Venice 5 Inventory Control module provides inventory managers with an enterprise-level picture of their current inventory status, helping them improve their overall inventory performance across their inventory sites. It also serves as a convenient front-end for individuals requesting items via online shopping to view available inventory items and request them electronically.
The Inventory Control module lets managers establish and control processes for requesting items, approving requests, issuing inventory, creating replenishment orders, allocating stock into reserve, making stock vs. non-stock decisions, and transferring items between warehouse sites. Using the automation features of Venice 5, including flexible workflow routing and automatic notifications, inventory managers can streamline their operations and focus more of their time on using the advanced analysis capabilities to improve total inventory performance.
New features in Venice 5 designed to help inventory managers streamline operations and meet user demand, while simultaneously driving down cost, include the ability for inventory managers to establish “issue kits.” The issue kit represents items which are commonly issued together, but may also be issued individually. This creative approach allows managers to establish virtual sub-assemblies for better efficiency, but keep their items stocked at the component level for maximum inventory flexibility. For example, the same monitor can belong to five different workstation kits, while being stocked and managed at the stock item level. As an end-user requests a specific workstation “kit,” the resulting warehouse pick ticket will call out all unique items required to complete the kit for the requestor.
Capabilities Overview
Permit users to request items online using the common shopping basket interface.
Define which inventory site(s) users have visibility to shop.
Control the items that individuals can view in a site based on customer-defined security/roles.
Establish multiple sites, and multiple aisle/bins within a site for stocked inventory items.
Accept inventory returns against prior issues documents for proper accounting adjustments.
Utilize the mobile PocketVenice Inventory module to provide inventory control functions to workers in the field.
Establish automated replenishment notification when stock drops below designated levels.
Review recommended replenishment order quantity for items at a site based on factors such as average lead time, recent utilization, and min/max stocking levels.
Create purchase orders for purposes of replenishment of stock items or purchasing non-stock inventory.
Allows each site to establish independent replenishment factors for an item.
Provides option to allow back-orders when requests exceed stock-on-hand.
Receive notification when stock becomes available to fulfill items on back order.
Utilizes comprehensive tracking of items on hand, items dispersed, physical counts, quantities ordered, returned and transfers to a new location to reduce inventory loss/shrinkage.
Allocates inventory for reserve upon request and adjust as needed.
Utilize the issue kit functionality to create virtual sub-assemblies, while keeping components stocked at the item level.
Establishes parameter driven inventory reports to quickly and easily assess the status of stock items with a site, or across your total inventory.
Creates virtually unlimited number stock item records.
Use customer's 3, 5, 7, or 11 digit commodity codes to streamline inventory management.
Utilizes workflow functionality to automate replenishment orders, issues, transfers, allocations, receipts, counts and returns.
Select from four inventory costing methods (average price, standard, FIFO, LIFO).
Utilize multiple methods for allocating department accounting information to each inventory transaction, including methods to spread costs across multiple accounting codes.
Advanced inventory analysis functions such as ABC calculations, Economic Order Quantity and Safety Stock options, provide the reporting information to better manage inventory investments.
Associate stock items with asset codes, allowing for the serialization of controllable inventory items (when used with Venice Asset Management).
Benefits
Lower the risk of stock-out for required items.
Reduced overall investments in inventory.
Reduced inventory loss/shrinkage through better controls.
Greater ability to transfer items between sites as needed and avoid unnecessary purchases.
Less time spent managing paper, more time managing inventory.
© 2005 RFD & Associates, Inc.
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