Modern day warehousing can be a highly efficient system and produce higher throughput by implementing the right changes. One of the ways we recommend modernizing inventory management processes is through the implementation of a warehouse management system (WMS), Internet of Things (IoT) devices, and a redesigned warehouse layout to address this issue and improve overall warehouse efficiency.
Functionality: When looking for an ERP system, it's critical to consider your company's specific requirements. Because different ERP systems provide different functionality, it is critical to select a system that can support your specific business processes. For example, if your company requires complex supply chain management, you'll need an ERP system with strong inventory management and logistics capabilities. Similarly, if your company relies heavily on customer relationship management, you'll want an ERP system with strong CRM capabilities. Make a list of your business requirements and use it to compare various ERP options to ensure that you select a system that meets your specific requirements.
To stay ahead in the manufacturing industry, companies must constantly look for ways to improve their production processes. With rapid technological advancements, investing in technology to support manufacturing processes is becoming increasingly important. This is where a customized MES system comes into play.
A customized MES system can assist manufacturers in automating their manufacturing processes, reducing errors, and increasing overall efficiency. In this article, we'll look at how XYZ Manufacturing, a mid-sized manufacturer of industrial components, was able to achieve a positive ROI after implementing a custom MES system within a year.
As their company expanded, ABC Manufacturing, a regional manufacturer that creates a large array of items, ran into a problem. When we reached over 20,000 SKUs, it became extremely challenging to manage both our inventory and our production operations. They came to the conclusion that the only way to address this issue was to make an investment in a tailor-made ERP system that was capable of meeting all of their intricate business needs.
IoT devices can be used to manage inventory in a variety of ways. RFID tags and readers are one method for tracking inventory levels and location. This technology can be used to provide automated inventory tracking and management in real time. Other IoT solutions include using sensors to monitor temperature and humidity levels. Also, the use of connected scales and other weighing devices can assist in providing more accurate inventory counts. Below are some more examples of IOT devices to move your facility into Industry 4.0
Inventory tracking algorithms, sorting algorithms, and shipping algorithms are the most common algorithms used to track, order, and ship inventory from a distribution center. Inventory tracking algorithms monitor and manage product stock levels in the distribution center. These algorithms also determine when new products must be ordered and when existing products must be reordered. First in, first out (FIFO) and Last in, First Out (LIFO) are the two most common inventory tracking algorithms (LIFO). FIFO tracks inventory that is received and sold in chronological order, whereas LIFO tracks inventory that is received and sold in reverse chronological order. Average Cost, Specific Identification, and Periodic are some other common inventory tracking algorithms. Specific Identification tracks inventory based on specific attributes such as serial numbers, whereas Average Cost values inventory based on the average cost of items purchased. Periodic inventory is tracked at regular intervals, such as the beginning and end of the month.
Inventory tracking that is accurate and efficient is critical for businesses to remain competitive. SAP S/4HANA and Oracle E-Business Suite (EBS) are two powerful tools for developing a dependable inventory tracking system. Both programs include an integrated inventory management module that allows you to keep track of all inventory items, quantities, and locations. They can also be used to create an efficient reordering system, implement a cycle counting system, track inventory movement, and integrate with third-party software programs. Businesses can ensure that their inventory is well-managed and up to date by utilizing these tools.
Inventory management can be a complex process that presents a number of challenges for businesses. The top ten challenges in inventory management include: