A stockroom in Inventory Management refers to a storage area or a designated space where goods or inventory are kept before they are sold or used.
It is a critical component of an inventory system and plays a vital role in ensuring that the right products are available in the right quantities at the right time. This designated space can be a warehouse or a vehicle (which is used to move the stock).
Physically, stockrooms are used for storing and securing your stock from damage and pilferage. Inventory Management applications have digitized the management of stock. These systems help you with organization, tracking, rotation, receiving and shipping, and stock replenishment.
Effective stock management helps businesses meet customer demands, minimize stockouts or overstocks, and ultimately contribute to the overall efficiency of the supply chain.
Stockroom in Vtiger CRM
Vtiger’s Stockroom Add-on aids you in tracking and managing product stock at different locations – like the stock in warehouses and your vehicles. These stockrooms can belong to your company or your distributors.
You can record the incoming and outgoing movements of products quite easily. For example, when new inventory is received or when products are sold or transferred between locations.
Currently, Stockroom is available for the One Enterprise edition in Vtiger CRM. Users of this edition can install Stockroom from the Add-ons page in Vtiger CRM at $195 per instance.
Key Components of Vtiger Stockroom
Listed below are several key features of Vtiger Stockroom that help you manage your stock transfers efficiently.
Managing the stock in the warehouse and your vans is easy since Vtiger provides two Stockroom types:
- Warehouse – With this Stockroom Type, you can keep track of stock levels and transfers between warehouses and maintain separate records for each location’s inventory.
- Van – With this Stockroom Type, you can manage a subset of inventory items handled by mobile sales teams or delivery vehicles. Since these teams often carry products to sell or deliver directly to customers, the Van Stockroom Type helps keep track of the stock available in each van or with each salesperson. The Van Stockroom record lists products available in the warehouse to which the Van is related (or Van Stockroom is created).
- The Primary Stockroom is the default Stockroom. It contains all the products listed in the Products module of the CRM and also the Quantity in Stock value (from the Products module).
- When you install the Stockroom add-on, products available in the Products module are automatically added to the Primary Stockroom. This helps you use the latest product data in a Warehouse or a Van Stockroom type.
Stock Transfer (Multi-Warehouse Support)
- A Stock Transfer, or an inventory transfer, moves goods, products, or materials between stockrooms.
- This feature facilitates the transfer of product stocks from one warehouse to another.
Partner – Distributor
- Partners and Distributors are critical for in-stock operations. They can also use the Stockroom feature.
- While adding the Stockroom record, you can choose the distributor. When a distributor is chosen, you can select only those warehouses the distributor handles. If a value is present in the Distributor field within a Stockroom, you can initiate a Stock Transfer between warehouses or stockrooms belonging to the same distributor.
- Stockroom integrates with sales and purchase order functionalities to help manage the stock levels based on sales and purchase transactions.
- Using the Stockroom feature, you can link or create an Invoice, Sales Order, and Purchase Order.
Reports and Analytics
- The Stockroom offers various reports and analytics related to inventory, such as stock levels, product performance, and reorder points.
How does the Stockroom feature work
Here is how the Stockroom feature works.
- Once you install the Stockroom Add-on, the Stockroom and Stock Transfer modules will be under Inventory in the CRM.
- The Stockroom field is available as a mandatory field in all Inventory modules (including Add-ons like Delivery Notes, Receipt Notes, Sales Receipts, and Purchase Receipts).
- All existing products (from the Products module) get copied to the Primary Stockroom.
- Also, any new product you add will also be added to the Primary Stockroom.
- You can create a Stock Transfer record quite easily once you have all this information available.
- You can add details like the product to be transferred, quantity, stockroom type, location, etc.
- You can also add different statuses to your Stock Transfer – Initiated, Dispatched, Received, or Cancelled.
Once you initiate or dispatch stock, the incoming stock quantity is updated at the receiver’s end. The available or quantity in stock at the sender’s end will be reduced to reflect the numbers.
Remember the following while using the Stockroom feature:
- All products must be transferred from the Primary Stockroom to other Stockrooms before using them.
- You can create a hierarchy of stockrooms can be created.
- You have to associate each Van with a Warehouse.
Actions possible with the Stockroom feature
- Add Stockroom records with details such as the Parent Stockroom, Stockroom Type, and Name. You can also select a distributor if required.
- Add Stock Trasfer details after you create a Stockroom record. You can add details like the destination Stockroom, the status of the Stock Transfer, Products, etc.
- Use the List, Summary, and Details Views to view Stockroom records and their details.
Benefits of using Vtiger Stockroom
The following are the benefits of Stockroom:
- Easy Management of Stock Transfer – You can quickly transfer stocks from one warehouse to another, from a warehouse to a van, etc.
- Effective Inventory Management – The Stockroom feature enables you to track stock levels, product availability, and replenishments from a single platform.
- Better Inventory Tracking – You can track inventory levels at various warehouses to stay informed on product availability. Proper stock tracking at each location results in increased sales.
- Real-time Stock Insights – You can generate reports that will help you analyze the stock’s performance, stock levels, and movement. They will help you provide quicker deliveries and on-time replenishments, and reduce shipping costs.
- Improved Sales and Customer Service – With improved stock visibility, you can track stock and stock movement across different physical warehouses as well as vans. This feature also helps prevent stockouts and overstocking, improving delivery, customer service, and profitability.
Would you like to ensure that your field sales and van sales teams have stock visibility in real time?