Managing inventory is a big factor in many businesses, especially in manufacturing. The inventory record is the most likely business area to be computerized, and every ERP system and CRM system is built around the inventory management function.
Basic inventory management maintains what is commonly called perpetual inventory records. Simply put, the system receives reports of inventory movement (transactions) and keeps a continuous record of quantity.
Of course, inventory management software can do more than that. Here are some tools that can and should be integrated with any inventory management to give you the full control and visibility you need to support efficient and effective operation.
1. Collection of barcode data
The perpetual inventory system relies heavily on timely and accurate reporting.
Manually crafted reporting can be compromised by delays, errors, lost transactions, and labor loads for collecting and entering data. Automatic data collection, most commonly done through barcode scanning, eliminates a lot of reporting load so as to improve the accuracy and timeliness of transactions.
2. Cycle counting
Accuracy of inventory is essential for effective inventory planning and control. Unfortunately, most inventory tracking systems are highly inaccurate without an active and disciplined cycle counting system.
Cycle counting replaces the number of periodic physical inventories that are impractical and error-prone (usually yearly) with regular programs to calculate selected items so that more important items can be calculated on a regular basis.
The magic of calculating this cycle is to provide a structure for identifying and eliminating sources of error so as to improve accuracy on an ongoing basis.
3. ABC Analysis
Cycle calculations are usually performed using ABC analysis to identify more important and less important items.
The most common ABC analysis (or so-called Pareto analysis) is sorting out all the inventory items according to the total value each year (annual use or unit unit cost movement).
Typically, the top 20 percent of the items represent 80 percent of the annual value through a warehouse (80/20 rule). The next 30 percent (item B) reaches 15 percent of the value and the remaining 50 percent, item C, a total of 5 percent of the annual value.
In addition to regulating the frequency of cycle counting, the ABC classification should direct the location of the goods in the warehouse, lot size regulations and inventory regulations, as well as other management parameters to focus on important items, where you can earn more for your investment.
4. Integrated planning and implementation
The main focus of ERP is improving customer service (meeting demand) while optimizing resources including inventory (and reducing costs).
While the inventory system provides important information for system planning and implementation within the ERP, this function supports by managing the use and addition of inventory to minimize deficiencies and decrease overall inventory investment.
5. Tracking and searching lots
Not all companies require serial numbers or lottery search tracking; The more accumulated information is in recognition of the increased risk of product withdrawal.
In addition, lifecycle information, genealogy, configuration history and product performance data can be very useful for engineering, development, product service, parts supply, and other business fields.
Inventory tracking is a requirement for financial control and basic business management processes. However, with erp system, your inventory management will change to the better. Besides, inventory data can be a valuable resource for performance improvement, higher customer service levels, cost control, product development, and overall company success.
The integrated inventory management system provides significant basic tools and additional capabilities to make ERP Software more useful for your company's future
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