Inventory Management on CRM Software

Inventory management is an essential feature in a business’s warehouse management system. It helps monitor and control the quantity and value of inventory throughout business operations. Below are some key features of inventory management:

1. Tracking Inventory Quantity:  

   This feature allows the recording and updating of information about the quantity of goods currently in stock. When inventory transactions such as goods receipt or dispatch occur, the system updates the latest stock levels, helping managers keep track of remaining stock and avoid shortages or overstocking.

2. Monitoring Inventory Value:  

   This function allows the calculation and tracking of the value of inventory. The inventory management system stores pricing information to calculate the inventory value based on the quantity and corresponding prices. This provides managers with an overview of the value of assets stored in the warehouse.

3. Defining Storage Locations:  

   This function records the exact location of each item in the warehouse. Using barcodes, SKU codes, or other coding systems, the inventory management system logs the storage locations of goods, helping to quickly locate and retrieve items when needed.

4. Batch Management:  

   For businesses with goods of varying origins and attributes, batch management is crucial. It allows for the recording of information about batches, including production dates, expiry dates, quality details, and other attributes. This ensures that goods are used according to FIFO (First In, First Out) principles or company policies to prevent spoilage or errors related to product expiry.

5. Demand and Supply Forecasting and Management:  

   Inventory management also involves forecasting and managing the supply and demand for goods. Based on current stock data, sales history, and other factors, the system can predict future demand for goods. This helps managers plan production, place orders, and organize business activities effectively.

6. Reports and Analytics:  

   This feature enables the creation of reports and analysis of inventory status, inventory turnover, inventory value, and other performance metrics. These reports provide detailed insights into the effectiveness of inventory management, helping managers assess and make strategic decisions to optimize inventory management processes and improve business performance.

In summary, inventory management helps monitor the quantity and value of goods in stock, manage storage locations, track batches, forecast and manage supply and demand, and provide reports and analysis. This ensures businesses maintain optimal stock levels, meet customer demand, avoid shortages or excess inventory, and optimize business operations.

Some images showcasing inventory features on CRMOnline:  

CRMOnline, the exclusive digital transformation platform of Long Phát CRM, has been built and developed for over 12 years on the world’s number one open-source software, SuiteCRM.