Introduction to Inventory Management.

Inventory management is a systematic approach to sourcing, storing, and selling items both raw materials (components) and finished goods (products). In business terms, inventory management means the right stock, at the right levels, in the right place, at the right time, and at the right cost as well as price.

Importance of inventory management in Boon.

Inventory is considered an asset, and as such is recorded on a company's balance sheet. Developing an accurate valuation for the balance sheet requires either a physical inventory count to determine the quantities on hand or an ongoing inventory system that creates an accurate record of each inventory-related transaction. Therefore to facilitate tracking these movement Boon came up with a cutting edge inventory management system.

Arrangement of Inventory in Boon.

Inventory is arranged according to certain specific characters of the item. They can be broadly classified into those shown below.

• Item Dimension: Basic characters of items like size, colour style etc.
• Item Storage Dimension: Where the item is stored like warehouse, location etc.
• Item Tracking Dimension: Item specific or lot specific information like batch number or serial number can be identified by tracking dimensions.

Reporting.

Standard reports are available with rich parameters and options. With the help of easy-to-use options, Excel, PDF, text documents can be transferred easily to different environments. There are provision to get output of stock register, item detail report etc.

Integration.

The Inventory Management module works in an integrated manner with many modules in the system to achieve accurate stock updating and evaluation process. Movement of inventory from various modules like purchase, sales item receipt, packing and despatch will have direct implication on inventory management. Inventory value at any point can be obtained from inventory management.