If you have used or Researched PPE inventory management software, certainly you have encounter a wide assortment of buzzwords that detail the regions of the software which can help your company manage inventory better. Though a few of these conditions may be familiar, their definition in connection with PPE inventory management software is much more specific to this program.
- ABC Analysis
This analysis shows that of your inventory items are responsible for most your Cost of Goods Sold COGS based on the 80 or 20 rule 80 percent of stock sales come from 20 percent of your items. This analysis can help control your stock, raising the items you need in stock, and reducing the items that you do not need. This in turn, can raise your capital, since less cash is tied up in stock.
By setting up things as assemblies in a software program, eliminating the elements from stock gets simpler and costing of a product may also be automated within the meeting. You eliminate the need to eliminate and replace if needed each element on your software during the manufacturing procedure.
- Bill of Materials
The bill of materials shows all of the information about a production program, including its assemblies and required elements. This makes it possible to plan for which items have to be produced, and what elements to pull from stock for this production program. Additionally, it makes it possible to realize more quickly which parts are in stock or have to be ordered for that production program, saving substantial time in comparison to managing the process by hand.
- Multiple Warehouse Management
Many companies that handle an inventory grow such that their goods are stored in more than one place, whether it is a different warehouse or perhaps on a trailer or truck. The ability to determine which items can be found by warehouse is extremely beneficial. The ability to view inventory by location keeps you organized and permits you to acquire the stock you need more quickly.
- Physical Inventory
This is the process of Counting the actual number of items in stock, entering it in your software system and receiving both sets of numbers to concur. This procedure helps keep your stock numbers accurate. Software can assist with this process by printing a working document and giving a place to put in a physical count from the printed count sheets.
- Serial or Lot Number Tracking
Many businesses have Items for which they need to track serial or lot numbers. In times of thing recall, PPE inventory is vital that the amount tracking system is current and quickly accessible. Once an item is sold, the amount can be chosen and will be tied to the client. If there is a recall or issue, you can then run reports to determine which clients got items from a specific range of numbers, which makes this process much quicker than looking back at sheets of paper.