Inventory management is an important function which contributes to healthy supply chain and impacts financial health of balance sheet. It is a wide term which looks after the processes of managing appropriate stock in warehouse. Inventory module needs careful and constant evaluation of internal and external factors as well as control through review and planning.
Inventory control comprises finding inventory requirements, monitoring items, providing methods of replenishments, reconciling inventory balances, reporting inventory status etc. If inventory module gets integrated with purchase, finance and purchase, it allows ERPs for generating high executive level reports. All important information of the organization is managed by this module depending on inventory costs, locations and availability.
- Prime features of Inventory Module:
- Proper analysis which helps in maintenance of optimum level of stocks
- Managing material rejections
- Quality control on the basis of QC parameters
- Looking after material rejections in a effective way
- Purchasing as well as sub-contracting
- Consolidating entire warehouses
Inventory management comprises inward, issue as well as dispatch activities. Users may define which production plan, season, stores and sales orders have to be taken into consideration. Apart from this, Inventory management also comprises entire stock related activities within an organization. It also helps the modules in issuing materials to project store when requests for consumption get roused.
Visit construction ERP software for more Construction ERP Modules list.
For more information, visit ERP for Inventory Management.