Efficient Inventory Management System

An inventory management is the process and procedures that are followed in Business to monitor, maintain the stock of the products, whether it may be the raw materials for the production purpose or finished products which are sold to the end customers. SalesBabu Inventory Software India is useful for tracking inventory availability, re-order level check, orders, sales, deliveries.

Every company’s goal to achieve in the Inventory Software is to increase the visibility of the stock available, inventory activity – taking, packing, shipping to be automated and their Inventory control system streamlining. This empowers every small or large scale businesses to grow with confidence.

All the businesses are like overhauling the machines, which in return they make it once again a running condition, same way online Inventory Management Software implementation with the management techniques, helps to track the stocks and manage a complete cycle- from procuring the raw material to sales of finished goods.

Commonly known is that the process of maintaining the stock inventory in the business is a complex functionality. To work on the same, it is required to have an effective structural purchase planning approach of purchasing the raw materials on an interval basis.

Purchase planning operation is a critical issue. In the Inventory Management Software, the purchase management module is internally linked to the Inventory module for checking the stock levels. When it comes to the distribution network, then the stock sold is on the lowest margin prices nearing the purchase price, and the stock has to be liquidated at the earliest and cannot make the dead stock or over stocking. To have this kind of accuracy to check before purchase planning, then through the Inventory Management Software it can be resolved. 

How the Complexity of the Inventory Control system managed :

As we all know about the complex functioning of Inventory Management, where we require an effective structural purchase planning approach to purchase raw materials on an interval basis. Purchase planning allows manufacturing units to fulfil continuous work orders timely. Effective purchase planning can reduce the overall purchase plan cost and warehouse stock keeping cost. Modern Warehouse plays an important role to run & manage high Inventory levels to overcome the challenges of stock keeping. 

SalesBabu Online Inventory Management System is providing a robust purchase planner tool on a single screen, where companies can easily manage their purchase quotas, and can schedule their purchase plan effectively.

What is Purchase Planning?

Purchase Planning in Inventory Management is a fundamental process, with the purchase manager supervising all requisitions connected to stock in warehouses.

The purchase manager tries to undertake purchase planning by interacting with multiple companies to obtain either raw materials or finished products for inventory replenishment. Assessing the expense from each supplier and safeguarding the best pricing is a meticulous task. While conventionally a manual process, SalesBabu’s Purchase Management module simplifies the overall purchase cycle, making it more manageable.

In essence, purchase planning tends to deliver a structured approach to managing purchasing activities, outlining efficient material purchase strategies. Such involves demonstrating on what should be purchased, the much needed quantity, and the optimal source. Mostly a main component in the budgeting procedure, purchase planning with an objective to minimize operational expense within the Inventory Management System by efficiently managing and controlling the expense of goods with suppliers.

SalesBabu’s Inventory Management Software encourages organizations to effectively manage and synchronize Purchase Plans, Pending Purchases, Vendor & Purchase Quotations, and Purchase Orders with the utilization of a unified screen system. Such capability allows the Inventory Manager to monitor all the stock movements, both inward and outward, granting all the comprehensive oversight of inventory functions.

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Benefits of SalesBabu Purchase Planner with Inventory On-Demand

Effective Purchase planning

Purchase planning to be effective then, within a company the Purchase manager will have a path of interacting with the sourcing company for understanding the terms and conditions of the supplier, build a relationship to get the best quotes suitable and viable to procure the raw materials for  their workforce and production or finished products to sell end customers. If it is not 

Key Features of an Effective Purchase Management System

1. Purchase Order Handling : The Purchase Order handling is a part of the procurement process, which is specifying the process of confirming the finalized need of materials, before procuring.  Purchase order is to ensure that every purchase done is justified as per the costs finalized, which includes the payment process and auditing the product receipt is as per the PO placed and no damages in the products.
2. Enable to Float PI’s(Purchase Inquiries) : The Purchase Inquiry is especially used in a manufacturing organization. The said process is all about the procurement of the Raw material items, required in the company for the production purpose.  Sending the PI to the suppliers to receive the purchase quote.

3. Compare Multiple Quotation with Multiple Vendor’s : A multiple quotations received from the multiple vendors and same been compared in the Inventory Control Software. It can be said comparing the several suppliers’ competitor prices, to get the best offer for the required products. In comparison each quote received is competing with one another and the best offer is considered as a winning in supplying the products.
4. Get Re-Order Level on Product and Raw Materials : Reorder level on product and raw materials in  business, is a level set of the inventory, where the new order is placed with the supplier, either for the raw material or finished product.
5. Handle entire Work Order’s : Handling a work order process in which new jobs are alloted, through the operational system. The process starts either, when the customer calls for a finished goods or making the inventory available with the finished product for the future requirement.
6. Facilitates Job Work Scheduler Separately : In Manufacturing Industry for the production purpose, scheduler against the job work order enables an enterprise to schedule the work with a batch wise job.

Read our blog : Manufacturing Business Face Sales Challenges – Solutions To Solve Many of Them

7. Enable to make P Q (Purchase Quotation) : This is a process of enabling the suppliers to present their quotation for the specific products to the company enquired.
8. Enable to do multiple GRN against the Partial vendor Order : In the Inventory Control Software, it enables to create multiple GRN against each purchase order or partial vendor order for better inventory control tracking on the quantities and cost wise.
9. Enable for Entire MRN (Material Receipt Note) on one screen : Material Receipt Note is the record that shows the entire transaction of the material received from the supplier into the Inventory control system.
10. Manage entire Vendor Bucket : Having the entire vendor list, it can be sorted out based on the Type of vendors that are providing the supply of materials.
11. Get real time Inventory Updates on Stock: In the Online Inventory Management Software, real time updates of the inventory levels known as soon as any product has been Invoiced.  Inventory tracking system is ensuring the inventory is accurate anytime across the Branches or sites. Through the online Inventory software real time Inventory updates are available when checked from anywhere any time.
12. Product Sampling : Counting of large numbers of items,  through a number of people who may have some or no knowledge of the stock maintaining. This may deviate or imbalance the Inventory. Thus the product sampling in inventory is available and it requires minimal counting. Here the involvement of many people is not required.
13. Capture Sales Returns : Capturing a goods sales return is done when the customer is returning the items to the seller. It can be for various reasons –  poor quality, damaged product, colour of the product not matching as per order placed, or price is higher than the discussed price.
14. Vendor’s Mapping with Products : Vendor mapping with the products which is allowed in the software, wherein the user is creating and managing to map the vendor’s product with the company’s product number.

Conclusion

Core Value of SalesBabu Inventory On- Demand is that it can track, entire stock transaction at micro level and can provide real time inventory status on material and allow companies to do Effective purchase planning against the stock requirements.

Inventory Management Software Free Trial

SalesBabu inventory management software free for Trial Usage basis. It is well designed helping SMEs and large enterprises, to maintain the Inventory to run their business effortlessly. Kindly fill the form to avail the Inventory Software for free usage on Trail. 

Request for a free Demo and Free Trial usage at SalesBabu to understand, Inventory Management System to streamline your inventory system in your company.