Importance of GRN capabilities in an ERP Software
Modern businesses look for ERP solutions to streamline their businesses to improve business efficiency. For businesses dealing with material management, an ERP Software Material Inspection and Receipt Note functionality adds tremendous value when it comes to GRN and material inspection.
Significance of GRN
Firstly, Goods Receipt Note or GRN is the document that could be raised whenever goods are physically collected in a storage area or warehouse or any specific destination.
Whenever a mid-sized or large enterprise has a requirement of goods, their procurement team releases a purchase order to place an order for the goods. The Receipt Note becomes a document of proof when the order is received by an authorised personnel at the recipient’s location. The order specification such as the quantity and description of the goods is clearly recorded in the receipt note.
Every company has their own way of managing receipts. Reporting needs also vary from one business to another. So, details of goods need to be documented accordingly. Additionally, it is an essential document for payments when vendors raise their invoices. Materials that are inspected for quality and accepted or returned due to rejection also need to be documented.
Impact of GRN automation with ERP software
Earlier, physical receipt notes were signed by one or more authorized officers at the warehouse or storage area. There were many inefficiencies in the physical receipt notes that were used for materials management. The standard automated software is a good place to start but have limitations when it came to solving business-specific challenges.
Through a well-implemented ERP platform, GRN can be managed digitally with real-time tracking of goods. There is no scope of loss of records due to damaged or lost physical receipts. Material inspection notes with the digitally signed acceptance or rejection records by authorised inspectors make return of damaged or unapproved goods much easier.
With customized ERP for project-based businesses, specific reporting needs of businesses were more effectively fulfilled. Automated document processing in the ERP is used widely across industries because of the convenience, transparency, and cost-efficiency it adds to the entire process of business operations.
Whether it is the procurement of goods within the country or outside the country, a centralised ERP system gives all the necessary details on a single dashboard for senior managers who need quick updates while on the move. Also, materials can be ordered as much as needed with timely approvals and wastage can be avoided through the ERP system.
Whenever goods are received, inspectors get notifications and goods are not held in the process. Any claims or discrepancies can be easily tracked with complete details in an ERP system. Vendor issues can be managed in the ERP portal itself. Most cutting-edge ERPs be it an ERP for construction or for supply chain management, feature a self-managed vendor portal that helps business owners or project managers to take care of vendor profiling, bidding, payments, and complaints.
The ERP not only organises the material management, but it also gives a clear picture of the inflow and outflow of finances to manage payments, refunds, and other accounting data. All the data records in an ERP system can be printed or downloaded as per the needs of the business.
Along with material inspection and receipt note, OMNI SCM ERP offers features such as material requisition, comparative offer statement, stock transfer, cash purchase, subcontractor issue and more. To streamline your supply chain functions, you can discuss the possibilities of the customizable OMNI ERP with ERP experts by calling ________