Inventory Management


The Inventory Management module in Priority ERP is designed to provide organizations with the tools they need to efficiently manage their stock levels, optimize inventory costs, and ensure timely fulfilment of customer orders. This module is central to operations for businesses that deal with physical goods, as it impacts both the efficiency of the supply chain and customer satisfaction.

The Inventory module allows for firm control and detailed tracking of inventory on all levels, including plant-floor inventory.

  • Part Management - Part maintenance is one of the cornerstones of inventory control. In Priority, you can record a vast amount of information about the part, including attributes, parameters and relationships that form the basis for usage of the part throughout the system’s modules.
  • Units of measure - For each part, you can maintain two separate units of measure. Notwithstanding, parts can be purchased in a 3rd unit of measure depending on the vendor.
  • Part Specifications - You can record a list of up to twenty specs for each part in the Part Catalogue. The Part Specs Work Area can also be used to combine various specifications in order to create new sets of parts, whose catalogue numbers and/or descriptions are generated automatically on the basis of their component specs.
  • Bill of Materials - Priority supports a multi-level bill of materials (BOM) covering the entire processing of a given part, from raw materials through sub-assemblies to the finished product.
  • Inventory Control Parameters - Priority enables you to maintain a variety of parameters that dictate inventory control policies for parts. These parameters allow you to plan and track inventory levels — information needed both by purchase planning and to locate standing inventory (e.g., WIP in a closed work order)
      • They include:
    • Safety stock level
    • Percentage of order tolerance for both received and shipped goods
    • Close order tolerance, either as a percentage or set value
    • Period in effect (affecting expiration dates)
    • Lead times (i.e., average lead times for purchase planning,compressed lead time for production planning)
    • Minimum order quantities
    • Replenishment type (dynamic, based on orders, versus fixed, userdesignated).
    • Minimum and increment for replenishment of consignment warehouses
  • Alternate Parts - Priority allows you to record purchase and sales orders for non-inventory parts (i.e., parts that are generally ordered on a one-time basis and for which inventory is not maintained, such as types of services).
  • Non Inventory Parts - You can view all open purchase orders and order items, according to a variety of criteria. For instance, you can view due dates, anticipated on-hand dates and projected payment dates, thus identifying any supply delays. In addition, a log displays changes made to purchase orders items.
  • Warehouses - Priority provides three predefined warehouses:
    • Flr – the plant floor
    • Main – a regular factory warehouse
    • Outl – a factory outlet

      • Each of these warehouses represents one of three basic types:

    • Type F – any plant floor warehouse (divided into work cells)
    • Type D – any regular warehouse, containing inventory that is taken into account during production planning, MRP and purchase planning
    • Type W – any warehouse storing goods that are not taken intoaccount during planning (e.g., a factory outlet).
  • Quality Assurance and Expiration Dates - Raw materials that are subject to quality control (i.e., those with a testable entry status) must undergo laboratory tests before they can be used in production
  • Certificates of Analysis (COA) - The results received from the various tests determine whether or not a part meets the required standards. The resulting COA document accompanies the inventory transaction or production report in which the goods were first recorded.
  • Inventory Transactions - Inventory transactions in Priority can be classified into five major groups:
    • Sales inventory transactions: Customer Shipments, Customer Returns, Packing Slips and Bills of Lading
    • Purchase inventory transactions: Goods Receiving Voucher, Returns to Vendors, Bonded Warehouses, Subcontractors
    • Warehouse inventory transactions: Warehouse Transfers, Warehouse Assembly, Inventory Conversions Inventory Disposal
    • Plant-floor transactions: Plant-Floor Transactions, Issues Plan, Issue to Kits, Manual Issues, Issue of Supplies, Backflush(Maintenance of WIP),
    • Inventory counts.
  • Label Interface - Priority allows you to use Bartender to produce labels containing information from the system's database