Inventory Management System
The inventory Management System is a vital component of your whole supply chain. Because it enables you to trace the buying, storage, and sale of your items at any particular moment in time. Once you can effectively track. How much material you have where this is, inventory management turns from a difficult, manual operation to a critical factor of your business’s growth plan. Further, Get multi-techno services and improve your business inventory management with the best ERP integrated software
Purpose of Inventory Management System
Inventory management’s major goal is to guarantee that there are enough items to fulfill demand while producing excess, or surplus inventory. Multi-Techno helps you in maintaining your inventory management software that is integrated with ERP.
Features
An inventory management system is a tool that allows you to track goods across your business’s supply chain. further, It optimizes the entire spectrum spanning from order placement with your vendor to order delivery to your customer. Moreover, mapping the complete journey of a product.
Setup:
- Item Main Category
- Sub Category
- Definition
- UOM Definition
- Store Definition
Transaction:
- Inventory Opening Balance
- Inventory Adjustment
- Material Issue Note
- Material Return Note
- Store Transfer
- IGP (Inward Gate Pass)
- OGP (Outward Gate Pass)
- GRN (Goods Receipt Note)
Reports:
- Stock Balance
- Stock Ledger
- Inward and further Outward gate passes
- Cost Center Wise Consumption comparison report
- Min and Max Stock Level Base Reorder Report
- Stock in Hand Value Wise
- Inter-Stores Transfer Summary Report
- Main Category Wise Report
- Sub Category Wise Report
Accurate inventory management is essential for running a profitable product firm. Further Stock tracking regularly might assist to avoid stock mistakes and other issues. Following are the features of inventory management:
Barcoding and Tagging
The outstanding aspect of the inventory management system is the removal of common human mistakes. moreover, Manual data entry can lead to mistakes, but scanning a barcode saves employees a lot of time.
Reporting on Company Operations
Monitoring of an inventory firm necessitates keeping those in command up to date on different business operations such as the vehicle’s location etc
Notifications About Inventory data
A good inventory management system has a securities alarm function. moreover, The program outlines numerous consequences that may arise as a result of the low supply of a certain item in the notifications.
Inventory backup and security
If inventory software is hacked, Even so, the data is protected by a backup that business owners may access and utilize. As a result, backup and inventory security avoid any disruptions.
The product’s demand and supply
Inventory software helps businesses manage their inventory effectively. moreover, Executives properly manage the buyers and sellers of the company’s products.
Last Thoughts
Effective inventory management is critical to the global performance of supply networks. further, The advantages of these systems are obvious, and as time passes, more and more businesses will continue to use similar solutions. after that Multi-Techno provides you with complete solutions for any ERP software.
Benefits of Inventory Management that is Integrated with ERP
Inventory Management System strategies can assist you in saving money and further maintaining a correct stock count. Furthermore, when you integrate an ERP system with inventory management features, you will realize even more benefits.
1 . Evaluate Inventory Levels Across the Organization:
ERP systems can give a global picture of orders across all departments, from selling to accounting through delivery. moreover, centralized purchasing eliminates duplication, and the option to buy in bulk saves money.
2 . Improve Forecasting:
Data collecting and analytics software can give insights into patterns. You may also enhance your stock predictions by understanding patterns
3 . Optimize Your Entire Inventory:
A solid inventory management system aids in maintaining the proper further mix of stock and amounts at the lowest possible carrying costs. further, It will assist you in ensuring that you’ll never have excessive amounts on hand.
4 . Manual Tasks Can Be Automated:
Stock-taking, further receiving, and fulfillment may all be up by barcode and RFID scanning. at the same time Using software decreases mistakes caused by manual entry and frees employees from repetitive activities.
5 . Profit Has increased:
A better knowledge of supply and moreover availability leads to higher inventory turnover, which affects profitability.