Tag Archives: criteria

Criteria for Stock Systems

When deciding to implement a detail-conscious system of stock tracking, every business has a minimum priority in its design.

The features of all stock-keeping must contain some version or form of the following:

Area Transfers – records created when goods are re-assigned to a different building or warehouse

Discrepancy Report – the final reference document produced that provides the comparison with the results of the previous inventory

Finished Goods Stock Take – the physical count of manufactured/assembled materials (conducted no less than once per month)

Finished Stock Return – receipt of sold items as individual quantity

In Process Stock Take – the physical count of items committed to incompletely manufactured/assembled materials (conducted no less than once per month)

Inter-Site Transfers – records created when goods are re-assigned to a different location within the same building or warehouse

Issuing – transactions that deficit the stock quantities on-hand

Item Voids – items removed from inventory due to breakage, expiration or recall

Label Reprint – once stock has been re-located its status in its new site is labeled ASAP

Pallet Summary – physical count of large-block storage containers

Raw Stock Return – receipt of sold items as individual quantity

Receipt – transactions that surplus the stock quantities on-hand

Remainders – stock that has been left over from other projects, including those stripped from sub-assemblies

Stock Take – the physical count of raw materials (conducted no less than once per month)

All comparative systems for inventory management shall consider and record accurately the above details, and maintain them in history for the system to be of any lasting value to your business.

For further details of a complete design for the management of inventory, visit www.simmssoftware.com or email sales@kcsi.ca for more information.

Features Required for Inventory Accuracy

When you have decided to implement a software system to make your inventory management a priority, the many details you have to consider to select the correct one. Before you arrive at the decision, you must know the features that will be the bare minimum requirements. The following is a checklist of the most important features you must possess to gain complete control over the inventory process of your company:

  • ‘Find’ and ‘Filter’ tools to aid in item location
  • ‘Where used’ feature for parts usage
  • Accept partial and over-deliveries
  • All data contained in industry-standard relational database
  • Alternative suppliers for parts
  • Automatic fulfillment of production shortfalls from non-production orders
  • Automatically determines shortages for mix of products
  • Automatically replenish minimum stock levels
  • Bills of Materials and Stores picking lists
  • Configurable user interface
  • Context sensitive on-line help
  • Control of display and order of fields in forms
  • Create product costings (including labour costs)
  • Display and printout of product structure
  • Export parts lists, stock, suppliers and categories in CSV format
  • Fractional quantities with user-defined precision
  • Full ‘referential integrity’ of cross-references within the database
  • Full multi-user networking with user names and passwords
  • Import parts lists, stock, suppliers and categories in CSV format
  • Integral backup and restore
  • Paper and electronic Users Guide including tutorial
  • Partial ordering available for accurate scheduling
  • Point and click creation of multi-level part lists
  • Print bin labels
  • Print Requests for Quotations and Orders
  • Produce customizable reports using Report Builder
  • Produce Production and Non-Production orders
  • Produce scheduled orders
  • Product items fully traceable back to originating orders (for ISO audits)
  • Release individual products from jobs to production
  • Reports include ‘filters’ allowing selective reporting
  • Re-use previous production jobs as template for new ones
  • Select a variety of products for a production job and allocate stock
  • Show outstanding orders
  • Standard Windows® editing throughout
  • Store orders and assembly lists for future reference
  • Track Works-in-Progress (WIPs)
  • Trial kitting allows ‘what if’ analysis (phantom kitting)
  • Undo stock allocation and ‘return to shelf’ capability
  • User-definable item units
  • User-defined currency and precision (decimal places)
  • User-defined fields on stock items
  • User-defined shortcut keys

For a robust and comprehensive package that includes all of the above features and more, visit www.simmssoftware.com or email sales@kcsi.ca to learn more about SIMMS 2012 Inventory Management software.

 

Inventory Management

With SIMMS Inventory Management software, as with other programs, competent inventory management incorporates a simple philosophy: having enough stock while concurrently not having an excess of it.

Inventory exists so that we never suffer a ‘stock out’. That is its sole purpose. Holding costs come to bear directly on the amount of stock we have. When do we reorder to keep from having a stock out? Suppliers’ lead times, combined with the uncertainty in the demand for the stock, are the primary factors in making that decision toward a guarantee that a stock out does not occur.

The ‘Service Level’ of a company would be at 100% for a complete guarantee that stock outs never occur. However, many companies do not have the means nor do they feel the need for an 100% guarantee. Remember, if such a Service Level has already been proven to exist from the supplier of the stock, then the need is very low for the warehouse to continue to bulge with extra stock (so-called Safety Stock) that was purchased only for the purpose of ‘your’ guarantee against a stock out. Your supplier’s 100% rating is their concern, and thus many firms choose to only apply an 80% Service Level in-house. Service Levels can, by use of formula, be reduced to a ‘z-value’, which is a ratio, and as such is easier to apply to the calculation of reorder points.