Inventory & BOM Management


Inventory & BOM Management

Inventory is the actual value that is traded in any business.Businesses operate to buy, stock, process,and assemble inventories; and to warehouse final products, to sell them to generate revenues.Giving much care to inventory management, to reduce inventory costs becomes crucial to the increased profitability for a business.Manufacturers who deal with substantial number of shipments from their distribution facility, likely considered adapting automated technologies to their warehouse and shipping functions to increase profit margins with efficient management controls.

Logic ERP resolves issues to effective Inventory Management and offers a complete suite for businesses of all sizes. The software solution is specifically aimed to minimize inventory costs and boost market shares. Offering a mobile communication platform enables real time access to available inventory, inventory in transit, inventory and assortment analysis,co-ordinates work force, so you can robustly manage your distribution process to elevate profit margins.

Custom modules to access Bills of Materials provide deep insights to raw material mix, cost of ingredients, cost of final products, product assembly, ascertain inventory levels, economic order quantities to facilitate an uninterrupted flow of processes at manufacturing floors, distribution center and selling points. Integration with Financial accounting, supply chain modules offers access to business reports to support strategic decision making for higher profitability.

Key Benefits

  • Inventory Location & Sub Location:

    An integrated ERP defines multiple inventory locations, sub locations across the channel and advantages on advance management controls. Efficient functionalities help you to track inventory, analyze assortments, prioritize picking, and cost effectively plan assortments logistics to meet demands of the market swiftly and profitably.

  • Inventory Movement (FIFO, LIFO and Actual):

    Logic ERP takes care of most perishable inventories and offer best remedies to deal with them. Featured with variable inventory movements like FIFO (First in First Out), LIFO (Last in First Out), and Actualand emphasize on cutting down inventory costs. FIFO inventory movement is best suited for products with short life cycles, short demand cycles, to prevent them from getting outdated from the current market trends.

    LIFO movement of goods is suited for homogeneous commodity products where they are stored in large stacks, piles, allowing them to sit down at the bottom of piles for much longer than the new batches.

  • Inventory Valuation:

    Inventory valuation is one of the most important features of ERP software when considering cost flow assumptions for financial accounting with respect to tax benefits. Logic ERP offers different approaches to inventory valuation like FIFO, LIFO, Weighted Average, Moving Weightage Average, standard including various other costs like costs of selling and administration costs etc.During periods of fluctuating inflation, switching from FIFO to LIFO or vice versa saves a lot on tax benefits.

  • Stock type and Condition:

    The stock can be categories as per the movement or selling speed like High Movement and Slow Movement. Thus the procurement plan differs as per the stock movement.

    Here Logic ERP provides the features to distinguish the both trading and non trading goods. The trading goods can be analysed in term of parameter for sales. The non-trading goods like fixed assets, office stationary can be indented by internal employee and procurement team after a comparative analysis of commercial go for contact or purchase order . Here Logic ERP facilitates the companies to maintain the non trading goods efficiently to maximise the profit and minimise the case of shortage of consumables or required products.

    Logic ERP provides the age of the stock on purchase date /lot date or the date on which it received at the location. Thus ageing of stock varies from location to location. More type and conditions are as bellow.

    • Trading and Non Trading Goods.
    • High Movement and Slow Movement.
    • Age of Stock.
    • Stock Quality of damage, fresh, second and wastage.
    • Saleable, Sample, Free properties of items.
  • Goods In Transit and well as Reconciliation of stock across location for transaction of stock:

    Once stock moves from one location it takes some time to reach the others. Hence companies involved in multiple locations/branches deals with huge GIT stocks. Once the stock received the destination need to reconcile with the outward quantity.

  • Auditing and Physical Verification of Inventory:

    Logic ERP provides the features with auditing of stock at location. Auditing can be brand wise, category wise and bunch of product wise also. The category heads can plan the auditing across location for a particular time hence the category blocked for auditing purpose as per asked time schedule.

  • Kitting and bundling or Assembling of inventory:

    Define bill of material for the consumable and convert to finished item. Loose items purchase in tonnage or quintal can be packed to CPG items. The parts can be assembled to finished goods like bicycle or Lolly Pops.

  • Inventory Capture:

    Barcoding SKU/EAN/Batch No/Unique.

    Logic ERP handle multiple barcode and multiple unit of measurement as well as multiple packaging concepts like Set, BOX concept and Carton with Master Barcode for easy capture and flow of inventory.

Looking for more details OR Want to discuss anything related

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