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Our company “Opus Technology Limited” provides a "Inventory Management System" software.The term inventory control is used to cover functions which are quite different and are related to one another only in that they both require the maintenance of adequate records of inventory as well as receipt and issue corresponding to these two functions. It is interpreted as accounting control and operating control. Accounting control of inventories is concerned with the proper recording of the receipt and consumption of the material as well as the flow of goods through the plant into finished stock and eventually to customers. It is also concerned with the safeguarding of the undertaking’s property in the form of raw materials, work-in-progress and semi-finished product. Operating control of inventories is concerned with maintaining inventories with the optimum level keeping in view the operational require¬ments and financial resources of the enterprise.
This module provides centralization of your most basic and necessary warehouse functions. With it, you’re able to see complete inventory details like stock levels, product history and other product specifications. This data syncs to all other parts of your system, so all your functions can run using the same information.
Tracking your inventory is important at every stage. Many systems allow you to track your inventory by serial numbers, RFID tags, barcodes and other IDs. These tools make it easy to quickly process inventory data when it first makes its way into your warehouse. They also provide an audit of all inventory movement.
Enterprise businesses that manage multiple sites have the advantage of moving their product to where it’s most valuable. Bundling or kitting your products can be attractive to customers, especially during certain times of the year. In order to do this most effectively, you’ll want a system equipped with transfer management.
Purchasing is an incredibly important feature to any warehouse that heavily relies on vendor goods to produce their own. This feature mainly works to help users create and manage purchase orders (POs). Many systems include templates that automatically populate with existing data from other parts of the system. Users may also find it helpful to email suppliers directly from their inventory control system, which reduces the amount of time spent switching screens.
Most vendors offer an inventory management system that can help you manage your sales orders. These tools allow users to customize pricing, send quotes, track orders and manage returns. Some advanced systems sync orders with inventory levels, mark items for shipment, support multichannel sales and make auto-adjustments to maintain profitability. Order management is an essential feature to increasing and maintaining customer satisfaction.
Analytics and reporting are excellent tools to have on hand as you plan to grow your business. Analytics tools evaluate patterns in your processes to forecast future demand and sales. Predicting demand is a way to reduce safety stock and carrying costs. Keeping inventory around simply for safety’s sake is no longer necessary when you have great insights into how much you’ll actually need.
Inventory management is essentially a variety of techniques, tools and technologies that a business uses to manage and control their inventory. The way that it’s utilized and implemented ranges from simple right through to complex. It depends on the needs and scope of the business and the capabilities and functionality of the management software used.
For all inventory-centric businesses, "Inventory Management System" software is an essential and valuable tool. It is what controls the flow of stock in and out, it maintains the correct inventory levels for all items and stock, it allows access to sales data and analytics, and is how businesses set individual safety-stock requirements.
In a nutshell, everything that is related to inventory falls under the umbrella of inventory management, and thus, inventory management software. This includes a business’ manufacturing processes, ordering and invoicing, logistics, customer sales, and even warehouse management, to name a few.
In a sense, inventory and its management forms the lifeblood of a business – it is what drives sales, which in turn drives profitability. Unsurprisingly, many businesses invest a lot of capital in getting the best inventory management software and staff.
In a very real way, how well a business manages its inventory can have a significant impact upon its overall success. The benefits of a highly optimized and efficient inventory management system can be huge. Equally, the opposite is also true – many businesses have failed largely due to the continuing mismanagement of their inventory.
By way of an introduction to the foundations, let’s take a closer look at the basics of inventory management software.
Control and command
A large part of inventory management has always been about controlling inventory. This includes tracking inventory from its initial delivery to once it’s sold and sent to the customer. Inventory management software is the way in which a business can accurately keep track of each item of their stock.
The next logical step for businesses was to develop the ability to, via inventory management software or systems, manually command that stock did certain things. This is most commonly seen when a business wants to send an item to another branch or warehouse, perhaps to fill an order that that location can’t fill due to a stock-out.
Visibility and access
Another important feature that "Inventory Management System" provides to businesses, is to make every item of inventory visible within the supply chain. This is supremely important for businesses with a complex and varied amount of inventory. If an individual item, or group of items, needs to be found – let’s say to enact a product recall – then visibility is key.
Inventory management solutions provide ways for a business to search for an individual item and find exactly where it is, right down to where it’s stored in the warehouse and what its barcode or serial number is.
Data and analytics
Important for sales forecasting, but also for a variety of other reporting functions, inventory management provides businesses with a wide range of real-time data and analytics. Depending on the platform used – some provide more detail than others – businesses can request reports on almost anything to do with their supply chain. The number of items sold within a certain time frame, the amount of a specified product currently on hand at all locations, or the length of time that certain products were stocked before selling. Within reason, there are no limits to what data can be accessed with inventory management software platforms.
Technology and innovation
One of the most exciting things about inventory management software, especially now, is how flexible it is regarding new technologies and innovation. Barcode and mobile technologies are now a standard part of many business’ operations, something which is made possible via the use of good software.
It isn’t uncommon now, especially with the rise of cloud computing, to see warehouse managers, sales and even logistics staff using mobile devices to enter and access inventory information in real-time, and from any location. Where once a staff member would need to sit at one of the onsite, linked PCs in order to access the management systems, many inventory management platforms are now completely mobile and portable.
Opus will provide "Inventory Management System" solutions for companies in all scales that acquire our solutions for their organization. We can install the tailor made ERP management system for individual organizations or Group of companies for taking into consideration for various factors related to that specific organization. Opus is proud to be partners with some of the largest and prestigious vendors in the field of security and business management systems that create unique quality products trusted by client’s worldwide .Our counterfeit proof solutions help in creating a smooth ERP Management Solutions that works efficiently and effectively in all conditions and markets around the world.