Inventory Management System

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Inventory Management System 2017-11-04T10:03:06+00:00

Inventory Management System

Inventory Management System (IMS) is a system that supports the day-to-day operations in a warehouse. IMS programs enable centralized management of tasks such as tracking inventory levels and stock locations. No matter how simple or complex the application is, the goal of a warehouse management system remains the same – to provide management with the information it needs to efficiently control the movement of materials within a warehouse.

Warehouses play a vital role in the supply chain industry by controlling the storage and in and out movement of materials. Managers face huge challenges due to damaged inventory, inaccurate inventory counts and other inventory-related issues. IMS helps you gain control over your warehouse effectiveness and transform your operations to boost your competitiveness. IMS automates inbound, outbound and warehousing operations, resulting in improved productivity, space utilization and customer satisfaction.

IMS is a robust – integrated system that supports the day-to-day operations in a warehouse. IMS programs enable centralized management of tasks such as tracking inventory levels and stock locations. No matter how simple or complex the application is, the goal of a warehouse management system remains the same – to provide management with the information it needs to control the movement of materials within a warehouse efficiently.

  • Ease problems and issues with improved warehouse efficiency.
  • Transform operations into an adaptive environment enabling you to allocate its resources.
  • Manage movements in the warehouse
  • Real-time information
  • Inbound and outbound serial tracking
  • Integrated system -Immediately update data throughout the system
  • Automate the movement of goods within the warehouse, optimizing valuable inventory, warehouse space and labor resources
  • Improve management and utilization of warehouse space
  • Ability to prioritize orders according to available labour and shipment deadlines
  • Achieve real-time, detailed visibility into key inventory control.
  • Dynamic reports and Dash Boards provide clearer insight into warehouse resources at any point of time.

We have seen that KPL records have two types of stocks; one is “Stock in Pipeline” and the other is “Stock Received”.  Addition of these two makes the overall stock position.

At first there should be a form to record import orders or accepted requisition (which is a basis of giving import order) as they give all import order through L/C so this system will also need to record the order on the basis of L/C.

When raw materials of an import order will be received it will be recorded in this system. Basically stocks are recorded at the time of giving Import Order but then it is the stocks in pipeline. When the stocks are received physically it will be added with the physical stocks/Received Stocks and deducted from “Stock in Pipeline”. At the time of recording received of stock there should be a declaration of certain things like received amount, Items Description, Price, Source etc.

There will also be facilities for recording disbursement of stocks as these disbursements may be for several reasons. So disbursement will need to be recorded with the reason/status and of course with details information.

Here the most important things to note that there will be uses of two systems one is LIFO for stock pricing and FIFO for stock issuing. And this proposed system is capable of determining the difference between these two systems and implementing where it is necessary.

As we have experience that stocks are kept in 3 different warehouses and there is no system to keep certain kind of stocks in a certain houses so sometimes it take time to find out a stock. In the proposed system this discrepancy can be removed by assigning codes to all stores.

We have also seen that there is no provision for recording returned stock so this system will not allow to record returned from other department.

Reporting and Analysis

  • Product Availability
  • Raw Material Availability
  • Stock List Report
  • Stock Status Report
  • Physical Inventory Reports ( count sheets and variance report)
  • Price/Cost List
  • Reorder Advice
  • Purchase/Sales History
  • Cost Valuation
  • Inventory Turns Report
  • Inventory Status
  • Lot Expiration Report
  • Vendor Lead Time Report
  • Item Movement Audit Report
  • Item Lead Time Analysis
  • Serial/Lot Composition Inquiry