One of Activant Silk's key objectives in developing the Inventory Management module, and indeed in all our software development, is to quickly and easily provide you with information necessary to improve efficiency and increase profits.
The Inventory Management program allows you to monitor efficiency and profits by tracking every transaction in detail, increasing stock turnover, reporting shortages and overages, and providing an easy physical count procedure.
Easy Access to Inventory Information
Quick look-ups & Categories
Inventory items are easily set up in a manner that makes future inquiries extremely fast. We are able to import inventory data from many suppliers onto our system so that the initial inventory setup is more efficient. Based on a category (group of items) and division (group of items within a category) system, the logical setup allows for easy lookup. The user simply employs the means of lookup they feel most comfortable with:
- By partial or full inventory code
- By description
- By category and division
- By cross reference number
- By bar code scan
Important inventory information is readily available to you such as quantity on hand, quantity reserved, and quantities on order and on back order. In addition, a host of other statistics are available including bin location, preferred vendor, serial numbers if details required, weight, average cost, last cost, month to date sales, year to date sales and more. This on-line information allows the manager to quickly determine whether particular items are providing the kind of yield and turnover necessary to maintain profitability.
Kits - Exploding Items
Kit management or building materials explosion within the inventory module allows for easy entry and control over manufactured goods or items that are comprised of a number of individual parts, raw materials and/or labour. The quantities and types of parts that go into the production are entered under a master item number that represents the finished product.
Various locations (build-from and build-to) may be used and expected yields may be entered to allow for spillage or spoilage, etc. during the building process.
After Sales Service
This system provides full inventory management of serialized items from receiving and selling to maintenance and servicing after the sale. Interfaces with the Service Dispatch module where all serialized items are maintained. Items can be listed as "in stock", loaned, leased, sold, or even on consignment.
Costs are maintained for serialized items on a "per item" basis rather than an "average cost" for all items. For example, if you have 5 of a particular item on hand, each can have its own cost. This can be extremely important if additional work/labour is done on the item after receiving but prior to selling.
When inventory is received, the system updates all pertinent information including quantity on hand, reduction of quantity on order, calculation of new average cost and update of last cost. Receipts of goods can be entered in different units of measure (e.g. each, per 100, per box, MBF, etc.) and the system will make the necessary conversions to match the way they are sold.
Up to six different price levels can be set for each of the two units of measure if desired. These levels are used to make pricing as simple as possible for different types of customers. Quantity breaks can be set up here as well. Global price changes are extremely easy and efficient to use.
Labels and Lists
The Inventory Management module allows you to print a variety of labels and lists including:
- Bin labels
- Price stickers
- Bar code labels
- Full price lists
The price lists can be printed out utilizing different formats depending on the purpose (e.g. a list can be printed so the sales staff can read the price but the customer cannot).
Physical Inventory Count
This package really shows its strength when it comes time to do physical inventory counts. The system will generate physical count worksheets based on all items and locations, for particular bin locations only, or just for specific categories and divisions.
This makes cyclical or departmental counts much easier. These worksheets are used to compare the on-hand quantities shown by the system and the actual on-hand quantities.
As we always strive to remain at the forefront of new technology, we have now incorporated data input from data collection devices into our software. These portable, hand-held devices allow you to take inventory either by scanning or entering item codes and then simply downloading the information directly into the computer.
The inventory package features "date sensitivity" which means that you can continue to enter orders on your system even though the physical inventory count may not have been entered into the system. Example: If you are processing your physical counts for December 31 year end, any invoices dated January 1, January 2, etc. can be entered and posted. You do not have to remain closed until the count is entered into the computer.
Essential Management Information
Whether your business is a single location or is comprised of multiple locations, multiple warehouses, or stocked service vehicles, the inventory management program can generate all reports, receipts, physical counts, labels, and price lists, etc. by individual location or multiple locations, allowing for total management control.
The reports generated by the Inventory module offer the kind of management information that is required to make sound business decisions. Reports such as:
- At or Below Minimum Report, (which items need re-ordering)
- Overstocked Status Report, (which items are overstocked)
- Product Movement Report, (item history; both receipts and sales)
- Non-Moving Stock Report, (items unsold within certain dates, e.g. last 2 months)
- Gross Margin Report, etc. (items whose price do not meet preset margins)
- Aged Inventory Reports
- Inventory Turns and GMROI (Gross Margin Return On Investment)
These reports allow you to easily focus on items that need your attention. You won't have to wait until you are out of stock and losing sales before you re-order. You will be able to find out immediately which products are collecting dust and should be phased out or replaced. You will be able to make seasonal adjustments easily and effectively.
The Status and Value Report allows you to obtain a snapshot of the value of your inventory at any given time. The date sensitivity of the software makes this information accurate and easy to obtain, whether you are interested in the value of your stock for the current week, one month ago or one year ago.
Integration between modules is a prime focus of the Activant Silk software, and the inventory module allows you to track your stock turnover further by interfacing to the Sales Analysis module. This module contains complete sales information. It can tell you the details about who you sold the product to, when it was sold and how much was sold.
A versatile Stock Transfer module allows inventory to be shipped between locations easily and efficiently. In-Transit inventory can also be accounted for separately when necessary. An Automatic Transfer can be generated from the Head Office for items in a secondary location that have fallen under the minimum levels.
A versatile Stock Transfer module allows inventory to be shipped between locations easily and efficiently. In-Transit inventory can also be accounted for seperately when necessary. An Automatic Transfer can be generated from the Head Office for items in a secondary location that have fallen under the minimum levels.
The various inventory level reports monitor each location while pick tickets make it easy to select the stock for transfer. Posting "Journals" provide a full audit trail.
** Note ** See also the "Autopoll" documentation further in this package.
A variety of global programs simplify the process of changing a large number of inventory items at one time. Programs such as the following are available:
- Price Changes, (increasing or decreasing your prices)
- Price Rounding Matrix (Allows selling prices to be rounded up or down, e.g. if a selling price is determined to be $2.02, it can be automatically changed to $1.99)
- Inventory Changes, (categories, vendors, and a host of others)
- Min/Max Calculator, (sets up minimums and maximums based on sales)
- Importing Bar Codes (simplifies the introduction of scanning)