With inventory management software, it is possible to statistically analyze on the basis of this data the use of certain raw materials in some cases and set a minimum stock level to avoid situations where production cannot proceed due to shortages of raw materials.
The inventory management module also provides recommendations for ordering raw materials based on historical consumption data.
Information about armored inventory is also stored in the inventory management module as a result of a confirmation from the customer, inventory on the way due to a purchase order, and defective inventory or dead inventory – products that have not been used for more than 3 months or another time period.
Inventory Freeze – Inventory management software allows you to take a snapshot of existing inventory at a given moment and save it.
In the reports, inventory movements are tracked, showing whether they were created as a result of warehouse transfers, whether they occurred during production and, if so, in which department, or whether they occurred during purchase.
Any movement of inventory – its monetary value is also stored within the inventory management software at the time.
MRP stands for Material Requirements Planning.
The MRP module provides high-level inventory management control regarding production.
Procurement, marketing, inventory control, and work order creation.
A production and procurement plan enables inventory reduction and optimal utilization of production and manpower resources in changing circumstances.
In the Inventory Management module, based on order entries, the system calculates average usage of raw materials from finished products, gives recommendations for raw material orders based on minimum inventory, purchase orders made, and existing inventory.
Inventory management modules help find the balance between holding excess and unnecessary inventory, as well as a lack of inventory that harms production and production plans while meeting operational requirements.