Automating inventory-related operations can simplify your buy special number list tasks and save you valuable time tracking and organizing them. It will also help you ensure that you have the right products in the right quantities at the right time. Automating inventory management allows companies to streamline their processes and improve efficiency.
Now, how do you automate inventory management with CRM?
With the Vtiger Inventory Add-On feature, you can simplify your order management with the help of various Vtiger Inventory modules. And they are:
Sales Orders (SO): A formal document sent to a buyer by a seller confirming the sale of goods and services. A sales order must contain all the important details such as delivery date, delivery address, payment method, etc. Companies maintain an internal document to track the number of orders they can fulfill.
Purchase Orders (PO): A formal document sent by a buyer to a seller stating the number of items you wish to purchase, the quantity, the agreed upon price, etc.
Invoices: Payments that must be made to the seller after goods and services are received. It can be generated from the software.
Invoices: A non-negotiable statement issued to the customer states the quantity of goods purchased. The customer makes payment upon receipt of the invoice.
Credit Notes: When a customer is dissatisfied with a product or finds some defects, a credit note can be created on the invoice or refund. This is the amount that needs to be returned to the customer.
Consignment Notes: A document stating the list and quantity of products ordered by customers. Sent when goods and services are shipped. The consignment note must indicate the name and contact details of the buyer and seller, the date of issue and delivery, etc. It can be generated from the SC.
Receiving Notes: An internal document created as proof of receipt of goods after delivery has been verified (e.g. from a supplier) for processing and matching against your purchase orders.
Sales Return: This is a return of sold goods from customers. It can be created from invoices and the quantity of products will be automatically updated in the Products module.
Return of goods: When a buyer returns goods and services to a seller. It can be created from a receipt.
Stock Adjustment: Stock adjustment module in CRM. It is updated when the stock quantity increases or decreases automatically.
Stock Reservation: This allows you to reserve stock from a sale. Your customers may ask you to reserve an item for them in case of an emergency.
Let's look at the usage of all these modules by looking at a business use case.
Vtiger Inventory Add-On, a simplified inventory management system
Vtiger Inventory Add-On is mainly useful for manufacturing, retail, e-commerce, etc. and will help them manage their business operations effectively.
Let's look at the example below.
Crimson is a company that sells electronic goods worldwide. Samson, the owner of the business, must buy electronics wholesale from a retailer and sell them to customers.
Let's look at different scenarios to understand how Vtiger Inventory Add-On modules can help Samson automate his ordering and purchasing processes.
Purchasing goods from a seller
If Samson wants to purchase 200 computers from a supplier, he can create a purchase order with all the necessary details and send it to the supplier. Once the goods are received, the purchase order status will be automatically updated and a receipt notification can be generated.
The receipt note will help Samson to check the item list with the placed order. He can contact the seller immediately if there is a discrepancy between the placed and received order. An invoice can be generated from the purchase order and he can pay the seller. The invoice status will be updated after payment.
Sale of goods to the buyer
One of his clients Premium Computers located in Australia ordered 20 computers. He can create a sales order and send it to the client. The sales order guarantees the client that the order placed will be delivered to him without fail.
When the product is shipped, a delivery note may be sent out detailing the product. Once the order is delivered, the customer may be invoiced for online payment.
Return of goods to the seller/vendor
Of the two hundred computers Samson ordered, he realizes that ten are not working and wants to return them to the seller. He can use the Return Purchase module to track the return of purchased items to the seller.
Likewise, the Sales Returns module can track and manage items returned by a customer. To process the return, Samson can use the Credit Notes module to refund the amount received.
Adjustment and reservation of stocks-
With the help of the Inventory Adjustment module, Samson can keep track of the amount of available stock, stock reduction, etc. And if the customer asks him to reserve stock for a certain period, he can do so with the help of the Inventory Reservation module. He can cancel it at any time and make the stock available as per the customer’s requirement.
In addition, Vtiger Inventory has other modules such as price lists for recording product prices in different currencies, templates for creating invoices, bills, etc.
