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.
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.
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