What is meant by Material group management?
"Product group management" refers to the structured organization and categorization of products within a company or organization. The aim is to enable efficient management and control of the product portfolio, optimizing processes such as procurement, inventory management, sales, and reporting.
Typical software functions in the area of "product group management":
- Categorization: Structuring products into hierarchical categories and subcategories.
- Attribute management: Capturing and managing attribute information related to products, such as dimensions, weight, manufacturer.
- Inventory management: Monitoring and managing inventory levels for each product group.
- Pricing: Managing prices and pricing rules for products across different product groups.
- Procurement planning: Planning and controlling procurement based on the needs of product groups.
- Sales planning: Planning and forecasting sales performance for products within different product groups.
- Reporting: Generating reports and analyses on sales, inventory, and other relevant metrics at the product group level.