Inventory and stock control is a crucial aspect for companies, as it allows them to efficiently manage their products and raw materials. A business management system (ERP) with a module specialized in these matters, such as OnERP, can help us to implement it and properly manage its control.
What is inventory or stock control?
Inventory control involves monitoring and tracing the movements and status of items stored in a company, from raw materials to manufactured products, or direct sales products on which we do not perform any direct action. Using a business management system can help to keep track of stock, track incoming and outgoing goods, and forecast product replenishment needs.
Benefits of using an ERP with stock control
The main features presented by the stock control module of a business management system are typically:
Product registration: The application allows entering and storing detailed information about products, such as descriptions, codes, prices, suppliers and available quantities.
Order management: Facilitates the creation and tracking of customer orders. Avoid delivery delays and ensure adequate inventory to meet demand.
Inventory control: The application provides a real-time view of available stock in the warehouse. Alerts can generally be defined on a minimum and maximum stocks of products, allowing the company to take action to ensure timely replenishment.
Movement tracking: Allows you to record incoming and outgoing products, as well as internal movements within the warehouse. With this we will keep a detailed record history of any movement that will allow us to identify discrepancies between the actual quantities and locations of the products and the data that the ERP marks us.
Space optimization: The application can help manage storage space efficiently, optimizing product distribution.
Integration with suppliers: The stock management modules are usually multi-warehouse, i.e., they allow defining more than one warehouse where to store the products. In this aspect we can also have the warehouses of our suppliers represented, making it possible to establish a direct and fluid communication between them. Advantages: Coordination of deliveries and reception of products, improving stock replenishment processes.
Reports and analysis: The application generates detailed reports and analysis on inventory, movements, warehouse valuations and other key indicators. Obviously this aspect helps to get an overview of the situation of our company and make the most appropriate tactical and strategic decisions.
Practical example
Let's look at a practical example of how we can implement and optimize stock control processes using a business management system in a company that sells and buys cosmetic products.
Steps to follow:
Product registration: The company registers in the ERP the cosmetic products it sells and buys: product name, description, batch number, expiration date, suppliers, purchase and sale prices, and available quantities.
Sales order management: When a customer places an order, the sales department registers this new sales order. The availability of the requested products is verified by accessing the inventories and the quantity indicated in the sales orders is marked as reserved for sale. If some products are not available, alerts are generated to request more products from the supplier with a purchase order.
Stock control: The application keeps a real-time record of the stock of cosmetic products in the warehouse. Each time a sale or purchase is made, the quantities on hand are automatically updated. If inventory levels fall below the minimum stock set, the ERP gives notice and generates purchase orders to restock suppliers.
Movement tracking: The application records the movements of cosmetic products within the warehouse: purchases, sales and internal movements between warehouses.
Expiration control: If a product needs to be defined with an expiration date, the stock control module will show the stock availabilities in order to sell the products with the oldest expiration dates first. The objective is to avoid losses due to expired products.
Space optimization: Help in the organization of space in the warehouses and reduce the search times of cosmetic products in the warehouses.
Conclusion
The stock control functionalities of an enterprise management system for inventory control and warehousing help companies keep an accurate record of their products, optimize order management, prevent out-of-stocks and improve overall operational efficiency.
What is inventory or stock control?
Inventory control involves monitoring and tracing the movements and status of items stored in a company, from raw materials to manufactured products, or direct sales products on which we do not perform any direct action. Using a business management system can help to keep track of stock, track incoming and outgoing goods, and forecast product replenishment needs.
Benefits of using an ERP with stock control
The main features presented by the stock control module of a business management system are typically:
Product registration: The application allows entering and storing detailed information about products, such as descriptions, codes, prices, suppliers and available quantities.
Order management: Facilitates the creation and tracking of customer orders. Avoid delivery delays and ensure adequate inventory to meet demand.
Inventory control: The application provides a real-time view of available stock in the warehouse. Alerts can generally be defined on a minimum and maximum stocks of products, allowing the company to take action to ensure timely replenishment.
Movement tracking: Allows you to record incoming and outgoing products, as well as internal movements within the warehouse. With this we will keep a detailed record history of any movement that will allow us to identify discrepancies between the actual quantities and locations of the products and the data that the ERP marks us.
Space optimization: The application can help manage storage space efficiently, optimizing product distribution.
Integration with suppliers: The stock management modules are usually multi-warehouse, i.e., they allow defining more than one warehouse where to store the products. In this aspect we can also have the warehouses of our suppliers represented, making it possible to establish a direct and fluid communication between them. Advantages: Coordination of deliveries and reception of products, improving stock replenishment processes.
Reports and analysis: The application generates detailed reports and analysis on inventory, movements, warehouse valuations and other key indicators. Obviously this aspect helps to get an overview of the situation of our company and make the most appropriate tactical and strategic decisions.
Practical example
Let's look at a practical example of how we can implement and optimize stock control processes using a business management system in a company that sells and buys cosmetic products.
Steps to follow:
Product registration: The company registers in the ERP the cosmetic products it sells and buys: product name, description, batch number, expiration date, suppliers, purchase and sale prices, and available quantities.
Sales order management: When a customer places an order, the sales department registers this new sales order. The availability of the requested products is verified by accessing the inventories and the quantity indicated in the sales orders is marked as reserved for sale. If some products are not available, alerts are generated to request more products from the supplier with a purchase order.
Stock control: The application keeps a real-time record of the stock of cosmetic products in the warehouse. Each time a sale or purchase is made, the quantities on hand are automatically updated. If inventory levels fall below the minimum stock set, the ERP gives notice and generates purchase orders to restock suppliers.
Movement tracking: The application records the movements of cosmetic products within the warehouse: purchases, sales and internal movements between warehouses.
Expiration control: If a product needs to be defined with an expiration date, the stock control module will show the stock availabilities in order to sell the products with the oldest expiration dates first. The objective is to avoid losses due to expired products.
Space optimization: Help in the organization of space in the warehouses and reduce the search times of cosmetic products in the warehouses.
Conclusion
The stock control functionalities of an enterprise management system for inventory control and warehousing help companies keep an accurate record of their products, optimize order management, prevent out-of-stocks and improve overall operational efficiency.