Inventory Management

Inventory management is the process of overseeing and controlling the flow of goods and materials in and out of a business. The goal of inventory management is to ensure that the right amount of inventory is available at the right time to meet customer demand while minimizing costs associated with excess inventory or stock-outs.

Inventory management is the process of overseeing and controlling the flow of goods and materials in and out of a business. The goal of inventory management is to ensure that the right amount of inventory is available at the right time to meet customer demand while minimizing costs associated with excess inventory or stock-outs.

In our management system, Inventory Management Involves the following actions:

  1. Receiving inventory: When new inventory arrives at a warehouse or facility, it is logged into the system. This includes information about the item, such as its quantity, location, and cost. These items are usually purchased using the purchase management module.

  2. Tracking inventory: The system continuously tracks the inventory levels of each item in real-time. This allows businesses to quickly identify when inventory levels are running low or when excess inventory is present.

  3. Order processing: When an order is received, the system checks the inventory levels to determine if the requested items are available. If the items are in stock, the order is processed, and the inventory levels are updated.

  4. Reordering inventory: When inventory levels fall below the reordering rules, the system will either generate a purchase order to reorder the required items, or a manufacturing order to manufacture the said item, depending on the configuration. This helps ensure that the business always has sufficient inventory levels to meet customer demand.

  5. Reporting: The system provides a range of inventory management reports that help businesses analyze their inventory levels, track inventory costs, and identify trends and patterns in inventory usage. This information can be used to optimize inventory levels, reduce waste, and improve overall inventory management efficiency.

See It In Action.

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