Inventory Management

overview

An Inventory & Order management system is a tool that allows you to track goods across your business’s supply chain. It optimizes the entire spectrum spanning from order placement with your vendor to order delivery to your customer, mapping the complete journey of a product.

The transparency provided by this software has a big impact on the bottom line of a business. Through accurate tracking of goods, businesses can minimize waste, analyse trends, and make better investment decisions.

problems

  • Global market and competition makes the Supply chain more complex, which has stressed the inventory management.
  • Expanding product portfolio to offer more choices putting pressure on warehouses and inventory processes.
  • Increasing stock levels to ensure availability at the risk of investing more working capital than is wise.
  • Inadequately and improperly trained employees.
  • Difficult to maintain daily, real time inventory and transections.
  • Disintegrated applications create the overheads in managing the daily task of inventory and order management.
  • Inefficient order management. Without real-time visibility of business, overselling or underselling are the most common scenario.
  • Inadequate Software: The difficult task is choosing from hundreds of inventory management solutions and mastering a host of features that require training and ongoing support.

solutions

  1. TYPES OF INVENTORY YOU CAN MANAGE IN TALLY
    • Raw materials, or materials you use to manufacture your products
    • Unfinished products, works in progress that are not ready to be sold
    • Finished products, which are typically stored in a warehouse until sold or shipped
    • In-transit goods, which are no longer in the warehouse and are being transported to their final destination
    • Cycle inventory, or products that are shipped to a business from a supplier or manufacturer, then immediately sold to customers
    • Anticipation inventory, or excess products in anticipation of a surge in sales
    • Decoupling inventory, which are parts, supplies, or products set aside in anticipation of a slowdown or halt in production
    • MRO goods, which stands for “maintenance, repair and operating supplies” and supports the production process
    • Buffer inventory, or “safety stock,” which serves as a cushion in case of an unexpected issue or need for more inventory
  2. TALLY INVENTORY & ORDER MANAGEMENT FEATURES
    • Multiple Voucher for better Order Management:
      • Sales Order
      • Purchase Order
      • Job Order
    • Multiple Units of measurement
    • Multiple Voucher for better Inventory Management:
      • Material In
      • Material Out
      • Receipt Note
      • Delivery Note
      • Stock Journal
      • Physical Stock Verification
      • Bill of Material
    • Reports
      • Movement Analysis
      • Ageing Analysis Reports
      • Stock Query
      • Stock Summary,
      • Inventory Reorder Status,
      • Go-down Summary
      • Multi location stock
      • Track of perishable/expired goods
  1. 9th Wonder Add-On for Tally Inventory and Order Management
  2. Training for Tally Inventory & Order Management
  3. Setup & Configure the Tally for Inventory & Order Management
  4. On the way support while working with Tally Inventory and Order Management

benefits

Using Tally as Inventory and Order Management platform with 9Th Wonder’s Solution, Add-on and Services give the great benefits:

Centralized Storage and Tracking

Tally Inventory management platforms provide centralized, databases for accurate, inventory updates and allow real-time data backup.

Transparent Performance of Inventory and Warehouse

Measure and report warehouse performance metrics like inventory turnover, customer satisfaction and order processing speed to overcome warehouse inefficiencies. You can share this data with employees and suppliers.

Facilitate Stock Auditing

Frequent stock auditing processes, like daily cycle counting, reduce human error and provide more accurate, up-to-date inventory data for managing cash flow. Organize audits by category and cycle count smaller inventory samples on a predictable schedule for more accurate financial data.

Demand Forecasting

Tally Inventory Management platforms include demand forecasting. This feature integrates with accounting and sales data to help you predict demand and schedule orders based on shifting customer preferences, material availability or seasonal trends.

Add Imagery

Add images with product descriptions in your inventory database to improve purchasing and receiving processes, enhance accuracy and prevent misplaced inventory.

Go Paperless

Give employees the right inventory tools for the job. They need software to replace manual inventory documentation, and paperless transactions for invoices and purchase orders.

Preventive Control

Implement stock control systems to manage problem inventory, such as perishable stock, fragile equipment, or obsolete materials. Perform regular preventive maintenance on machinery and equipment stock in storage if required by the manufacturer. Catalog data on problem stock location, cost, and quantity to monitor shelf life and prevent waste.

Optimize Space

Use inventory management systems with warehouse management features to optimize storage space and inventory flow. Categorize inventory storage down to shelf, bin, and compartment, and automate order picking, packing, and shipping workflows.

Classify Inventory

Create inventory classifications to manage changing trends, such as packaging initiatives to reduce plastic waste. Categorize stock by packaging type, dimensions, and product. Use this information to control shipping costs and storage location better.

Multi-Location Warehousing

Use multi-location warehouse management features to track and control expanding inventories. Take advantage of receiving and put-away schedules with automated inventory tracking alerts and scheduling features that keep tabs on warehouse location and in-transit inventory.

Reduce Human Error

Use inventory control processes like blind receiving with barcodes and mobile scanners to prevent human error, inventory manipulation and shrinkage due to theft or negligence.

Plan Demand

Use an inventory management system with advanced demand forecasting and reporting features to prioritize your top inventory. Consider the availability of the top 20% of inventory that generates 80% of your customer demand. To learn more about inventory planning and demand forecasting, read our essential guide to inventory planning. 

Dashboard Collaboration

Introduce dashboards with simple interfaces that show real-time inventory data. Having everything on one screen helps remove communication barriers across accounting, sales, and warehouse operations.