Areas of the Inventory Control and Inventory Management

The inventory control system helps to avoid stock-outs.

Inventory control is provided by any company to ensure that it has the right materials on hand to avoid stock-outs and involves procurement, care, and disposition.

The main kinds of inventory that are concerned with inventory control and management:

Raw Materials

The raw materials inventory is the parts that the company has currently in stock that haven't been used in finished goods or work-in-process production. There are two subcategories of raw materials:

  • direct materials that are incorporated into the final product;
  • indirect materials that are not incorporated into the final product, but are consumed during the production process.

Any company needs to have enough raw materials on hand to ensure that the production process is launched promptly, but not too much as the company is not going to invest in an inordinate amount of inventory. The main purpose of the inventory control in the raw materials is designed to address the balance by frequently ordering the materials in small sizes from vendors.

Work-in-process goods

Work-in-process (WIP) inventory includes materials that have begun their transformation to finished goods but have only been partly converted during the manufacturing process. In other words, these items are unfinished and are currently being worked on or waiting in the buffer storage for further processing.

Work in process goods requires storage space, represents the not available for investment capital, and carries an inherent risk of the earlier expiration of the product shelf life. Many companies strive to keep the real amount of WIP as low as possible for the purpose to reduce the amount of capital tied to the manufacturing process.

Finished goods

Finished goods include items that are completed as to the manufacturing process and are ready for sale to customers. Finished goods inventory is designed to maintain the inventory of the finished goods in the "between the work-in-process and shipping finished goods" step and is critical for increasing the company's output and decreasing its excess products in the storages.

Resale goods

Resale goods inventory is the returned goods that are salable. Depending on the company preference may be included in the "goods for sale" or "finished goods" inventory.

The main types of inventory


Prism Visual Software's inventory management and control software system includes:


Prism Visual Software's route accounting system

ServQuest™

desktop package
MiniMate Mobile Handheld Solution

MiniMate™

mobile application

Prism VS's inventory software system covers all common companies' needs.


Control

Handling materials and products that are already in stock at the warehouse.

  • Categorizing products by type
  • SKU and serial number
  • Search and filters
  • Real-time reports
  • Integration with accounting software
inventory control software

Management

Handling business processes occurring before products arrive at a warehouse and reach other destinations.

  • Multi-location warehouses
  • Orders purchasing and processing
  • Generating invoices
  • Customized reporting
  • Integration with accounting software
 inventory management software system

Tracking

Monitoring the status of materials and products in the supply chain.

  • Generating tracking numbers
  • Items location
  • SKUs in possession
  • Real-time inventory levels
  • Integration with third-party logistics
inventory tracking software

Barcoding

Automating communication with different parts of the inventory system.

  • Printable barcode labels
  • Barcode scanning
  • Collecting digital data
  • Importing barcode data
  • Integration with inventory management software
inventory barcoding software

Alerts

Reducing waste, optimizing inventory financials, and managing customer expectations.

  • Low inventory levels
  • Shelf life/expiry dates
  • Products with no category
  • Placed large order
  • Automated email and SMS messages
inventory alerts and notifications