Materials Management

Enterprise Resource Planning, or ERP, is a valuable tool for tracking and analysing all aspects of a company’s operations. The components of ERP software are crucial. The supply management system is one of the most significant parts of ERP software. Inventory, items, raw materials, completed goods, and material requirements are all tracked by the supply supervisory system. The material management module simplifies supply chain management. Supply Chain can help to ensure that operations and manufacturing processes run smoothly by supplying the right amount of raw materials.

Material management ERP gathers data from other modules via a network of interconnected modules. It generates reports on the requirement for raw materials and the storage of manufactured goods. All of this is made feasible by integrating with sub-modules and other modules. Material management assists the industry in meeting production deadlines and dispatching manufactured goods to their destinations. The material management module uses a unique schema number to handle the needs of numerous manufacturing projects.

The fundamental objectives of the Materials Management function ,often called the famous 5 R’s of Materials Management, are acquisition of materials and services :

  • Of the right quality
  • In the right quantity
  • At the right time
  • From the right source
  • At the right price

ERP for material management simplifies all of a company’s tasks. Material management software from Lighthouse ERP has to get applied in industries, including manufacturing, steel, coal, and cement. Lighthouse ERP’s material management module focuses on the industry’s real-time material requirements. Material management, also known as inventory management, records all inventory reports in real-time so that access material gets not ordered and finances get not wasted. This module has a significant impact on the industry’s working operations.

Materials Management

CorporateServe helps organizations manage material management functions optimally and improving efficiencies by implementing the following components:

  • Price
  • Purchasing
  • Inventory Planning and control
  • Storage and Distribution
  • Maintenance of supply and flow of materials in shop floors
  • Quality Control of Materials
  • Simplification and standardization of materials
  • Supply resources identification
  • Just In Time
  • Profit centre accounting
  • MIS

Material Management Module Features

Material Appraisal

Material management is concerned with the acquisition of raw materials and the storage of finished goods. The value of the material must get documented when acquiring raw material can get forwarded to the finance and accounting module.

The module also monitors the flow of manufactured goods. When the material is shipped, the information about its transit is captured and sent to the ERP software’s logistics module. This task is made simple by the material management module.

The Material Management ERP Software gets designed to meet all of the requirements for material handling. This module also communicates with the ERP software’s quality control module to ensure that the batch’s quality meets industry standards.

 

Management of the Bins

Bin management is a crucial component of the material management module since it gets linked to inventory management. The warehouse allocates bin storage, which then receives the manufactured goods.

Bin management also guarantees that the required quantity is available and not in short supply. During the order fulfillment process, these inventories get organized and stacked in the warehouse. The documents are digitized and labeled for future use.

Bin management also assures whether or not a specific brand is available. If the brand is not available in the bin or inventory, an order must get generated to restock it. That denotes the material management module’s involvement in ERP software.

 

Inventory Control in Multiple Locations

Distribution channels and centers play a role in Supply Chain Management. These distribution networks are frequently spread over multiple states or locales, making them challenging to manage.

The material management module’s multi-location inventory capability simplifies the process of managing inventory across various locations.

Multiple places’ information is centralized and accessible from any geographical location. That makes stock and material management a breeze.

 

Management of the Product Life Cycle

Every product goes through a specific life cycle throughout production. New and creative items are critical to the company’s survival. Analyzing the product’s success rate is crucial.

Product Life Cycle Management helps in determining a new product’s success rate and efficacy. It can also assist in evaluating which goods need to get redesigned to save resources.

Lighthouse ERP is used to keep track of products and analyze them regularly. The program assists the industry in determining which products are profitable and which products sell at a higher rate than others.

Material Management Module Advantages

  • ERP software improves the efficiency of operations, resulting in a reduction in the industry’s overall operational costs.
  • The industry benefits from the central storage of information and records since it reduces paper trails and stacks.
  • The industry benefits from information centralization because it makes it easier to retrieve data and eliminates file and document misplacement.
  • The exchange of data and reports with other modules and sub-modules ensures that operations run smoothly.
  • The assignment of serial/lot numbers to batches of material aids the industry in product tracking.
  • Because raw material shortages may get easily predicted, replenishing raw material stocks becomes a simple task.
  • Supply Chain Management can work more smoothly if the industry has complete knowledge about the item.

Material management, also known as inventory management, is critical to the ERP module’s success. This module works in conjunction with other modules to gather data and generate a complete report on stock replenishment. It also allows for the tracking of created products. Lighthouse ERP builds industry-specific ERP software that helps businesses improve their productivity.

You can cut cycle times, increase process control, generate long-term savings, and create long-term business value by enhancing the overall strategic sourcing process.

Let’s get started

Are you ready for a better, more productive business?

Stop worrying about technology problems. Focus on your business.
Let us provide the support you deserve.

ACT TODAY FOR BETTER TOMORROW

United States

INDIA

Facebook Twitter Instagram Youtube Linkedin

FILL THIS FORM TO GET A FREE CONSULTATION: