Inventory is one of the most critical assets for any manufacturing company. A well-managed inventory system can lead to an increase in working capital, liquidity, and profits.
In contrast, a poorly managed inventory system will lead to funds being tied up in obsolete inventory and lower flexibility levels due to reduced working capital. Balancing inventory is a difficult task as companies are trying to maintain enough stock to respond to changes in demand while reducing costs.
ProcessBuild’s end-to-end inventory management system helps you regain control of your inventory management by preventing stock outs, reducing stock wastage, optimizing material allocation, automating purchasing, tracking material lots, thereby reducing inventory-related. With ProcessBuild, you can:
- Automate reporting and cycle counting
- Create your own set of inventory control rules like Just-in-Time, ABC inventory, etc
- Create a Barcode tracking system
- Batch management & Lot tracking
Inventory Management Module
Improve visibility by managing purchase orders and speed up the inflow of material
Optimize stock allocation and utilization
Reduce COGS by controlling excessive inventory handling
Improve inventory visibility
Trace material consumption and production from raw materials to finished goods
Manage lead time by controlling supply/demand variability
Control inventory velocity
ProcessBuild’s MRP inventory management system helps manage inventory effectively so that stock is available in the right places, in the correct quantity, and at the right time to meet independent and dependent demand.
Connect inventory management with the manufacturing process
ProcessBuild’s MRP system allows you to connect inventory management to all functional areas of the manufacturing process. An integrated inventory management system is critical to understand the relationship between production and supply chain, optimize stock levels and automate database management and forecasting.
Inventory forecasting or demand planning uses past data and trends to calculate the inventory needed in the future to fulfill orders and customer demand. With ProcessBuild’s Inventory Forecasting, you can:
- Create custom forecasts and trend reports
- Improve working capital management by planning future inventory requirements and purchase cycles.
- Calculate stock requirements based on sales velocity
- Calculate reorder points, safety stock, and lead times for future materials requirements.
Predefine Inventory rules
ProcessBuild gives you the freedom to choose your inventory control methods that suit your manufacturing process. You can create a custom inventory control method based on predefined rules or use pre-existing ones such as Just-in-time (JIT), just-in-case (JIC), or ABC inventory control.
- Automate inventory quality controls and identify non-conforming inventory based on expiration dates or use-by dates.
- Create low inventory alerts based on custom inventory levels for each SKU
- Use serialized inventory systems such as First expiring, first-out (FEFO), last in first out (LIFO), or First in First Out (FIFO) based on the type of raw materials and usage, hence minimizing waste and using inventory in the most optimum manner.
- Simplify SKU management by creating parent inventory rules that trickle down to the sub-levels
Periodic and Perpetual inventory systems
- Choose between a periodic or perpetual inventory management system.
- Optimize inventory levels demand-based planning. Use historical demand and seasonality forecasts to ensure optimum inventory level
- Order Fulfilment report
Order fulfillment reports help to analyze the order fulfillment rate and optimize your order fulfillment strategy.
- Shipment reports
Shipment reports let you view all the planned, in-progress, and delayed shipments. In addition to this, it also shows promise dates for finished goods and batch details for each delivery.
Barcode inventory Control
Our system complements barcode inventory management systems to automate recording and viewing data.
- Assist with regular, efficient stock takes
- Automate stock recording and reading
- Create barcode labels for lot management and lot traceability/lot tracking
- Use barcodes to record incoming inventory and match against open purchase orders
ProcessBuild’s inventory control systems help you track and control where your inventory comes from and how and where it is used, helping you:
- Achieve optimum levels of inventory at the correct locations
- Address issues of inventory losses and obsolescence
- Reduce interruptions in the production process due to stock shortages/understocking.
- Improve visibility of inventory-related information throughout the production floor
- Manage inventory at a granular level
- Implement Forward and backward inventory traceability
Inventory planning is generally straightforward for small businesses. However, this process becomes complicated when a company decides to scale up operations and expand quickly. At this stage, it becomes difficult to plan inventory manually since it is prone to errors due to its complexity. An inventory management system can help automate inventory planning efficiently.
Making predictions about inventory is never easy, and the pandemic was a testament to the Importance of inventory planning. Our inventory planning solution helps you determine the right amount of stock to buy and reorder cycles. The system uses past data and trend analysis to aid inventory planning, eliminate inaccurate data, and reduce guesswork.
Just In Time (JIT)
- Reduce overstocking and release cash tied up in excess inventory by improving inventory procurement cycles.
- Create custom purchase order auto-fill systems based on predefined inventory levels to avoid stockout
- Determine the optimum reorder quantity based on previous dependent demand and usage.
ABC inventory management & ABC inventory Analysis
ABC inventory management systems use a rating system to determine the Importance of raw material to the production process. SKU’s labeled A is the most important and has the strictest controls. SKU’s labeled ‘B’ is moderately controlled, and SKUs labeled ‘C’ are least important. Then the items are grouped under one of the three categories based on cost, risk, and demand. With ABC Inventory Management, you can:
- Create user-defined criteria for classes
- Perform Risk analysis and schedule optimization
- Group items using ABC principles based on calculated sales data and impact
- Sort into buying classes
- Analyze the classes using Pareto’s 80/20 rule
ProcessBuild’s inventory management system helps you set and manage agile sourcing strategies to create a more efficient and responsive procurement system which will help to:
- Improve procurement and replenishment processes
- Centralize procurement and increase control over inventory by distributing from a centralized location.
- Efficiently meet dependent demand
- Ensure materials are orders as per the bill of materials to avoid stockouts
- Improve price to value ratios
- Control procurement costs
- Increase transparency in the purchasing process
- Create and manage purchase orders
- Manage pre-order inventory
- Mitigate purchasing risks and rush order premiums to reduce expedited costs
Inventory Database Management
- Easily create and manage inventory database with user-defined fields
- Create Minimum order quantity (MOQ) rules and reorder baselines
- Link to a legacy database to pull data about inventory
- Easily manage returned goods to ensure returned goods do not get lost on the production floor and are ready for resale or scrap.
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