Inventory category management is one of the important parts of inbound, and outbound & supply chain management. In order to effectively manage an organization’s sourced inventory, it is important for Inventory classification based on different criteria as it is difficult to manage large amounts of inventory within an organization, we cannot deny that. AntMyERP is the one-stop solution for inventory category management which helps in the all-important analysis of the Inventory.
Inventory Movement Analysis
Inventory Analysis is an inventory management technique that determines the value of inventory items based on their importance to the business. The items are based on need, cost, and risk data and inventory managers group items into classes based on these criteria.
Inventory Movement Analysis is a process of finding the fast and not so moving inventory in stock. An important aspect of the inventory categorization system where the Items are categorized according to consumption rate.
Inventory planning which is a part of demand & supply is a method of using previous data of SCM and trends for predicting future sales to forecast required inventory levels for future time periods. Accurate forecasting ensures businesses have enough products to fill customer orders without wasting money on unnecessary inventory.
AntMyERP helps in managing the inventory stock which is a key component of the supply chain, inventory Categorization & process. It helps in the tracking of inventory from manufacturers to warehouses and their facilities to the point of sale. The main agenda of inventory management is to have the right inventory in the right place at the right time in order to maintain the needed inventory. This requires inventory visibility. This means knowing when and how much to order and where to store your inventory.
Inventory management is important for small businesses as it helps them avoid stockouts, manage multiple locations and ensure accurate records are handy. Using an out-of-the-box solution makes these processes easier than doing them all manually.
Inventory category management
The software makes it easy to monitor and analyze the inventory category-wise (product, spares, care packs, toners). Through the software, you can focus on your core business without worrying much about the number of stocks at the office or stock at the client’s place, with the serial number or without a serial number, their values, and their status.
In the organization it is very important to manage the flow of inventory from opening stock/stock in to stock out. Hence Inventory managers must effectively manage this movement to understand current inventory levels, maintain optimal and control the costs of their business and enhance the supply chain process. The Stock movement is based on the fast-moving, slow-moving, and non-moving stocks. It helps you appropriately maintain stocks for quick order execution.
Inventory usage shows the amount of inventory a company has consumed over a period of time. So it is important to understand which inventory should be in the stock and per consumption efficiency is acquired in order to avoid no stock and shortage.
AntMyERP helps to trace the consumption of the stock so that stock shortage and no stock can be avoided during spare parts operations.
AntMyERP help in Inventory optimization which ensures that you have enough inventory to meet planned production and service needs while minimizing overstock in supply chain management.
Inventory Optimization is a strategy for balancing service level targets across multiple Stock Keeping Units with the amount of working capital tied to inventory. Inventory optimization modeling tools can be deterministic or stochastic.