Inventory Management for Manufacturing

inventory-management-manufacturing

Inventory management is critical for any manufacturing company. It's best if you have constant knowledge of the number of components that create your products as well as how many products you have on-hand and can produce. Without proper tracking, you won't know when to order more, how many products you need to ship or how many products you can sell.

Having a proper inventory management system in place can save you a lot of time and hassle. You won't have to spend time manually tracking and counting all your stock. Automated and computerized systems help keep your manufacturing on track, up-to-date and accessible to everyone.

Inventory Management for Manufacturing Companies

When it comes to the different types of manufacturing companies, such as discrete manufacturing and process manufacturing, the process for implementing an inventory management system is generally the same. You'll want a program that keeps constant track of the parts or ingredients that come in as well as the finished products that leave.

If your manufacturing company has multiple locations and differing inventories, you'll want a system that can help you manage the inventory in each location as well as a combined inventory. You need to be able to track components and products that transfer from one location to another and even to a distributor facility.

While knowing the status of your current supplies is essential, you'll also want to consider your materials requirement planning (MRP). This planning builds upon inventory management systems by calculating what items you currently have and understanding how those items come together to create products in the future. The MRP helps you know what resources you need and when you will need them, which is just as important as knowing what you have on-hand at the moment.

Utilizing an effective inventory management system that also processes MRP will ensure that you will have a steady stream of updated and predictable information.

Whether your company is large or small, and no matter what you manufacture, you can rely on Finale Inventory to provide you with the best solution for manufacturing inventory management. With Finale, you can easily track every necessary component, ingredient, part and product your business currently has. You'll always have an accurate tally of everything you need when you need it the most and an understanding of what you'll need in the future and when you should place an order.

Benefits of Manufacturing Inventory Management With Finale Inventory

When you use Finale's inventory management software, you'll have access to many useful tools that will improve the item management and tracking aspect of your business and can increase employee productivity.

Builds Module

Sometimes, fulfilling orders involves assembling finished products from various inventory items. To ensure you always have enough parts, use Finale's Builds capabilities to help you track the inventory you use.

You'll start with making a bill of materials (BOM) for the items you're assembling. This documentation will help you track the inventory items you'll need. From there, Finale will automatically deduct inventory items as you use them, telling you when it's time to reorder parts so you'll have enough for future assembly.

Beyond keeping track of your purchases, Builds lets you trace your finished product and all of its components with unique serial numbers. If customers alert you about product malfunctions, you can easily look up the exact items they purchased to determine your next steps for addressing the issue.

Finale's software can support all your build needs, whether you're building in response to customer orders or filling up your warehouse by assembling products in advance.

Barcodes

Barcodes make item tracking easier by identifying a product with a quick scan. If you already use a barcode system to scan and track the items you receive and ship, Finale can make it even easier by giving you the tools for wireless barcode scanning. Using a mobile device running Windows Mobile or Android OS, you can scan whatever you need, whenever you need it. Wireless barcode scanning is a great way to minimize wasted time and keep the workflow moving.

Pick, Pack and Ship Solution

If you find yourself needing extra support in the shipping department, Finale continues to make your business easier by assisting where it matters most. You can program Finale to help your employees ship the correct product every time by utilizing Finale's pick, pack and ship functionality. Your employees use this feature to improve overall shipping accuracy, efficiency and accountability. These attributes can increase customer satisfaction which, in turn, can increase sales.

If you are shipping your products to a separate facility or other business-to-business arrangements, you don't want to send the wrong parts, have too little of the product or find yourself empty-handed. Situations like these can strain business relationships and cause recurring customers to seek service elsewhere. Trust Finale to ensure you always have what you need, when you need it so you can keep your customers satisfied.

Reorder Point Automation

Finale tracks your inventory and can automatically reorder when you need more components. With reorder points automated, you can spend more time on other important tasks. Use Finale to set an inventory quantity that signals a reorder or employ the dynamic reordering feature. This automated system calculates the rate your products sell, so it can make smarter purchasing decisions and restock your supplies before it's too late.

2 - connect sales platforms

Integrations

Finale combines the necessary inventory information for any business and integrates everything into one convenient, easy and connected system. You won't have to worry about file transfers or manual processes to move data from one system to another. With Finale Inventory, you can connect your sales platforms, financial information and inventory management into one system. Our software integrates with the most popular sales and finance platforms, so you can access all the information you need in one place.

Finale will also manage customer online orders from both your online and brick-and-mortar storefronts. Our program can easily keep track of all manufacturing stock levels from every location. It will auto-update your stock levels from all sources every five minutes, so you always have the most accurate inventory information.

manufacturing-inventory-control

How Finale Inventory Can Help With Manufacturing Inventory Control

Finale Inventory is your one-stop solution for managing your manufacturing inventory. Finale Inventory handles all the small details and lets you focus on other aspects of your manufacturing business. Don't let yourself fall behind with your inventory management. With proper inventory management software, you can keep your company above the rest and maintain quality assurance for you, your employees and your customers.

At Finale Inventory, we know how important inventory management is for any business. Our inventory management solutions integrate all inventory components of your business — plant management, sales, finance, inventory and raw materials procurement.

Sign up for our 14-day free trial or schedule a live demo today to learn more about how Finale can help your manufacturing business!