Inventory Management Software

Source: ONLINE Software Labs

The Inventory Management software provides management with the ability to effectively define and implement the objectives of the company business plan
ONLINE Software Labsry Management (IM) software provides management with the ability to define and implement the following objectives of the company business plan: the required level of customer service; the projected value and composition of inventory to achieve the customer service level.

Through on-line parameter setup screens, management can define which items or groups of items to include in the process to generate the forecast and inventory management information.

Using inventory usage history automatically aggregated by ONLINE Software Labsry Control module, the process projects forecasts using a series of simple-to-use statistical techniques controlled by various parameters pre-defined by management. As management becomes more experienced in using the system, additional parameters can be introduced for increased control and accuracy.

The first step in the process is to determine a new ABC Class for each item. This is then used in all subsequent calculations where appropriate. The system automatically determines the ABC Class based on inventory usage history parameters defined by management. These parameters also allow definition of values that can be utilized to determine whether an item should be deemed to be obsolete (ABC Class F).

The software determines the EOQ value for each item according to the EOQ parameters defined through the group/item parameter setup screens. Management can decide whether the EOQ value calculated by the system is to be utilized for an item.

In a manner similar to the EOQ calculation, safety stock parameters can also be determined for each group/item defined in the module. Safety stock is directly related to the level of customer service specified by management via the group/item parameter setup screens. This value is expressed as a safety stock factor that relates to the percentage of time that an item is to be available in inventory whenever it is ordered.

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