Inventory Management system is to track and monitors the products (or) items, vendors, customer and transaction that are put into daily use to process the order request based on the stock availability.
The key components of inventory management include the Order Request, Stock Issue, Stock Maintenance takes for a supplier to process and execute a delivery; buffer stock which is the additional stock above the standard re-order level that is required to maintain the level of inventory; and real-time tracking of inventory.
All items are maintained centralised with item code mapped to each category and sub-category based on the company internal workflow with cost center. Each item is classified as perishable/non-perishable items with minimum and maximum re-order level along with UOM and base unit price defined.
Based on each location item requirement, the necessary items which are required at the location is selected from the centralised item master and mapped to respective location. Here location can be a branch office (or) building (or) multiple buildings.
Each UOM is converted into base units. For example, 1 KG is converted into 1000 grams. The same is applied for each unit i.e., Box, Dozen, Litres etc.
Re-Order level is maintained for each item at location level. Each re-order is defined with minimum and maximum quantity. The system learns the items which are fast/average and slow moving items within a period of 3 months and suggest the end user to change the ROL based on the item processed on daily/weekly and monthly item requests.
Item is requested to the stores by using the mobile iStock app. Any item which need to be replenished or changed the item is requested with the approval process based on the internal workflow set. On request, the stores get the notifications on the item requested by the users.
Item is issued to the end users based on the item requested with necessary approvals received. Before issue, the item is checked in the inventory with ROL. Each item need to be issued is scanned through Bar Code which reduces the inventory and issued to the end user
iStock integrates with email and SMS for Purchase Request, Item Request and Re-Order Level. For any request approval mail is sent to approvers with limit aprpove. On confirmation of the mail, the Purchase Order and Item Issue is created and issued to the vendor and customer. Daily Re-Order Level is checked and mail is sent to the store keeper on the items which are below the re-order level.