Inventory Management

Inventory Management System

Inventory Management System (IMS), is a tool helps business to maintain the Inventory of both Raw Materials & Packing Materials (RM/PM) and Finished Goods (FG) in systematic manner.
Inventory management is a systematic approach to Purchasing, Storing, Selling and Managing inventory of both Raw Materials & Packing Materials (components) and Finished Goods (Products). In business terms, inventory management means the Right Stock, at the Right Levels, in Right Place, at the Right Time, and at the Right Cost and/or Price.

Benefits of Inventory Management

Organization

Codification / Classification of Inventory
Location Management
Warehouse Management

Management

Material Receipt
Material Issue
Material Return
BOM / Consumption management

Control

Expiry
Stock Audit
Inventory Control/Check
- Safety stock.
- Reorder point.
- Economic order quantity.
- First-in-first-out.
- ABC Analysis.

Analysis

ABC Classification
Slow Moving / Obsolete
Safety Stock
Minimum Stock
Location wise Stock
Expiry Checks