The objective of Inventory Management is to supply materials of the right quality, in the right quantity at the right time, both to internal as well as external customers. iReckoner Inventory Management provides a systematic approach of furnishing accurate information to the right person with a view to assist him in optimizing the available inventory resources.
It is an effective tool giving information about stock transactions, delivery dates, and historical and future anticipated consumption. Its extensive reporting system gives overall inventory status across the enterprise.
Inventory Resources of an organization consist of Raw Material, Packing Material, General stores, Semi-Finished Goods, Finished Goods and Capital Goods, which in iReckoner Inventory can be classified under Stock Group, Stock type and Stock Category in a hierarchical structure.
As soon as goods are received from an external party or internally from production in to the Godowns (storage locations) and inspected for quality assurance, a GRIN document is generated and stock ledgers are updated. Each material is allocated a separate lot number when received. Now, a requisition received for any stock group can be entertained. Material is issued to various cost centres against a requisition.
iReckoner Inventory locates the Purchase Order document and copies default data from it to form a Good Receipt document whenever goods are received against a Purchase Order.
iReckoner Inventory communicates with Material Requirement Planning to ensure that the organization has what it needs to have, ready to use, before it begins its production operations.
iReckoner Production issues finished goods to iReckoner Inventory for inspection and Goods Receipt in Godown. The Stock Ledger is simultaneously updated.
Interacts with Financial accounting system as well as costing system and marks all the stock transactions for the use they have been put to.
iReckoner Inventory is closely integrated with iReckoner Sales to manage better delivery and planned dispatch of items.
System maintains inventory structure residing at multiple locations of the organization, which enables an organization to keep track of their inventory on a regular basis, online, at any time they require.