Consignment Inventory Solution

OmPrompt’s Consignment Inventory Processing Solution brings consignment stock visibility and management to you and your customers; tracking stock levels, automatically replenishing goods, and integrating seamlessly with existing IT.

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Consignment Inventory Processing

As a supplier keen to get your products into major retailers, providing goods on consignment is a proven approach to encourage retailers to trIal a new product within their stores.

However, most standard inventory and ERP applications do not manage consignment stock very well. To get round this, many suppliers rely on a heavily manual, ad-hoc process to manage the consignment side of their supply chain. This often involves relying on email, rather than automated order entry, and manually maintained spreadsheets that live outside the standard ERP.

Not only is this very time consuming, but it also creates many opportunities for errors because the additional transactions necessary for consignment inventory are highly dependent on accurate information sharing. If this process is not monitored closely, suppliers very soon find themselves in a situation where managing and reconciling consignment stock is almost impossible.

How OmPrompt supports consignment stock management

Our Consignment Inventory Order Processing solutions helps suppliers and retailers alike, to track and manage the order to cash consignment inventory process. Instead of relying on email and manually altering stock levels on your ERP, our solution links the supplier and retailer together, responding to the supply and demand levels, with integration with both ERP systems. As a supplier, you are notified when stock needs replenishing, and can do so while keeping your ERP data correct. As a retailer, you don’t have to walk the floor, or check PoS data manually to determine sale levels. All replenishment and return procedures can be agreed, and then automated within the consignment stock frame you and your customer agree on.

Crucially, our solution enables you to set up with little or no IT change, and without adding new, time-consuming manual processes. By integrating with existing IT systems and automating manual consignment inventory data flows, we can provide an easy to adopt and error-free automation solutions to both retailers and suppliers.

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A single, shared visibility solution

When combined with OmPrompt’s Sales Order, Delivery, and Inventory visibility solutions, retailers and suppliers are able to benefit from a shared, complete end-to-end view of the status of the consignment product lines at any one time. Both parties can view any part of the process, from replenishment request, inventory movement, physical inventory holding, customer consumption, billing and returns, in one collaborative solution.

Easy consignment stock management with no IT investment