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Inventory Management System (IMS)

IoT can impact retail in many different ways. We mention here a summary of ways the internet of things can help the retail industry. These are just high level ideas that should get a conversation going.

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Key Features of our Solutions

  • Inventory Management System:The Inventory management system is the core of Supply chain automation. It automates and standardizes the procedures from the point of Sales/Purchase to Stock management and fix asset management and maintains a general ledger. It can be used by Retail, Manufacturing companies where goods are stocked for sale or alternatively in a Not-for-sale(Warehouse scenario). The solution provides scalability and visibility into the stock. The basic features are:
  • Sales Management system: The sales dashboard allows storing and retrieving customer information and account details. Sales Orders are created. Sales Invoicing is done and delivery challans produced. Sales tax invoicing and sales return, vessels outstanding are entered. Customer wise vs Business nature/area wise sales reports are generated. Calculates DSO and measures liquidity. Double entry bookkeeping for error detection is incorporated. Credit card authorization is integrated.
  • Purchase Management system: The Purchase dashboard allows storing and retrieving Supplier/Vendor information and creating purchase orders PO. Purchase invoicing is done and returns accounted for. Purchase Receiving and Reconciling is provided. Supplier wise purchase reports are generated. Quantity wise or Amount wise purchase registers are maintained and Supplier wise purchase analysis is performed.
  • Stock Management System: Measurement type/Unit and packing information is tracked, Items categories are maintained and item details noted. Warehouse details are stored and inter warehouse stock movement is tracked. Stock rotation and product mixing is incorporated. Product detail reports, data wise stock ledger report and closing stock report is generated.
  • Maintain General Ledger: General ledger is maintained. Financial statements including balance sheet, income statement, and statement of Cash flow is generated. Chart of Accounts is maintained. Voucher types and voucher entry forms are created. Voucher listing can be viewed. Customer wise and Account wise general ledger is maintained. Transaction list, party ageing report, general vs subsidiary trial balance and income statement report is generated.
  • UPS shipping integration:  The dashboard provides interface to compare shipping rates for Sales orders. Shipping services can be compared, quotations are received and accepted and UPS labels are printed directly from the dashboard. Items are shipped out. Allows tracking UPS and Fedex records and shipments.
  • Standardized Manufacturing Module:
      • Manufacture Order: Create, view and validate manufacture order and add bill of materials for order fulfillment.
      • Bill of Materials(BOM):The Bill of Material Break down report summarizes the costs of multi stage manufactured items and shows costs of stages and cost of finished product through raw material roll up costs and Sub assembly rollup costs and tracks item quantities required and manufactured.
      • Lead Time Summary: Lead time summary report calculates Order fulfillment date and time to delivery by looking at BOM and materials required for the Sales Order.
      • Work Order: Work orders are created and materials checked for availability. Work orders are started, raw materials for the work order deducted from inventory and the manufactured item place in the inventory.
  • Vendor Managed Inventory(VMI): This provides a Consignment Sales module where Vendors can monitor inventory levels in real time in a certain distribution center. Stock control mechanisms are employed.  Stock levels are defined. Triggers are set against inventory levels for each item. Inventory levels falling below the desired level trigger a replenishment request to vendors who can deliver stock Just in time. Order Cycles are generated for recurring orders. Demand and Causal Forecasting is performed and customer preferences indicated. 
  • Retail Assortment Planning: Assortments are planned and managed for new and existing products. Item and promotion planning is done. Scenario based What-if analysis assists in planning promotions for product assortments. 
  • Promotion Planning and Stock Rotation: Stock rotation and market assortment is performed. Store Clustering is performed on criteria such as size, performance, customer demographics. Replenishment analysis allows most profitable inventory purchasing. 
  • Inventory Control Records: Out of Stock sheets are replaced by auto-triggers monitoring stock levels. Open-to-buy records are maintained in compliance with Budget & Inventory levels. Updated Price and Profit information in maintained in Price Books. Vendor listings are maintained. Sale/Purchase lists, Mark-downs and Markups are planned and calculated. Inventory modeling is done. Economic ordering quantities and frequencies are simulated. Inventory valuation (LIFO,FIFO, average costing) and ageing analysis is performed. ROI is calculated based on estimating Payback period for the Software and trainings purchased.
 
Technologies 

Netsuite Inventory Management Inflow Inventory Oracle Inventory Management Microsoft Dynamics Retail Inventory SAP Extended Warehouse Management Quickbooks – Fishbowl Inventory

Key Benefits

  • Avoid Overstock and Outages
  • Enhance Inventory Turn over rate
  • Reduce Holding Costs
  • Consignment Sales & Risk Sharing
  • Optimize Cash Conversion Cycle(CCC)
  • Reduce Lead times, Reordering Costs, WIP,
  • Remote Customer BIN managemnent
  • Vendor managed inventory

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