The Manufacturer’s Guide to Inventory Management Software
Automated equipment and processes are becoming more common in the manufacturing industry. As a result, using spreadsheets and other paper-based systems is no longer effective at tracking and managing inventory.
This article will examine manufacturing and inventory software and why you may want to implement the tool in your facility.
Manufacturing Inventory Management Software – What is it?
Manufacturing inventory management software helps companies plan and manage their production processes using various automated methods to control and track inventory. The software streamlines the inventory management process, making it more efficient. Since the human element is no longer a part of the process, there is little chance of errors occurring.
The best inventory management software for manufacturing comes with various features. Some of the standard features companies are taking advantage of to automate their inventory management processes include:
- Procuring the products (inventory and materials) from direct contacts. The inventory software ensures that order volume is based on upcoming products. It also has the communication tools to send the orders to the suppliers, freeing up employee time.
- Replenishing low or empty stock by tracking materials and products in real time.
- Tracking sales, shipments, and inventory across the facility and at multiple locations and providing accurate and current reports
- Meeting regulatory compliance standards to avoid fines, audits, and other legal implications negatively impacts the company’s time, money, and productivity.
- Financial reporting on all aspects of the manufacturing process
- Receive accurate demand forecasts and planning reports to help you prepare for sales and seasonal changes
- Inventory balance optimization so you have enough product on hand to meet demand
- Manage and track your fixed assets from repairs to replacement pasts and beyond
Benefits of Inventory Management Software for Manufacturing Companies
Integrating digital inventory management comes with multiple benefits for manufacturing companies. Here’s a look at some of the common advantages.
Provides Valuable Data & Insights
Manufacturing software can track sales, waste, and even the life of the tools. Since the tracking is done in real-time, you can make strategic decisions on which products to order. You also know when to discontinue ordering an item.
With waste trackage management, you can optimize the process to increase your bottom line.
Increases Production Rates
Using a lean manufacturing process, the software can optimize your manufacturing process to boost productivity. With efficient control of the flow of products across the facility, the software can also limit waste.
The software helps ensure a well-organized warehouse with top-selling items easy for employees to reach. In addition, reducing the time it takes to fill an order by only a few minutes can result in faster and more efficient production rates.
Saves Time & Money
Manufacturing is a competitive industry. Your products must remain close to your competitors’ rates while remaining profitable. Reducing how much time employees spend tracking and managing inventory can result in more efficient practices that also save the company money.
Deadlines are a part of the manufacturing industry, and several factors influence the project’s timeline. For example, if procuring materials causes a delay, it can negatively affect the project’s timeline.
Using cloud-based inventory management software for manufacturing helps ensure that the project runs smoothly from start to finish. In addition, employees are free to work on more complex projects by automating many mundane tasks.
Offers Accurate Traceability
The software can track the entire manufacturing process, from the procurement of raw materials to the completed product. As a result, it helps to ensure optimal quality control. The software tool can also alert management if materials or products leave their designated area due to theft or misplacement.
Assists in Other Departments
Inventory management software can help improve communication between the various departments. Known as Enterprise Resource Planning (ERP), departments like accounting, manufacturing, and management can communicate in real-time to make strategic decisions based on current and accurate data.
Are you looking for the best Manufacturing Inventory Management Software? Rebound Dynamics has you covered.
The best-manufacturing inventory management software will come with the tools you need to optimize the process. It includes tracking and controlling inventory in real time and providing accurate data to all departments.