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By: Peter Poletti


Inventory Management Functions & Features

Solutions for inventory management are used for the record-keeping of goods that are warehoused, and managing the movement of these goods to, from, and through warehouses.. Inventory Management Functions & Features are an important module of the comprehensive ERP RFP Template for Discrete Manufacturing.

The ERP RFP template with Inventory Management Functions & Features for ERP is a Microsoft Excel spreadsheet (.xlsx) featuring a total of 3761 decision criteria. The ERP RFP template allows you to quickly and easily prepare the business, functional, and technical requirements sections of the solicitation package you'll send to ERP software vendors. It ensures for:

  • complete response from each ERP software vendor
  • deep and accurate evaluation of submitted ERP proposals
  • impartial side-by-side comparison of ERP solutions evaluated
  • rational and documented selection of the best matching ERP system

The ERP software comparison report can save you up to 90% of the time you would have otherwise spent comparing all the ERP solutions from scratch.

The Inventory Management Functions & Features comprise the following elements:

  • Adjusting Inventory

    Main modules below cover Manual adjustments to inventory values;User specifies reason codes for adjusting inventory, such as cycle count or poor quality;Secure access via control number to modify inventory transactions;Displays inventory balance information before and after adjustments;Inventory adjustments tracked for reporting purposes;Authorization on individual transaction level;. Adjusting Inventory, Inventory Management Functions & Features
  • Inventory Management Data Requirements

    Functionality below covers Provide product line code information on the inventory master file;Provide item number information on the inventory master file;Provide item description information on the inventory master file;Provide unit of measure information on the inventory master file;Provide effectivity information on the inventory master file (absolute date effectivity may be assigned via item number);Provide effectivity information on the inventory master file regardless of its total product structure usage;. Inventory Management Data Requirements, Inventory Management Functions & Features
  • Locations and Lot Control

    This covers Set stocking locations for each item as fixed, assigned, manual or assigned by the system;Standard ten-position convention to identify location of items in inventory;A given finished item can be listed simultaneously in multiple stocking places in one site;Users define types to classify storage locations, such as warehouse, store, branch, truck, consigned, return, repair, inspection, department, bulk, or category;Use random locations for storing items;Standard locations for stocking items;. Locations and Lot Control, Inventory Management Functions & Features
  • Inventory Management Processing Requirements

    It includes Provide for multiple facilities, warehouses, stockrooms, and inventory locations;Kanban inventory management;Flexible assignment of inventory processing by product and part (kanban and point-of-use);Provide allocation of raw material and component inventory to firm planned or open work order locations;Provide for non-nettable inventory locations;Provide for ABC classification of parts, based on order activity, historic usage/cost, or projected usage/cost;. Inventory Management Processing Requirements, Inventory Management Functions & Features
  • Reporting and Interfacing Requirements (Inventory Management)

    Main modules covered Produce system-generated documents for material issues to production runs;Provide inventory valuation reporting by item number, product code, warehouse, production facility, distribution center, or stockroom;Provide reporting of inactive, excess, or obsolete inventory;Reports of inventory by team, planner code, and buyer code;Interface with the general ledger to forward a journal for all inventory adjustments;Provide the ability for a distribution center to run reports or inquiries on inventory status, open order status (sales and production), costs, sales, and quotes for items that only pertain to their specific facility;. Reporting and Interfacing Requirements (Inventory Management), Inventory Management Functions & Features
  • Reservations and Allocations

    Main modules covered Reservation days--time fence between soft and hard allocations;Displays online and in real time resources and inventory that are available in a specific location;Item balances maintained by grade specifications and lot number;Available inventory reduced at time of sales order entry;Customizable rules for reallocating inventory across open orders;Immediate allocation of inventory quantities to backorders;. Reservations and Allocations, Inventory Management Functions & Features
  • Inventory Management--Online Requirements

    Feature and functions covered Maintain item number history of usage, both planned and unplanned, and purged upon a specific date criteria;Provide capability to track items by lot or serial number;Identify type of transaction;Identify the source of demand;Multi-currency capability;Internal cross-reference to vendor part numbers;. Inventory Management--Online Requirements, Inventory Management Functions & Features
  • Forecasting

    Functionality covered Conducts simulation to test policies;Uses beta factor to resolve forecasting errors;Compares actual service levels to service levels specified in policies;Generates initialization and control reports to create and evaluate forecasts;Generates initialization or simulation reports for safety stock;Imports forecast data from spreadsheet;. Forecasting, Inventory Management Functions & Features

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Functions and Features