Clocktos ERP Unique Modules Inventory Management

Inventory Tracking:

• Real-time Tracking: Clocktos ERP provides real-time visibility into inventory levels, allowing organizations to monitor stock movements, update inventory counts, and track inventory status across multiple locations.
• Barcode and RFID Integration: The module supports barcode and RFID technology for efficient inventory identification and tracking. By scanning barcodes or RFID tags, users can quickly locate inventory items, reducing manual errors and streamlining operations.
• Batch and Serial Number Tracking: Clocktos ERP enables organizations to track inventory by batch numbers or serial numbers, facilitating traceability and recall management. This feature is particularly useful in industries with strict regulatory requirements, such as pharmaceuticals and electronics.

Supplier Management:

• Supplier Database: Clocktos ERP maintains a centralized database of suppliers, storing essential information such as contact details, contract terms, and performance metrics. This allows organizations to manage supplier relationships more effectively and negotiate favorable terms.
• Purchase Order Management: The module automates the purchase order process, from requisition to approval to generation. Users can create purchase orders, track order status, and manage supplier communications within the system, reducing paperwork and manual errors.
• Supplier Performance Evaluation: Clocktos ERP enables organizations to evaluate supplier performance based on predefined criteria such as delivery timeliness, product quality, and responsiveness. This helps identify top-performing suppliers and address performance issues proactively.

Procurement Automation:

• Requisition Management: Clocktos ERP streamlines the requisition process by providing users with customizable requisition forms and approval workflows. Users can submit purchase requests, specify item details, and route requests for approval based on predefined rules.
• Purchase Order Processing: The module automates the generation and processing of purchase orders, ensuring accurate order placement and timely supplier communication. Users can create POs, track order status, and manage changes or cancellations seamlessly.
• Invoice Verification: Clocktos ERP facilitates invoice verification and reconciliation by matching received invoices with corresponding purchase orders and goods receipts. Automated three-way matching ensures accuracy and compliance with payment terms, reducing the risk of errors and discrepancies.

Inventory Optimization:

• Demand Forecasting: Clocktos ERP incorporates advanced demand forecasting algorithms to predict future inventory requirements based on historical sales data, market trends, and seasonality. By analyzing demand patterns and trends, organizations can optimize inventory levels, reduce stockouts, and minimize excess inventory holding costs.
• Reorder Point Planning: The module allows organizations to set reorder points and safety stock levels for each inventory item based on demand variability and lead times. Automatic replenishment triggers ensure that inventory levels are replenished in a timely manner, preventing stockouts and disruptions to operations.
• Inventory Turnover Analysis: Clocktos ERP provides insights into inventory turnover rates, helping organizations identify slow-moving or obsolete inventory items. By analyzing inventory turnover metrics, organizations can make informed decisions about inventory management, pricing strategies, and product lifecycle management.