| # Function: Inventory monitoring In this function, overall inventory accuracy across one or more warehouses is monitored with the registration of inventory transactions and physical inventory procedures. Monitoring is performed on a continuous, periodic, or annual basis. This function is also used to deliver information to Enterprise Planning for consolidation and to the local accounting department for inventory valuation. This function is used to monitor the level of stock or items used to support the following: Production: Raw materials and work-in-process items. Supporting activities: Maintenance, repair, and operating supplies. Customer service: Finished goods and spare parts. Process: Monitor Inventory Process: Monitor inventory (code: MIM01a) The objective of this process is to obtain a helicopter view of all inventory in the warehouses. You can also see all planned inventory movements and what inventory is already committed to orders. You can perform monitoring on a continuous or periodical basis. If any action is required, based on what is monitored here, the action must be initiated through one of the other functions in inventory management or warehouse management. If, for example, an inventory shortage is foreseen in some warehouse, you can initiate a stock replenishment through the sourcing function ( Function: Sourcing). Assumptions: No assumptions apply in this case. IT support: LN Warehouse Management, Items, and Warehouses |