visibility, timeliness, up-to-date statements
Inventory management is a dynamic process involving regular and complex assessments of internal and external factors and total control from planning to evaluation. Inventory planners must constantly consider the production, purchasing and accounting departments.
Therefore, inventory is therefore considered the foundation of the production sector. It covers both end products and raw materials which are stored near production facilities, in order to quickly meet partner and customer demand. In the case of manufacturing companies, they also need an inventory of work in progress in order to monitor the evolution of raw material consumption.
Inventory management solutions for raw materials, work-in-progress and finished goods centralize all this data, adding in-transit inventory information (products being transported from one location to another) to provide a complete view of both available resources and end products.
This complete view contributes to a strong supply chain and improved financials for a company that can optimize inventory to meet commitments to partners and customers without missing inventory or excess inventory that can affect financial results and smooth operations.
Inventory management solutions also notify those responsible when raw materials are approaching or reaching pre-set critical thresholds, ensuring that production processes are not shut down at inopportune times.
Efficient stock management is the solid foundation of any manufacturer and is even more important in situations where the company has multiple locations or multiple suppliers of materials/services. Effective management depends firstly on the skills and knowledge of those planning inventory requirements, and secondly on the implementation of raw material and production inventory management solutions that support their work.
Companies that establish efficient supply chain management policies enjoy a significant competitive advantage over their competitors through the benefits of these solutions that support them in optimizing their inventory processes and meeting their business goals.
Integrated solutions provide streamlined management for raw material, production and finished goods inventory from incoming production (kanban area) to outgoing finished goods. This is made possible by accurate monitoring of all products for an informed view of inventory. This way the people in charge know absolutely all the information about stocks along the supply chain, retail value and total profit value for checks.
With automated tracking, real-time updates and reduced duplicate orders, inventory management solutions maximize productivity and provide a better experience for customers and teams.
With a simple scan any employee can get all the necessary information regarding the location of the stock, and the raw materials that are in, out or inbound. Unique barcodes or RFID tagging eliminate the human errors that inevitably occur when data is entered manually.
Inventory management solutions increase inventory visibility and provide better insight into the raw materials that are brought in and used in production processes: each product or batch of products is associated with a supplier name, purchase order and tracked serial number.
Inventory management solutions provide information that supports real-time inventory optimization and automates purchase orders. This reduces costs and avoids losses due to spoilage of certain raw materials with automated replenishment notifications. Optimize order fulfilment by identifying process steps and times that require new raw materials.
Implementing these solutions provides better ROI through automated tracking and AI-based optimizations that send notifications when pods are approaching their expiration date. Notifications can be updated up to the minute for new stock acquisition. This way contractors enjoy visibility and valuable insights for profitable inventory management.
Your team always has accurate production and purchasing information visibly displayed on digital monitors installed both at the production line level and at the reception of raw materials and delivery of finished products.
This comprehensive, real-time, up-to-date view supports the efficiency of your teams and helps them to signal any potential disruptions due to raw material shortages or crowding of finished products at certain points – so-called bottlenecks – in a timely manner.