Inventory is the quantity of a particular product that is available for sale. Inventory tracking can help you avoid selling products that have run out of stock or let you know when you need to order or make more of your product.
MyLogiwa's inventory screen and management method are created to avoid consequences of poor inventory management.
Before you read the article, we highly recommend you watch the demo.
At first glance on the screen, you will see:
An image of your product: It helps differentiate the products easily
Descriptors of your product: They help you remember the properties of your product
Quantities of your product: They show you how many are in stock and how many ready to sell
Informatives of your product: They help you understand which type of product sells more
3 operation buttons: They let you interfere with your inventory easily with adding, removing or adjusting types
MyLogiwa adjusts your inventory automatically considering your purchase orders and shipment orders.
When you receive products from your supplier, MyLogiwa increases the number of products that you have available in your inventory, which means that you don’t need to update it manually.
When you create a shipment order, MyLogiwa reserves the quantity of the product from the inventory of the product for the order. To reserve, the inventory level of the product should be adequate otherwise MyLogiwa will not reserve the quantity to avoid you selling products that have run out of stock.
When you ship a shipment order, MyLogiwa decreases the number of products from your inventory, which means that you don’t need to update it manually. Shipping an order means that you physically send the orders to your customers. In this case, you will see a decrease both Available Quantity and Total Quantity.
Total Quantity: This is the quantity you have in your stock physically.
Available Quantity: The available quantity excludes the existing shipment orders that have not been delivered, allowing you to know the leftover figure available for your upcoming sales.
Total Quantity - Available Quantity: The gap between these quantities indicates the quantity of the existing shipment orders that have not been delivered, providing you with another level of projection on how many upcoming shipments are expected from your shipment orders.
Screen has 3 main operation buttons for adding, removing or adjusting movements.
Add Inventory: The button basically runs a plus function. When you add inventory by Add Inventory button, it increases the Total Quantity by adding the quantity you've typed.
Remove Inventory: The button basically runs an extraction function. When you remove inventory by Remove Inventory button, it decreases the Total Quantity by removing the quantity you've typed.
Adjust: The button is the changer of your inventory level. When you Adjust your inventory, it changes the Total Quantity to the quantity what you've typed. If your adjustment quantity is bigger then the Total Quantity, it means that your inventory is increasing. MyLogiwa calls that a Positive Adjustment. If your adjustment quantity is lesser then the Total Quantity, it means that your inventory is decreasing. MyLogiwa calls that a Negative Adjustment.
Inventory is the base of your process, every operation depends on the inventory to succeed, and the operations affect your inventory level.
Shipment Orderand Fulfillment Pipeline screens are directly related with Inventory Screen. When you create a shipment order, it feeds data from Inventory. Shipment order's status depends on whether there is enough inventory or not. If the Available Quantity is enough to fulfill the order, the order is created with Ready To Pack status. If your inventory level doesn't cover the order, then the order is in Shortage.
Do you want to see some examples of how is the relation works with between quantities and screens? We highly recommend you read this elaborate article about inventory movements.