Cloud based Inventory Control & Management
What is Cloud based Inventory
Cloud-based Inventory is a system of Supply Chain Management software and tools that are hosted and managed offsite in the cloud by your vendor and accessed in Software As A Service (SaaS) model.
With cloud deployment, you can focus on running your business rather than IT administration. Cloud-based SaaS systems put the management and maintenance burden on the vendor rather than on your business.
Cloud SCM offers ongoing and seamless software updates. Deploying cloud SCM also requires little to no IT involvement, which can enable your team to elevate their value to the business by spending more time on tasks that
support strategic growth initiatives.
In the cloud, your Inventory system can help you shift your focus to business outcomes rather than technology. The automatic updates help you keep pace with the rapid nature of technological change.
With ready access to more innovative business software, you can build a competitive advantage that grows and evolves with the market.
Security will always be a top priority. When you invest in cloud Inventory deployment with Peacksoft Inventory, you’re also benefitting from world-class security infrastructure, best backups and disaster recovery (using Google Cloud Machines),
and guaranteed 99.5% uptime.
Features
Party Management: All the suppliers and customers can be managed here. It gives provision to communicate with the party via emails.
Goods Procurement: It involves making purchase requisition, sending Request For Quote (RFQ) to supplier and then getting quotations from them. It also helps company to evaluate multiple vendor quotations
and finally confirm one. Purchase Orders are maintained in the SCM. After this GRN and Invoice are also recorded into it.
Goods Sales : It involves creating customer sales enquiry, quotation, and confirmed sales order. Sales Order can be either delivered through deliver challan or manufactured in the company.
Inventory Control & Management: Peacksoft inventory maintains inventory inward and outward for every goods as and when they are used in the system. Inward inventory is managed through Goods Receipt Note for every
purchase order in the system. Similarly, outward inventory for raw materials are maintained as and when materials are issued in the final production or generic consumption of materials in material management module.
Material Management : Generic material requirements can be posted as material issue request. Store person can issue the materials based on QOH (Quantity On Hand) value of the given stocks to the requesting location.
Production planning department can make material requisition for a given Work Order to the store department. Store department can again issue the materials in required quantity to the Work Center location for consumption in the
final finished good.
Finished Good Stock : Once production is completed and successful quality inspection done, finished goods are recorded in the inventory system with proper date and batch no. Inward quantity of finished good is
maintained in the inventory. Outward part of the same is recorded when sales delivery is booked in the system after packaging and shipping of goods to customer place.
Peacksoft Finacct POS app : Goods inventory can be accessed in latest quantity via FinAcct POS app. Based on the inventory, user can book sales from anywhere and enter payment entries also. User can make
masterial issue requst from the field to the store.
Methods to control stock by when or how goods are ordered:
FIFO and LIFO: These are methods of placing value on the products. LIFO assumes that the goods last added to the inventory are the first goods to be sold, while FIFO assumes that the goods first added to the inventory will be the first sold.
Min-Max Inventory Control: This theory sets minimum and maximum levels of stock to maintain specific items in your inventory. So, when you get to the minimum level of stock, order only enough to reach the maximum level set.
JIT Inventory: The just-in-time (JIT) inventory management strategy lines up the raw material order from suppliers with the production schedule. You decrease waste in the form of inventory cost because the goods are onsite only as needed. JIT can be a step in Lean manufacturing by slightly requiring JIT to incorporate what the customer wants in each product manufactured.
Two- or Three-Bin System: A two- or three-bin system involves two containers of the same stock item. When one container becomes empty, you use the second container (the backup), which then identifies the reorder point (ROP). The ROP is when inventory gets down to a level that initiates stock replacement activities. The problem with a method this basic is evident in situations where there are big or fast orders. You may never be exactly sure how much product is in stock at a given time, so you may not be able to predict whether you can fulfill a large order or quick, successive orders.
Fixed Order Quantity: In a fixed order quantity rule, you may only order a specific amount of an item at one time. With this rule in place, reorder mistakes, storage space issues and unnecessary expenses are kept to a minimum. You may link fixed order quantities to automatic ROPs.
Fixed Period Ordering: In a fixed period ordering rule, you link the replenishment of specific items to a particular interval. In this case, the order quantity is always different to compensate for customer demand.
Vendor-Managed Inventory: In this method, it’s often the sales representative that manages the stock on specific products, noticing and ordering what needs replenishment.
Set Par Levels: When inventory drops below the par levels, your software should signal you to order more. Par levels vary by product, relative sales rates and the time to restock and require research and sound decision-making. Par levels change over time and must be reset at regular intervals.
Further, storage costs are lower, and if your business moves fast, having only the minimum levels of stock may be more suitable.
Products
Manage products with ID, Code and detailed attributes like Product type, Category, Sub Category, Brand, Class, and Sub class etc.
Inward Stock
GRN of goods at any location or any other material transfer to any location creates inward inventory.
Outward Stock
material issues, work order related stock transfer from any location or any other material transfer from any location creates outward inventory.
Locations
Maintain inventory across multiple locations with details of status stock in hand (QOH), stock transfer etc.
Re-Order
Manage, maintain stocks to reorder with minimum and maximum levels. View reorder reports of stocks to be ordered.
Warehouse Management
Manage, maintain stocks in warehouse in a location determined by Rack, Bin. It also manages stock movement from one warehouse, rack, bin to another warehouse, rack and bin
Reports
Stock Item
Stock Movement Analysis
Stock Summary
Stock Quantity On Hand (QOH)
Stock Inward
Stock Outward
Warehouse Movement analysis
Benefits
Quick updates and upgrades: Peacksoft Cloud CRM offers instant and ongoing updates and upgrades to your ERP software and tools, so you never have to worry whether you’re using the most up-to-date technology to suit your business needs.
You also don’t have to spend time updating—or hiring someone to update—your systems like you would if you used an on-premises ERP system.
Lower up-front and operating costs: One of the biggest benefits offered by cloud ERP is that it’s much less expensive than traditional on-premise ERP systems. When you deploy on premises, you might pay for the software once by way of a license, but you have other costly expenses such as server purchase and ongoing maintenance, database creation and management, initial implementation, IT staffing, energy costs, and security and backup.
With cloud ERP, you pay less up front and your overall ongoing operating costs are much lower because the vendor takes care of updates, maintenance, and security for you.
Faster implementation: Cloud ERP can also get up and running in much less time than on-premises ERP systems. With on-premises ERP, you have to spend time in selecting and purchasing hardware, training IT staff, potentially hiring more people, implementing new data security protocols, and ensuring that everyone on your team has reliable access to the tools they need to help you grow your business.
With cloud ERP, deployment and implementation are faster and seamless. Deploying your software in the cloud is also reliable and offers easy data access in real time from anywhere, anytime, which can help make your entire team more collaborative and successful in their roles.
Scalability: Cloud ERP is built to help you scale operations at your company. Cloud ERP allows your team and partners to access information on a global level. With cloud ERP, you also benefit from world-class security and system monitoring that allow you to grow quickly without having to wonder whether or not your information is safe.
Better accessibility, mobility, and usability: As your ERP system is managed in the cloud and global-ready, your team can access the tools they need from anywhere using their mobile phones and an Internet connection.
Information is accessible in real time, so key business decisions can be made without having to wait until everyone is in the same room or accessing your ERP system from the same place.
In other words, it helps you build a more agile team. This focus on instant accessibility and improved collaboration helps boost productivity both inside and outside your enterprise.
Improved system availability and disaster recovery: Data security is a very real concern for any team today that leverages the Internet to run their business. When you invest in cloud ERP, you put the responsibility on the shoulders of your vendor—and they ensure that your system is protected from potential attacks or vulnerabilities.
Peacksoft ERP invests in world-class infrastructure and security to keep your system protected and allow you to focus on other areas of your business that require your attention.
Cost transparency: When you deploy cloud ERP systems, cost is predictable and transparent. Either you pay a monthly subscription on the SaaS model, or you adhere to a pay-per-use model. In addition, there are no unexpected expenses relating to software updates and technology upgrades with cloud ERP, as they fall under the responsibility of your vendor.
Security standards and compliance: As mentioned, cloud-based ERP vendors like Peacksoft have world-class security support and protection for customers. It maintains a comprehensive, end-to-end security model. We build security into every layer of the ERP environment—and physical network interface cards, user passwords, and 24x7 system monitoring and application level SSL. \
A holistic approach to security lets us anticipate and minimize disruptions, giving you more uptime and better peace of mind.
Sales automation: Sales automation is also optimized thanks to the global-readiness, real-time, and mobile access that comes with cloud ERP deployments. With cloud ERP, your partners, customers, and vendors can connect to your system seamlessly from anywhere in the world. Peacksoft cloud ERP is highly reliable, and customers who deploy ERP through the cloud experience a 99.5% or greater uptime.
Peacksoft ERP (www.peacksoft.com) has been the one of the best ERP software providers pan India with the following capabilities.
Business flow operation (management) in Peacksoft UI is very self-descriptive so that every process is well mapped in proper sequence of operation. Every flow operates on previously generated record which is consistent in all the records.
Peacksoft workflow and data model is as per any standard ERP workflow available in big ERP software vendors like SAP, Oracle, Microsoft and Others. Hence migrating from any other software to Peacksoft or from Peacksoft to other software is very smooth.
Peacksoft being a SaaS based software provider, is the cheapest in terms of resource usage and maintenance.
It is very simple and easy to use yet very functionally rich. Existing organizational structure can relate the similar process flow and responsibilities to the software features.
Just like any other Centralized cloud infrastructure upgrade, Peacksoft has seamless software upgrade in very short window period where end user does not get affected.
It has the minimum implementation time and maximum customization possible.
