How Inventory Module In CISERP Has Helped Businesses To Transform Their Inventory Management Systems

 

Inventory management is a key system that plays an important role in maintaining a seamless supply chain mechanism. With the modernization of business means and development of operational management systems inventory management mechanisms evolve into something truly amazing. As the size of everything is shrinking, all the management systems shrink into a single software that is advanced in its operational management and efficient in its management. ERP software evolves as a one-window solution for businesses that carries all the necessary systems in the form of different modules. 

 

For inventory management, ERP software has a dedicated module that has all the tools and features to manage the inventory of a business. It incorporates all the necessary means to run the system on its own with minimum human interference. 

 

In a state-of-the-art software like CISERP inventory management is of another class. Inventory management in ERP software is developed with all the required interfaces connecting all the necessary departments that must be the part of inventory management system in ERP software.

 

In this article, we will discuss all the necessary features of the inventory management module in CISERP and how they operate to help businesses transform their operations. 

 

Features Of Inventory Management System In CISERP:

 

The inventory module is a state-of-the-art system in the CISERP that accommodates all the inventory management needs of a business. The inventory management system has various tools which we will discuss later and these tools work simultaneously to create an effective system. The following are some features of the Inventory management module in CISERP.

  • Detailed Database
  • Monitor Flow Of Inventory
  • Creates Requisition Orders

 

Detailed Database:

 

The inventory management system keeps a record of all the inventory available in the system. The module creates various segregations in the system based on different parameters like product categorization, expiry date, dispatch date, storage instructions, and other important factors. 

 

The database helps in the effective management of all the inventory in the system. It saves time and helps the employees get the right product within no time. The system gives information to inventory managers and lets them manage their storage effectively. 

 

Monitor Flow Of Inventory:

 

The inventory management module monitors all the inventory inflow and outflow from the inventory department. The system keeps a record of every single inventory item getting into the system and out of the system it reconciles the records with every in and out. 

 

Other than that, the system also keeps a record of every batch and its details to categorize the storage of inventory. It also has some other factors like dispatch date to segregate the inventory. 

 

Creates Requisition Orders:

 

When an order is placed by a company’s customer or any department needs a new computer system from the inventory, the inventory manager places a stock requisition request that alerts the employees to comply with the request and fulfill the order as soon as possible. 

 

Not all inventory modules offer such a feature, CISERP is among the only ERP software that has this amazing feature. Other than that, this feature helps business managers keep a record of every stock requisition and this creates an organized inventory management system. 

 

How Does Inventory Management Module Work In CISERP?

 

After discussing the features of the inventory management module in the CISERP it is important to discuss how exactly each of the features operates and what options we have. The inventory module in CISERP has eight different tools each of which has a different function. 

 

Following are the eight tools of the inventory module in CISERP:

  • Stock Requisition
  • Goods Receipt Note
  • Goods Issue Note
  • Transfer Out
  • Transfer In
  • Gate Entry
  • Goods Return
  • Inventory In/Out

 

Stock Requisition:

 

The stock requisition section is to create a requisition for any stock. The system generates the request once the data is entered in the section. The stock requisition section asks for the following data.

 

  • Document Type: the type of document the user is generating in this case ‘Requisition”.
  • Document No: identification number of the document 
  • Document Date: data the document is created
  • Due Date: due date by which compliance with the order must be made
  • Department: department to which the stock requisition is sent
  • Cost Center: at which center the cost will be accounted 
  • Location: department of the company directed in the requisition
  • Comments: any special notes along with the requisition
  • Current Status: status of the requisition (approved/in the process)

 

Once all the details are entered the system asks for product specifications.

 

  • Category: category of the item demanded
  • Item: name of the stock item 
  • Transac UOM: unit of measures of stock demanded
  • Current Stock: number of items available in the stock
  • Transac Qty: demanded quantity

 

Goods Receipt Note:

 

This section enters the data of every item received by the inventory department. It creates the receipt for every item received and is also known as GRN. The data entered in the section are recorded under a unique GRN number allocated through this section. 

 

Document Type:

  • GRN: goods receive number works as an identification number
  • Document No: identification number for the document
  • Document Date: date at which document is issued
  • Requisition No: requisition number if any
  • Supplier: name of the supplier
  • P.O No: purchase order number
  • Department: department that will be the custodian 
  • Cost Center: under which costing head it falls
  • Location: location at which the inventory is received 
  • Vehicle No#: vehicle number that brings the goods
  • Challan/Bill No: bill number of the paid receipt 
  • Challan Date: data at which the challan was issued
  • Comments: any comments 
  • Current Status: status of the GRN

Once all the necessary information about the order is recorded the user has to enter the product specification and stock details. 

  • Source Code: source code of the item received
  • Item Code: code of the item in the system
  • UOM: unit of measure 
  • PO Qty: purchase order quantity 
  • Tolerance Qty: tolerance or minimum quantity 
  • Supplier DC Qty: 
  • Actual Rec. Qty: quantity actually received from the supplier 
  • Short Qty: missing or short quantity
  • Transaction Qty: 
  • Rejected Qty: quantity rejected by the company due to damage or other issues
  • Capital Expense: total capital expense occurred 

 

Goods Issue Note:

 

A goods issue note (GIN) is a document issued once an item is departed from the inventory section of the business. The GIN documents the transactional data of items dispatched from the business. In CISERP, there is a dedicated section for this in the inventory module. The system asks for the following information to process the GIN. 

  • GIN: goods issue note number 
  • Document No: identification number of the document
  • Document Date: date at which the document was issued 
  • Requisition No: identification number of the requisition
  • Department: department to which the inventory is issued 
  • Cost Center: cost center at which the inventory will fall
  • Location: location from which inventory was moved out  
  • Total Amount: the total cost amount of inventory 
  • Comments: any comments regarding the issue
  • Current Status: status of the GIN 

 

Once the system enters all of this data the user has to input the product details and then process the details. All the details will be saved and a GIN will be created. Following are the details asked by CISERP.

  • Category: category of the item asked to issue 
  • Item: name of the item issued 
  • UOM: unit of measure for that item 
  • item Code: item code of the stock issued 
  • Current Stock: current stock available in the inventory (the system will automatically fetch the number once you enter the name and product code)
  • Requested Qty: quantity of item requested to be issued
  • Transaction Qty: actual quantity issued 
  • Comments: any note or comments on the order 

Transfer Out:

 

The transfer-out section is a unique section that deals with the inventory moved out of the stock from one location to another within the company. For example, a lot of stock is moved from the inventory store to the finished goods warehouse. Then for inventory stores inventory out doc will be created, documenting the transfer of stock out of the store. 

 

It will help managers monitor every bit of inventory flow from one store to another. CISERP asks for the following details to create the details. 

  • Document Type: the type of document created (Transfer out stock in case of Transfer out)
  • Document Date: the date at which the document is created 
  • From Location: location from which inventory is moving out
  • To Location: location at which the inventory is moving in
  • From Cost Cent: costing head from which inventory is moving out
  • To Cost Cent: costing head from which inventory is moving in
  • Total Amount: total cost amount of transfer out
  • Comments: additional comments or notes to the document 
  • Current Status: status of the transfer

 

Once all the document details are entered, the system asks for stock details. After the stock details are entered the system creates the doc and reconciles the stock levels in each location. 

  • Category: category of item transfer out
  • Item Code: code of the item in the system
  • UOM: unit of measure for the stock
  • Current Stock: current stock level in the store (the system will automatically fetch the stock value from the item code)
  • Transaction Qty: quantity transfer out 

 

Transfer In:

 

Just like transfer out, the transfer in the section is designed to monitor the transfers of inventory stock into the store. All the features of the transfer In are the same as in the transfer out section. The documents created in the section are used to reconcile the inventory stock received by a store inventory store in the company. 

  • Document Type: type of document created (Transfer In Stock in this case)
  • Document Date: date at which the document is created
  • Document No: identification number of the document 
  • Transfer Out #: the transfer out the number to reconcile
  • In Location: store receiving the stock
  • From Location: store from which stock is received
  • In Cost Cent: cost center to which the stock is transferred 
  • From Cost Cent: cost center from which stock is transferred 
  • Comments: any additional details to the document 
  • Current Status: status of the process either approved or in process.

Once all the document details are fulfilled the system asks for inventory details. 

  • Category: item category 
  • Item Code: item code of the transfer In stock
  • Transac UOM: unit of measure for transferred stock
  • Transac Qty: quantity transferred in. 

Gate Entry:

 

The Gate entry section helps in monitoring the vehicles getting into the company’s premises with inventory stock from various supplies. CISERP inventory management system generates non-returnable and returnable entry passes for every vehicle bringing loads of stock for the company. 

 

The system asks for the details regarding items in the vehicles and other necessary things to document every vehicle dropping inventory stock for the company. 

  • Document Type: type of document (gate entry section creates two types of documents NON-Returnable Gate Pass and Returnable Gate Pass)
  • Document Date: date at which the document is created
  • Document No: identification number of document created 
  • Location: location for which the stock is received 
  • Supplier: name of the supplier delivering the goods. 
  • Vehicle No: vehicle registration number 
  • Comments:  any additional notes and comments for the entry 
  • Current Status: status of the document is either approved or in process. 

 

Once all the document details are entered the system asks for goods received by the company. Users must enter the following details to create the pass. 

  • Item / Status Code #: name of the item received or its status code
  • Reference: any reference for identification of the goods
  • UOM: unit of measure 
  • Quantity: quantity received 
  • Reason: reason for the items received. 

Goods Return:

If any good received has to be returned due to damage, wrong specifications, or any other issue the system creates its entry from this section. It helps the company in keeping a record of every good returned by the company to the supplier. 

 

System asks for the following details to create the document:

  • Document Type: name of document created (stock return in this case)
  • Document Date: date at which the document is created
  • GIN: goods issued a note for the stock
  • To Location: store to which the goods are returned 
  • Total Amount: Total amount of stock returned 
  • Comments: any additional note to the document 
  • Current Status: status of the document either approved or in process

 

Once the document is created the system asks for the stock details returned.

  • Item / Status Code: item name or status code of the item returned
  • Transaction UOM: unit of measure for the item returned
  • GIN Balance Qty: goods issue note quantity balanced
  • Already Return Qty: quantity of goods returned prior to this one
  • Returned Quantity: quantity of stock returned 

 

Conclusion:

With all the features and operations of the inventory module in CISERP, we can conclude that the ERP software has one of the most dynamic inventory management systems. CISERP features all of the necessary tools that cover day-to-day inventory management tasks at ease. Other than that, CISERP generates documents that are used to reconcile every transaction related to the inventory module. 

 

If you are a business owner and want to explore this amazing ERP software you can register for a 30-day free trial to test the features of CISERP. You will certainly be amazed by the amazing features.