Stock Management – Complete Inventory Visibility and Efficiency
Effective stock management is the backbone of retail, distribution, and manufacturing businesses. Regardless of your scale of operation, precise control over your goods translates into optimal cash flow, profitability, and customer satisfaction. SolutionsInc is a comprehensive system that allows you to establish one central, single source of truth for all items, eliminating duplications and errors. Maintain tight control over stock movements with built-in approvals and quality checks. Keep accurate item valuations, enabling precise profitability reporting. Automate stock replenishment based on customer orders and forecasts, always staying ahead of market demands.
Key Elements of the SolutionsInc Stock Management Module:
- Centralised Item Master
- Flexible Warehouse Management
- Maintaining Inventory Levels Through Automated Replenishment
- Improving Order Fulfilment Through Stock Reservation
- Reconciling Inventory Levels for Accuracy
- Put-Away Rules and Pick-Lists
- Serialised and Batched Inventory Management
- Comprehensive Stock Reports
Centralised Item Master
Defining and managing your products has never been simpler. SolutionsInc enables the centralisation of all item information (goods, services, raw materials) in one place. You can define product categories as Item Groups, allowing for in-depth analysis of stock movement at both individual item and entire group levels. The system supports defining consistent naming conventions for items, which prevents duplication and facilitates quick product retrieval. Manage various item types, such as stockable items, consulting services, raw materials, or subcontracted components, all within a single, cohesive catalogue.
Flexible Warehouse Management
Warehouses serve as the physical or virtual hubs where inventory is stored and managed. SolutionsInc simplifies this process with a tree-view Warehouse Master, allowing you to design a structure that mirrors your actual warehouse layout and its sub-locations (e.g., aisles, racks, bins). The Perpetual Inventory valuation system integrates warehouses directly with the Accounting Ledger. This ensures automatic General Ledger postings concurrently with Stock Ledger updates, providing accurate, real-time inventory valuation.
Maintaining Inventory Levels Through Automated Replenishment
Prevent stockouts and lost sales by setting re-order levels and quantities for each item within a given warehouse. With SolutionsInc, you can automate the replenishment process, triggering automatic Material Requisitions as soon as stock levels reach a predefined threshold. This ensures you consistently stay ahead of inventory needs and maintain smooth operations.
Improving Order Fulfilment Through Stock Reservation
If your business operates on a Make to Order or Purchase to Order basis, it is crucial to link customer orders directly to your purchasing or manufacturing processes. SolutionsInc ensures that purchased or manufactured stock is reserved for specific orders, preventing the same items from being dispatched to different customers. This guarantees accurate order fulfilment and eliminates stock conflicts, significantly enhancing customer satisfaction.
Reconciling Inventory Levels for Accuracy
Just as a sailing ship’s course is subtly altered by waves, frequent stock movements can cause discrepancies between your SolutionsInc system’s stock balance and the actual physical inventory in the warehouse. The Stock Reconciliation feature helps you “course-correct” by aligning the system’s stock records with the physical inventory, ensuring complete synchronisation and eliminating errors.
Put-Away Rules and Pick-Lists
Storing the correct items in the right warehouse locations makes it significantly easier to find products, especially in large warehouses. With put-away rules, you can assign specific racks or bins to particular product types, optimising space utilisation and organisation. The Pick List feature in SolutionsInc streamlines the picking process, ensuring that precisely the correct items are selected for each order. This highly efficient process substantially boosts operational efficiency and enhances overall customer satisfaction.
Serialised and Batched Inventory Management
If your company deals with high-value products requiring warranties, or goods with a limited shelf life, SolutionsInc offers advanced tools. The Serialised Inventory Management feature helps you meticulously track each individual unit. You can monitor purchase details – where the item came from and at what price. Upon sale, link customer details to the serial number and update the warranty expiry date. For items with a limited shelf life, group them under a unique Batch ID and set an expiry date. SolutionsInc ensures compliance by preventing the dispatch of items from expired batches to customers, which helps avoid costly mistakes and reputational damage.
Comprehensive Stock Reports
To effectively manage your inventory, you need access to detailed information. SolutionsInc provides a range of stock reports that support informed decision-making:
- Stock Ageing: To optimise item placement within your warehouse, it’s crucial to identify both slow- and fast-moving items. SolutionsInc’s Stock Ageing report simplifies this process by highlighting items based on their movement speed. This helps you strategically position stock, ensuring faster access to high-demand products and better space utilisation for slower-moving items.
- Stock Balance and Stock Ledger Report: These reports offer detailed insight into inventory levels at specific warehouses on any given date. They ensure precise tracking and efficient stock management, helping you stay fully on top of your inventory.
The SolutionsInc Stock Management Module is the cornerstone of efficient operations for any company that handles goods. It provides 100% visibility, process optimisation, and precision that translates into increased profitability and customer satisfaction.
