Have you been facing difficulties with your Supply Chain Management system? Are your processes of transforming inputs into outputs getting more complicated by the day? It is indeed time to switch over to a well-designed material management software solution. Once you integrate the system into your existing operations, you can streamline, organize, staff, direct and control the flow of materials more effectively.
Given below are 5 signs that show that you need technology-backed material management techniques at the earliest.
1. Wastage of Money and Inventory
If mismanagement of monetary resources and inventory items is leading to grave losses for your organization then it is time to take immediate actions. A well-conceived material management software solution will allow you to keep a closer look on the inflow and outflow of materials into the system. The software will help you take control of all processes related to purchase, production, planning, incoming traffic, scheduling, inventory control, receipt of inventory and stores.
2. Errors in Material Valuations
Errors and omissions in terms of material valuation pave the way for a lot of problems in financial accounting. The inclusion of a material management software solution will help in the accurate determination of the cost of material that has to be punched into the general ledger account for aiding inventory valuations methods such as FIFO, moving average, LIFO, etc. Your investment in ERP solutions for material management will also enable effective tracking and movement of materials.
3. Issues in Handling Multi-Location Inventory
Is your supply chain management taking care of consumer or manufacturing goods on a large scale? Are you grappling with the management of multiple distribution units? If yes, you are surely aware of the problems that come in the way of multi-location inventory detailing and tracking.
Go right ahead and buy the latest material management solution to get over the issues of managing lot tracking, multiple units of measure, serialized inventory, kits and assemblies, and specific costing – you will be happy to see the changes that come your way.
4. Troublesome Bin Management
Your struggles with the existing bin management modules are decreasing your productivity and profitability alike. Consider including a new material management software in the system. You will be able to track the goods received at the warehouse and have them stored in the right bins that will be a part of the rack system of your warehouse.
The act will allow for easy picking for all future order fulfilment processes. An important benefit of integrating a good bin management system is that your inventory can be categorized, tagged, scanned and added to the system for the sake of future reference. You will be able to figure out your inventory details on real-time basis and refill the same before your stock runs out.
5. Poor Product Life Cycle Process and Management
When improper management of product life cycles start becoming an order of the day, it is time to start expecting setbacks in your company’s growth. The success of your organization is largely dependent on the stage in which your product is in the PLC.
By installing a better material management system, you will be able to conduct proper analyses for the purpose of estimating which products need to be redesigned, revamped or continued for increasing your sales. The other benefits that will come your way would relate to curbs on the unnecessary spilling of valuable resources. This is because consistent monitoring and analysis will help the cause of proper utilization of resources at all times.
You Need Material Management Software Solution!
Linger no longer and invest in an ERP that allows you to coordinate warehousing and inventory measures in more fruitful ways. Better material management will empower your company’s logistical processes manifold.
It will enable proper purchase and delivery schedules and accurate raising of purchase and work orders. Automated inventory planning and demand forecasts, preventive maintenance, and quick initiation of corrective maintenance will become commonplace. Do strive to get in-depth knowledge ERP solutions for materials management to boost your inventory flows.