30 Nov Inventory Management with Triumph ERP
One of the biggest differences between an ERP system, like Triumph ERP, and an accounting system, like MYOB or Xero, is inventory management.
Triumph ERP software has all the tools you need to completely manage your company’s inventory and warehouse operations. With eight Inventory Modules, Triumph ERP offers powerful inventory management in one integrated ERP software system.
Whether you are a retailer, wholesaler, or manufacturer, with one or more locations, Triumph ERP has you covered.
Powerful connections make Triumph ERP’s Inventory Module the easy way to manage your stock investment. Triumph ERP offers up-to six different levels of pricing with the ability to manage your discount structures by customer or product groups.
Triumph ERP’s Inventory Module also includes automatic reordering either by economic order quantities or maximum reorder levels.
Multi Location Stock
Selling or manufacturing stock from multiple locations or stores couldn’t be easier with Triumph ERP’s Multi Location Stock Module. The Multi Location Stock Module allows for each location or store to have its own items, quality, costs, and prices, with the ability to do their own stocktake.
Stock enquiries, profit and loss reports, sales reports, and other inventory reports can be consolidated or reported by location. Bank deposits can be produced location by location, updating one or multiple bank accounts.
Stock can easily be transferred between locations with greater control given with the Stock Transfer Module.
Stock Transfer Module
Triumph ERP’s Stock Transfer Module allows companies with multiple holdings of stock at different physical locations to simply and easily transfer stock when and where it’s needed. This included stock transfer between two stores, or between a warehouse and a store.
Stock transfer request can come from many places in Triumph ERP. For example inventory reorder reports, sales orders, point of sales orders, and manual stock transfers. The system will pickup if there is stock in the warehouse or at another location, and will initiate the transfer. You can even request that the warehouse deliver direct to the customer.
When goods are transferred from the warehouse to another location, a stock receipt is created. The stock receipt can identify the transfer out and in orders and which goods are in transit.
Triumph ERP’s Manufacturers Catalogue is the easy way to work with tens of thousands or even hundreds of thousands of different stock items without killing your system. The Manufactures Catalogue Modules sits alongside the Inventory Module as a storage system for stock items available by chosen manufacturers.
Manufacturers Catalogue works by informing the system when a product is available by a manufacturer when it doesn’t already exist in your inventory. In some cases, there might be multiple alternative items available. Once you have chosen the best matched item, a part number will be automatically created in Triumph ERP. You will then be able to use the part number to continue with the purchase, sale, or required function in any Triumph ERP Module.
- Make stock-take a breeze with the latest mobile scanning technology
- Increase efficiency, accuracy, and control with a fully-integrated system
- Make better business decision with real-time inventory information
Managing stock on behave of a third-party no longer has to be a burden. With Triumph ERP’s Consignment Stock Module, consignment stock has its own quantity and is costed independently. This gives you the ability to take full control of your managed stock by separating consignment stock from your own stock holdings.
As Triumph ERP is a fully integrated system, most stock functions across the available inventory modules work transparently with the Consignment Stock Modules. For example, sales orders, picking delivery, invoicing, and transfers.
Consignment Stock gives you the ability to request and receipt stock from third-party suppliers, revalue consignment stock holdings, and make adjustments. The system will also automatically allocate consignment stock after an order is placed.
Agent Consignment Stock
Triumph ERP’s Agent Consignment Sock Module enables companies to easily manage stock they have consigned to agents. It allows you to know precisely how much stock each agent has and the value of that stock.
It also allows your agents to:
- Request consignment stock
- Receive stock in on consignment
- Report sales of consignment stock
- Forecast monthly sales figures
This is done through a web interface that directly connects to Triumph ERP. Each agent has their own stock listing on the web that they can easily filter by supplier, product group, or partial description.
In highly competitive industries, it’s important that you keep your customers happy. A lack of flexibility to customise pricing may result in your best customers walking out the door. While the Triumph ERP Inventory module does allow you to change prices and offer discounts, it leaves you little room to tailor-make pricing for customers. Triumph ERP’s Special Pricing Module gives you the ability to negotiate special prices with your best customers, as well as attract new customers with short-term promotions.
The Special Pricing module categorises prices in two ways – a negotiated price and a promotional price. Negotiated prices are prices given to specific customers without acknowledgement of percentage discount. Whilst, promotional prices are determined by a percentage discount of the original price.
To supplement the six levels of pricing, you can create an unlimited number of pricing combinations. Whether it’s a negotiated price or a promotional price, the Special Pricing module puts all your customers and special prices right at your fingertips.
Bill of Materials
Triumph ERP’s Bill of Materials Module is dependent on and fully integrated with the Inventory Module, to allow you to keep control over components for manufacturing. With the Bill of Materials Module, a single bill can have any number or components. For example a stock item, another Bill of Material, or as labour component.
The cost of the Bill is dynamically calculated whenever an assemble or disassemble function, or an inquiry is carried out. A Bill of Material is easy to define, enter and maintain and any number of different items may be simultaneously assembled or disassembled. Whenever a Bill of Materials is requisitioned to a job, the system can optionally break down the Bill into each component as it is requisitioned to the job. All entries are automatically reflected in the Inventory module and a transaction audit report can be produced showing all assemblies and disassembles for the period.