CyberSTARS successfully completes "intra-branch inventory management system" based on Odoo ERP to a chain of schools and colleges in Pakistan.
Intra-branch inventory refers to transfer of goods or products between different branches of the same company or organization. It involves selling and purchasing goods internally within the company's various branches or locations.
Our engineers were able to redefine the client's complex requirements and shape all the complexities into standard business workflows.
Here's an example to illustrate how intra-branch inventory through sale and purchase works:
Let's say a company has multiple branches located in different cities. Branch A has excess inventory of a particular product, while Branch B requires more of that product to meet customer demand. Instead of purchasing the product from an external supplier, the company can transfer the product from Branch A to Branch B internally.
The process typically involves the following steps:
- Identification of inventory needs: The branch requiring additional inventory identifies its requirements and communicates them to the branch with excess inventory.
- Agreement on pricing: The branches negotiate and agree on the pricing for the transfer of goods. This pricing can be based on the cost of the goods or any internal pricing mechanism established by the company.
- Transfer of goods: Once the pricing is agreed upon, the branches initiate the transfer of goods. This may involve creating internal purchase and sale orders within the company's inventory management system.
- Documentation and accounting: Both branches generate the necessary documentation to record the transfer of goods. This includes invoices, receipts, and other relevant records. The accounting department ensures that the inventory transfer is accurately reflected in the company's financial statements.
- Inventory adjustment: After the transfer is complete, both branches update their inventory records to reflect the change in stock levels. Branch A will decrease its inventory quantity, while Branch B will increase its inventory quantity.
- Reporting and analysis: The company's management may analyze the intra-branch inventory transfers to track patterns, optimize inventory management, and make strategic decisions.
By utilizing intra-branch inventory through sale and purchase, companies can optimize their inventory levels, reduce costs associated with external procurement, and efficiently allocate resources among their branches or locations. It also helps in maintaining consistent product availability across different branches.