Pakk Academy
  • Welcome to the Pakk Academy
  • School of ERP
    • Introduction to ERP Systems
    • Purchasing and Demand Planning
      • Demand Planning
      • Suppliers
      • Purchase Orders
    • Sales Order Process
      • Line Concepts: VAT, Discounts, and More
      • Commitment of Stock
      • Dispatch Process
    • Invoicing and Payments
      • Generating Invoices
      • Handling Credit Notes
      • Managing Payments
      • Payment Disputes and Adjustments
    • Inventory Management
      • Stock Movements and Adjustments
      • Stock-Takes and Cycle Counting
      • Managing Stock Levels
      • Handling Overstock and Deadstock
    • Bookkeeping and Accounting
      • Recording Transactions
      • Reconciling Accounts
      • Financial Reporting
      • VAT Reporting and Compliance
    • Integrating Business Functions
    • Practical ERP Workflow Examples
      • Purchase-to-Pay Process
      • Order-to-Cash Process
      • Inventory Lifecycle Example
    • Best Practices
  • eCommerce Advice and Tips
    • New Store Owners Have the Wrong Priorities
  • eCommerce Launch Mega Checklist
    • Shipping
    • Payment
    • Customer Service and Information
    • Reviews
    • Legal and Compliance
    • Design, Site Function and Brand Message
    • Product Discoverability
    • SEO/Webmaster/Analytics
    • Merchandising and Content
  • The Maths of eCommerce
    • Markups and Margins
    • VAT Rounding
    • Stock Ordering Maths
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  1. School of ERP

Inventory Management

Inventory management is the process of overseeing the flow of goods into and out of your warehouse. It ensures that the right quantities of products are available to meet demand while minimizing excess stock and reducing holding costs. An ERP system helps businesses maintain optimal stock levels by tracking all inventory transactions in real-time.

Types of Inventory:

  • Raw Materials: Items that will be used to create finished goods.

  • Finished Goods: Products that are ready for sale to customers.

  • Work in Progress (WIP): Goods that are in the process of being manufactured but are not yet finished.

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Last updated 7 months ago