By providing robust control over material and equipment input and output, this module offers a centralized and comprehensive view of inventory information. From part numbers and manufacturers to descriptions, stock levels, acquisition costs, and historical records, the module equips users with real-time insights into inventory locations, quantities, and transaction history. With this module, businesses gain the ability to optimize stock control, minimize stockouts, track inventory movements, and make data-driven decisions with confidence.

Workflow

Stock management involves a series of interconnected processes that ensure effective control and tracking of inventory. When purchased items arrive at the warehouse, the stock manager creates an Entry Movement to record received products against the vendor invoice. Each received item is tagged with an inventory barcode label. Then, the user updates the system with the list of products, their cost, serial numbers, inventory IDs, office location, and, when applicable, import and customs information details. The system automatically adjusts the stock levels, and the items are made available for further processing or distribution.

The ability to scan labeled stock products is very handy for sale order fulfillment (Billing module), stocktaking, or inventory and stock adjustments. From time to time, stock items may be sent between offices, usually due to a demand for the product in the target office. This is done using a shipper document or packing list. The shipped items' location is updated to the target office when the receiving person checks in (scanning the barcoded inventory ID) each item at the target office. In addition to the shipper, a dedicated stock transfer dashboard may be used for any manual adjustments of an office's stock quantity. Besides the office location, the stock transfer dashboard also allows assigning stocked items a different use than stock, such as reserving them for an online store, marking them as sales demos (that is, they won't be for sale but to be shown as demos to customers by salespersons), or tagging them as on-loan. Stock transfer is as easy as scanning the internal barcode IDs and selecting the target destination office and use (stock, demo, on-loan, online store). By closely tracking stock transfers, the system ensures that inventory records are updated accordingly, maintaining accuracy across all locations.

To prevent stockouts and maintain optimal inventory levels, stock replenishment is a key consideration. The system continuously monitors inventory levels against predefined thresholds. Once stock reaches the reorder point, the system can automatically generate purchase requisitions or notifications. This initiates the restocking process, ensuring that inventory is replenished in a timely manner.

Periodic stocktaking or inventory is an essential practice in stock management. It involves reconciling physical stock levels with the inventory records in the database. By conducting stocktaking exercises, organizations can identify discrepancies such as theft, damage, or inaccuracies. Adjustments are made in the system based on the findings, ensuring that the inventory records reflect the actual stock on hand.

The in-depth analysis and reporting capabilities offered by the module provide valuable insights for effective stock management. Managers and salespersons can access a live dashboard to gain a comprehensive understanding of stock data. These reports may include information on stock turnover rate, reorder quantities, slow-moving or obsolete items, and overall inventory valuation. Such information aids in decision-making and helps optimize stock management strategies.