Inventory Management System
Inventory Management System meets all the requirements for smooth management of inventories and materials procurement function of small to large scale organizations. The system caters to all activities involved in the flow of materials Right from materials requirement determination, generating purchase orders to issue and receipt Of goods. The outcome is reliable maintenance of real-time records for item-wise, location-wise Stock count and its valuation.
Inventory Management System integrates with Demand management and order entry, Financial Accounting, and shop-floor control for automatic calculation of material requirements, generation of payables and issuance of materials upon authorization to departments and shop-floor respectively.
Standard features of Inventory Management System:
- Creation / Editing of Supplier details and material supplies.
- Bar-code support for accurate tracking of material movement.
- Maintaining item rates, specifications and lead times.
- FIFO / LIFO / Weighted AVG costing methods
- Supports different types of inventory – Salable/Repairable/Damage/Scrap etc
- Provision to define depreciation on different inventory types for accurate valuation
- Centralized / Warehouse wise material costing and valuation
- Support for any level of material variation
- Multiple locations & delivery destinations
- Automatic determination of material requirement
- Purchase requisitions department/site wise
- Request for quotation and quote comparisons
- Netting from available stock and scheduled receipts to generate net purchase requirements
- Detailed item & PO level purchase histories with elaborate change logs and audit trails.
- Real-time reports for item-wise, location wise stock levels.
- Real-time inventory valuation
- Comprehensive system of procurement and material movement authorizations
- Materials Issuances, receipts and intra transfers.
- Location and valuation of acceptable substitutes.
- Generate relevant accounting information.
- Processing of physical stock counts and reconciliation.
- Process high volume requisitions, orders, exceptions, cancellations etc.
- Optimized lot-sizing and procurement Liberation of tied -up capital in slow moving stock
- Increased inventory turnover improves the return on capital Optimum storage utilization
- Effective inventory controls
- Real-time views of stock levels and valuation
- Reduced stock-outs eliminating earning short falls
- Accurate tracking of materials through all stages of processing, including work-in-process.
- Reduction in work force due to delegation of routine and redundant activities to software.
- Complete control over flow of goods from ordering to dispatch
- Customized reports for enhancing quality and speed of decision Making.