Inventory Management Software Solution
In contrast to other decision problems resulting in the building up of stock, such as lot sizing decisions, inventory management is primarily about specifying the size and placement of safety stocks. These are required at different locations and in many nodes of a supply network to protect the regular and planned course of value-added processes against random disturbances occuring with respect to the demand as well as the replenishment lead time. In most companies the correct application of up-to-date inventory management methods will unleash significant potential of cost savings.
Inventory Management must be designed to meet the dictates of market place and support the company’s Strategic Plan . The many changes in the market demand , new opportunities due to worldwide marketing , global sourcing of materials and new manufacturing technology means many companies need to change their Inventory Management approach and change the process for Inventory Control.
Inventory Management system provides information to efficiently manage the flow of materials , effectively utilize people and equipment , coordinate internal activities and communicate with customers . Inventory Management does not make decisions or manage operations, they provide the information to managers who make more accurate and timely decisions to manage their operations.
INVENTORY is defined as the blocked Working Capital of an organization in the form of materials . As this is the blocked Working Capital of organization, ideally it should be zero. But we are maintaining Inventory . This Inventory is maintained to take care of fluctuations in demand and lead time. In some cases it is maintained to take care of increasing price tendency of commodities or rebate in bulk buying.
Inventory Management Software: Features & Benefits
- Record detailed information (purchase date & cost, warranty date, etc.)
- Easily access a complete audit trail with history, actions and events performed by all users.
- Set user-defined analysis and condition codes and description fields (up to 25 levels of analysis).
- Perform transfers and disposals for individual assets or groups of assets.
- Store a full history and future maintenance plans for each item.
- Produce a full range of standard and customized reports.
- Adapt quickly to the familiar Windows® inspired interface.
- Fixed asset tracking and physical audit capabilities.
- Directly import raw data, in a range of formats, using the Data Import Wizard.
- Login with a valid username and password combination prior to accessing the database.