right time is the core of your business. Inventory is one of the largest investments that any company makes. Ensuring, that you have enough of the right product in stock, while avoiding stock-outs and over stocks is a daily challenge. You are responsible for reducing investment in inventory and increasing inventory turns. An automated Inventory Management System, helps you in managing this challenge.
Inventory Management system allows you to manage stocks on a quantity and value basis in order to plan, enter, check goods movements and carry out physical inventories. They provide inventory management with dimensions and provide complete visibility on the quantity, location, and status of inventory flowing in and out of a location or multiple warehouses.
Inventory Management systems are tightly integrated with Financial Accounting systems for the pricing of each inventory transaction voucher, with the order management system for the customer and internal orders, shipment notes etc. and with other sales and demand forecasting systems for item planning. Bar Coding and RFID interfacing is also a highly desired feature.
Features of the Inventory Management System :
* Forecasting : Create Inventory forecasts by matching supply with customer demand.
* Auto create purchase orders for reorder point items
* Maintain Item Dimension :
o Characterize items by using multiple dimensions like configuration, size, color etc.
o Maintain business logic based on valid combinations of dimensions
* Maintain Storage Dimension :
o Describe storage by using warehouse, pallets and locations
o Track items using the serial and batch number dimensions
* Placement and Storage policy definition at warehouse and Item level with a provision for multi level storage specification e.g. warehouse, aisle, rack, shelf and bin
* On-hand Inventory Tracking
o Warehouse-wise on-hand inventory
o Drill down using Item dimension / storage dimension
* Quarantine management
o Set aside items in quarantine and look-up on quarantine inventory
* Inventory Analysis based on user defined limits on revenue, cost value, margin, carrying cost etc.
o ABC Analysis
o HML Analysis
o PQR Analysis
Tags: IM, Inventory, Inventory management