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Product SummaryThe objective of the inventory management system is to maintain an accurate record keeping system of parts and accessories, and optimize the balance of investment in inventory vis-à-vis the service goals of the organization. The system generates replenishment orders taking into consideration lead time and quantity. At specified intervals the system makes a recalculation for each item’s forecasted demand, its order point, and an economic order quantity (EOQ). During a transaction that effects a reduction in stock quantity to a point below calculated levels, a reorder list (table) is populated with items whose quantity is below the order point. The system then uses this calculation to decide what, when and how much to reorder. Ordering is accomplished automatically. Upon receipt of the order, the quantity on hand is incremented, costs averages are computed and the lead time identified.
The robust inventory management system supports the competitive alternatives available to businesses today in the area of inventory automation and purchasing integration. Through an entity approach, part supercession, renumbering and other changes in an items main identifying components are tracked in a comprehensive current-part-number to reference-part-number method.
Key FeaturesIn summary, the key features provided in inventory control consists of the following:
The Inventory Management and control takes into account these categories:
Parts issues occur during the entry of parts on work orders or inter-branch transfers. Some of the Inventory management features automatically enabled when parts are issued include the following:
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