inventory management system

The Most Beneficial key Functions Of Inventory Management In Microsoft Dynamics NAV 2017

Microsoft’s continued commitment and development of Enterprise Resource Planning Systems (ERP System) has resulted in the release of Microsoft Dynamics NAV 2017. Dynamics NAV is a robust business solution from Microsoft that continues to be enhanced which is quick to implement, easy to use and has the power to support your business ambitions. Key for Dynamics NAV 2017 is integration and simplicity. This latest ERP solution offers the significant enhancements to the core application. With Microsoft Dynamics NAV 2017 (MSD NAV 2017) Inventory Management Improvements, your company can gain greater efficiency, streamline your supply chain and meet customers’ demands.

Here Are The Most Beneficial key Functions Of Inventory Management In Microsoft Dynamics NAV 2017:

Alternative Vendors: Manage the purchase of the same item from the several different vendors. Set up the alternative vendors for an item, specify the typical lead times used by a specific vendor to deliver that item, and associate price and discount agreements for that item with each vendor.

Assembly Management: Specify a list of the sellable items, raw materials, sub-assemblies and/or resources as Assembly Bill of Materials that comprises a finished item or a kit. Use the assembly orders to replenish the assembly items to stock or capture the customer’s special requirements to the kit’s bill of materials directly from the sales quote, blanket and order line in the assemble-to-order processes.

Analysis Reports Provide company decision-makers, especially those with overall responsibility for the sales, purchases, and the product portfolio management, with an efficient and flexible way to get meaningful information out of the system to inform day-to-day decisions. Built on item entries, this granule provides a customizable, analytic view that enables people to add and combine the analysis objects—customers, items, and vendors—according to their needs.

Basic Inventory: Set up an item that you carry in your stock and specify their unit of measures, the costing method, the inventory posting group, the unit cost and price, and the other properties. Post an item transactions, such as sales, purchase, negative and positive adjustments from item journals. Quantity and the cost records of the posted transactions are stored in the inventory ledger that is the basis for inventory valuation and other costing calculations. Integrated with the General Ledger and with the posting processes in the Sales and Receivables and Purchase and Payables, this granule is required for the configuration of all the other Inventory granules.

Bin: Organize your warehouse by assigning the items to bins, the smallest unit in the warehouse logical structure. The Bin assignment is done as the item journals or directly on the document lines (does not apply to order lines).

Cycle Counting: Manages cycle counting, a basic method of verifying inventory record data used to maintain and increase the inventory accuracy. Set up cycle counting on the item or SKU level (stock-keeping unit Level)

Item Attributes: Use the item attributes to add custom data, such as color, country of manufacture, size, or product dimensions, to applicable items, supplementing built-in global item fields. You can define your own type of attribute options, including the list, text, integer, and the decimal, along with the unit of measure for the two latter numeric types. The Attribute names and the option list entries can also be translated to support multiple language requirements.

You can also block the attributes or the attribute option values from being used in the future, for example, if they are no longer applicable. When you add an item to sales and the purchase documents, or just organize your items, you can view and filter on the attribute values to limit the list of items to choose from or take an action on.

Item Budgets: Make sales and the purchase budgets on the customer, vendor, and the item levels, and in both amounts and the quantities. Prepare and record a sales budget that can serve as the input to decision-makers in other operational areas, such as purchasing and logistics. Decision-makers gain information about the future expected demand they can use for the business discussions with the customers.

After budgets are built up, track the actual sales performance by means of calculating the variance. The ability to move the budgeted figures between the system and the Excel provides additional flexibility to the budgeting process.

Item Categories: Use the item categories to group items into a hierarchical structure and you can define your own custom categories, assigning attributes to each category. When you add an item to a category, the items inherit the attributes of the category, ensuring a common set of attributes on items in the same category, and saving you time. If required, you can still assign the item-specific attributes to the particular items.

Item Charges: Manage the item charges. Include the value of the additional cost components such as freight or insurance into the unit cost or unit price of an item.

Item Cross References: Quickly and Surely identify the items a customer is ordering on the basis of the item numbers other than your own. Cross-reference information from the customers, vendors, and manufacturers, as well as generic numbers, universal product codes (UPCs), and European article numbers (EANs) that can be stored and easily accessed.

Item Substitutions: Link items with the same or similar characteristics so that if a customer orders an item that is unavailable, you can offer the substitute items and avoid losing the sale. Or, provide an extra service to the customer by offering the lower-cost alternatives.

Item Tracking: Manage and track the serial and the lot numbers. Assign serial or lot numbers manually or automatically, and receive and ship the multiple quantities with the serial/lot numbers from a single order line entry.

Location Transfers: Track the inventory as it is moved from one location to another and account for the value of the inventory in transit and at various locations.

Multiple Locations: Manage inventory in the multiple locations that may represent a production plant, distribution centers, warehouses, showrooms, retail outlets, and service cars.

Non-Stock Items: Offer items to the customers that are not part of your regular inventory but that you can order from the vendor or the manufacturer on a one-off basis. Such items are registered as the nonstock items but otherwise are treated like any other item.

Pick: Enable the warehouse workers to create a pick from the released order. Pick is managed from a separate user interface when the shipping items in an order-by-order environment.

Stock-Keeping Units: Manage stock-keeping units (SKUs). Identical items with the same item number can be stored in the different locations and managed individually at each location. Add the cost prices, replenishment, manufacturing information, and so on, based on the location.

Conclusion

Choose Microsoft Dynamics NAV to manage your organization’s inventory management system. It will help in increasing the operational efficiency across your business, improve customer service, and reduce inventory and distribution costs.

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