CRM extends beyond the traditional CRM functions and supports complete sales cycle management by integrating Inventory Management features. These include Servieces, Price Books, Vendors, Sales Orders,Quotes, and Invoices, along with the Sales related modules, such as Leads, Accounts & Contacts, and Opportunities.
With the CRM Inventory Management features you can achieve seamless integration between pre-sales and post-sales accounting activities in a single application. In addition, you can also procure goods or services from the selected list of vendor
In CRM, you can create products by:
Note
You can create individual products by:
To understand the defined standard fields in the Products module, click here.
To create products individually
To clone products
You can create a 360-degree view of the product to display all the associated details, such as products, trouble tickets, open activities, history of the completed activities, attachments, and notes.
In the Product Details page, you can update the following:
In a typical business scenario, there is a lag between the time at which the stock is ordered and the time at which the stock is received. To handle this case, we have a Reorder Level for the products. Reorder level of the product is the point at which a new order is to be placed for the supply of products.
The reorder level is set so that products are purchased before the company runs out of stock to sell. It is always set as a number higher than zero, based on the time taken to receive the goods. In CRM, you can set the reorder level for each product and generate the purchase order for the products below the reorder level.
To generate PO for records below reorder level
A product may have multiple list prices that need to be updated often. You can edit them at any time.
To update list prices
The details of product quantity in the Stock Information section are updated automatically with reference to the sales order and purchase order and invoice. Following is the logic behind the automatic updates.
Quantity in Stock
Quantity in stock changes with respect to Invoice & Purchase Order
Quantity in Demand:
Quantity Ordered:
Example:
Following is an example that shows you how the quantity values vary at different stages for a given scenario.
You run a furniture business. You have 10 arm chairs in stock. Your have no sales order or purchase order. In that case, your quantity in stock would be 10, while your quantity in demand and quantity ordered would be 0.
You receive a sales order (created) for 4 chairs. Now, the quantity in demand increases. The stock information would be:
You create a purchase order for 5 chairs. This will result in an increase in the quantity ordered.
You deliver your the sales order for 4 chairs and create an invoice for the same. Here, your quantity in stock and quantity in demand decrease accordingly.
Your purchase order for 5 chairs has been delivered and your stock fills up again.
The stock flow is thus automated as you update sales order, purchase order and invoice details.