What is Inventory Movement?
Inventory movement refers to the flow of goods or products within a business's supply chain or warehouse. It involves the tracking and management of inventory as it moves from the manufacturer to distributors, retailers, and ultimately to the end customer. The goal of managing inventory movement is to ensure that products are available when and where they are needed while minimizing excess stock and associated carrying costs.
Why do we need Inventory Movement?
Operational Efficiency: Monitoring inventory movement helps in streamlining operational processes. It enables businesses to identify inefficiencies, bottlenecks, and areas for improvement in the supply chain, leading to more efficient and cost-effective operations.
Compliance and Regulatory Requirements: In certain industries, accurate tracking of inventory movement is necessary to comply with regulatory standards. This includes tracking the movement of products with expiration dates, ensuring proper storage conditions, and meeting reporting requirements.
Preventing Theft and Losses: Continuous tracking of inventory movement helps in identifying discrepancies and anomalies. This is crucial for detecting and preventing theft, losses, or other issues that may occur during the handling and transportation of goods.
In summary, tracking inventory movement is a key practice for businesses to maintain operational efficiency, control costs, meet customer expectations, and make informed strategic decisions. It is a critical element of effective supply chain management.
How to manage the inventory movements in RMS?
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In this list, you can see all the inventory movements belonging to the current source with some important information such as the New Qty of a product after an action makes changes to the qty on hand of that product, the Action Type (the type of the action that creates the inventory movement of a product), the Action Details (show the details of the action that creates the inventory movement of a product).