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While inventory management can be offered as a standalone application, the software is usually integrated in conjunction with warehouse or supply chain management systems. This ERP inventory management module is used in retail, distribution, manufacturing, and in conjunction with retail marketing systems, in those processes where users also manage prices.

"You have to know what's on the shelves, what's in the warehouse, and how to reorganize products to manageof goods throughout the entire operation," says Paul Hamerman, vice president of business applications at Forrester Research. "The goal is to get inventory rotated," he says. If the products remain in the warehouse does not make money ".

The main stock management functions have to do with receiving, storing and returning inventory. "You have to be in control: when they arrive, where they are placed, how long they are there, how they are returned and how they are incorporated into the product," says Ray Wang, senior analyst at Altimeter Group.

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Other important aspects of ERP inventory management modules are:

• Stock control
• Materials to prepare the orders and kitting (organization of the elements and elaboration of the kit for the sale)
• Tracking Serial Numbers
• Printing Barcodes
• Valuation Utilities to Understand the Monetary Value of Available Stocks
• Warehouse Reference Number Management (SKU)

The ERP Software for Small Business provides a process control instrument that are related to each other. "For a cell phone to reach its box, the module will connect all the inventory to the device, starting with the kitting , which includes the materials of elaboration, the state of the components of the kit, the serial numbers and lot numbers for its monitoring , And will continue with the process to undo the kit if an order comes to replace any of its components, "says Wang.

Another feature of ERP inventory management is the ability to track and manage purchases to determine spending levels.

When companies accumulate excess inventory, cash management becomes an important factor. "You have to be certain that we are not using capital inadequately," says Wang.

"If all the batteries that we order for a kit are missing, the production is delayed, but it is not good to have too many components on hand because they have to be stored, and that costs," he adds. "We need to know how long the inventory will remain in the warehouse and when the product will be shipped."