INVENTORY MANAGEMENT

As a comprehensive ERP solution, Centerprism fully addresses Inventory Management operations with forecasting tools designed to allow you to streamline purchasing while increasing stock turns and service levels. Centerprism’s Replenishment Tool leverages item sales history along with product ranking, item transfers, and back ordered allocation to create optimized inventory levels. Centerprism’s PrismView™ and PrismSummaries™ item information analysis, alerts, and tighter integration to the item maintenance screens and allows quick access to critical information. Centerprism expands functionality with additional tables to accommodate Item Catalogs, Alternative, Equivalent, and Complimentary items, Kits & Assemblies, and Competitor information stored in the item maintenance screen.

FORECASTING

This Prism Forecaster™ is an item replenishment tool that allows our users to be able to predict stocking levels required to maintain appropriate service levels based on factors such as sales history, vendor lead time, safety stock, item popularity, and customer buying patterns. Additional parameters are available with built-in models that can easily be deployed. The key to optimum inventory management is to strive to maintain high service levels (no out-of-stocks) while keeping inventory costs low. The Just-in-time inventory management concept is the goal which is achieved by keeping only what stock you need each week to meet your customer’s demand.

Inventory Management Forecasting Features:

  • Ability to create custom stocking plans based on a variety of factors such as stocking levels, item product ranking, and vendor requirements
  • Reorder points for each item automatically change based on customer sales history
  • Different calculation models can be used and assigned to different items based on a variety of factors
  • A Purchase Advisor report can be run to show the effect of an order point recalculation before and after the order point field is updated for each item record
  • Exceptions, sales spikes, or temporary projects can be filtered out of sales history calculations in order to ensure order point accuracy
  • Different scenarios can be tried with different service level values in order to optimize stocking levels
  • Sales history date ranges can be changed to accommodate unique customer needs

 

CATALOG MANAGEMENT

This Centerprism solution gives the User the ability to store items not typically stocked in the warehouse to a separate database for retrieval at order entry. Our Users can search the item catalog simultaneously with the regular item database. Catalogs are an ideal tool for keeping consistent pricing and item information for special order, rental or repair items.

Catalog Management Features:

  • Ability to create multiple catalogs (example: catalogs by a vendor)
  • Ability to move catalog items to a regular item database
  • Catalog screen allows the user to store multiple cost fields along with key item fields such as list price, margin, vendor information, UOM, multiple descriptions, and user-defined fields
  • At Order Entry, the system auto searches item catalog when this item is not found in the item database. Also, users can enter a non-inventory item
  • In Order History Views, catalog and regular items are color differentiated
  • Order history analytics by the customer is tracked to help determine if items should be ordered for warehouse

ALTERNATIVES & EQUIVALENTS

This Centerprism feature of Inventory Management gives the user the ability to offer substitute items to a customer for a product item that is unavailable. Equivalent items are identical items offered by different vendors. Alternate items are similar items that serve the same function even though they may differ slightly in make or design. Both tables are stored in the main item maintenance screen.

Alternatives & Equivalents Features:

  • Alert pop-up displays for items that have an assigned Alternate or Equivalent item
  • List of all Alternate and/or Equivalent items are available at the order entry screen along with quantities, cost, pricing and vendor information
  • Product item history is available
  • Add substituted item to an order with one click
  • Complimentary Item Table is also available to each item

KITS & ASSEMBLIES

This functionality allows items to be combined into unique inventory SKU to be sold as a single entity at order entry.  Kits or assemblies can be combined as they are sold at order entry to pre-made to stock.  If pre-made to stock is selected, the component item’s quantity on hand will be subtracted and QOH of the kit or assembly SKU is.

Kits & Assemblies Features:

  • Pricing for Kit or Assembly can be calculated as an independent component cost
  • Work Orders can be created in order to give instructions to the warehouse
  • The report shows how many assemblies can be made with current component quantities
  • Kits can include other kits
  • At Order Entry, Kit components can be interchanged and pricing recalculated
  • At Order Entry, if a kit is entered more than once, the group of components will be color-coded to differentiate from other like kits
  • Kits can be sold without pre-assembly
  • Quantity on hand for components can be adjusted at order entry
  • Assemblies can be pre-assembled SKUs and become a unique item with QOH tracking
  • A disassemble process allows assembly component quantities to be put back into stock

A dedicated ERP system has proven to increase the average inventory turn ratio by 2.9x. A Grant Thornton study reports an average industry inventory turn of 4x annually, which means that Centerprism customers have the potential for a 62% increase in inventory turnover.

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