ERP Inventory module facilitates processes of maintaining the appropriate level of stock. Stock in the warehouse of the company.
The activities of inventory control involve,
- Identifying inventory requirements.
- Setting targets.
- Providing replenishment techniques and options.
- Monitoring item usages.
- Reconciling the inventory balances.
- Reporting inventory status.
Inventory control module integrates with sales, purchase, finance modules. This allows ERP systems to generate vigilant executive-level reports.
Features of the ERP inventory module
- Online status of item quantity. Quantity in terms of on-hand, available, reserved, ordered, to order. This also includes rejected, defective, re-workable quantities.
- Complete excise functionality and generation of excise registers.
- Many levels of classification of items.
- Quality control based on QC parameters.
- Handling material rejections.
- Rejected material dispatch to subcontractors.
- Linking of GRN to PO and Invoice.
- Gate pass that is returnable or non-returnable.
- Cenvat claims for capital goods.
- The analysis helps in maintaining optimum stock levels.
- Physical verification of stock.
- Reallocation of re-workable stock.
- Many warehouses, branches, and regional offices.
- Stock transfer, receipts from other warehouses.
- Excisable items, definition and chapter allocation.
- Multiple units of measurement.
- Alternate items for production planning.
- Handling of non-stock low-value items like stationery.
- Lot wise tracking of inventory at shop floor and main stores.
- Stock Valuation, LIFO, FIFO, and weighted average.
- Material requisition from different requirement areas
- Purchasing and subcontracting
- Receiving material against sales order processing, material requirement, subcontracting, gate pass and production requisition.
- Landed rate of items.
- Consolidation of all warehouses.
- Consolidation at any level of the company hierarchy.
ERP inventory module covers all stock related functions of an organization. Stock management and valuation activities. That form the backbone of any organization generally, takes a lot of time and resources.
It handles all the store activities of issues, dispatches, receipts and quality control. The lot wise stock of each item is maintained. Various MIS are provided for tracking stock movement.
Get more information about ERP inventory module and other related ERP modules here.