A lot of manufacturing businesses are challenged when it comes to managing their inventory levels. That’s why manufacturing stock control software is beneficial. Manufacturing stock control software ensures proper inventory is maintained and automatically replaces orders when stock is low. This monitoring of goods that it provides reduces the risk of under- and overstocking.
Manufacturing stock control software can be integrated and combined with accounting software, warehouse management systems (WMS), and enterprise resource planning (ERP). This offers a complete solution for managing production and supply chain operations. Alternatively, certain software solutions – like Megaventory – combine production control, warehouse management, and ERP functionality under the same roof.
Why Manufacturing Companies Are Moving to Digital Stock Control
There are three major reasons why manufacturing companies are moving to digital stock control, which are the following:
- Manual Systems Are Outdated: Traditional stock control such as pen-and-paper tracking can lead to human error and challenges when expanding operations. Besides human error, it can also lead to poor decision-making, delays, or similar.
- Real-Time Insights: Digital stock control systems provide real-time data. This is very beneficial for manufacturers because it allows them to track products, monitor inventory levels, and make prompt, well-informed decisions. This results oftentimes in fewer stockouts and enhancement of production planning.
- Increasing Globalization and Supply Chain Complexity: While modern operations need systems to manage more complex logic than they used to, such as sourcing, tracking shipments, and optimizing inventory in multiple warehouses, they also help companies stay competitive in the global market.
Features and Functionalities of Stock Control Software:
Stock control software offers features like inventory tracking, automatic stock replacement, multi-warehouse management, barcode integration, and reporting and analytics.
- Inventory Tracking: Keeps real-time records of the materials, the products that are in progress, and also the finished goods. Due to the accuracy of inventory tracking, human errors are reduced and the stock level updates are accurate.
- Automatic Stock Replacement: The automation of alerts ensures that products are replaced based on the demand and usage trends on time. This ultimately leads to a lower risk of stockouts and overstocking.
- Multi-Warehouse Management: This provides data based on a specific location and enables stock transfers across multiple sites.
- Barcode Integration: Barcode scanning provides real-time visibility, which reduces mistakes and errors.
- Reporting & Analytics: This boosts production by generating supply chain data. This data can be helpful when making decisions or getting an overview of how to reduce costs.
Key Benefits of Manufacturing Stock Control Software
Due to the core features listed above, stock control software benefits manufacturers. Some of the benefits include:
Reduce Operational Costs: Automated stock control reduces excess inventory and storage costs by controlling stock levels according to demand, lowering holding costs, and preventing waste.
Enhanced Production Efficiency: If the right resources are available, production delays and downtime are prevented, preserving smooth operations and reducing idle time.
Improved Customer Service: Simplified stock management ensures accurate order fulfillment and on-time delivery, which increase customer happiness and reduce errors.
Data-Driven Decision-Making: Automation provides useful data for more intelligent forecasting, purchasing, and production scheduling, enabling better decision-making and more efficient operations.
Overcoming Common Challenges
While we’ve covered the benefits of manufacturing stock control software, companies may face a few challenges. Inventory management software like Megaventory can help you overcome these, so don’t worry!
- Integration with Legacy Systems: Data incompatibility and high expectations mean integrating stock control software with ERP systems can be challenging at times. A solution for this can be pre-built connections and APIs with well-known ERPs. Megaventory streamlines this process and reduces interruptions.
- Data Migration: transferring data from antiquated systems can lead to errors. Megaventory makes this process easier with solutions for reliable and safe data import. The transfer of transactions is therefore seamless and safe.
- User Adoption: With the right help and training, resistance to new systems may be overcome. Megaventory offers a user-friendly interface and individualized support to enable staff members to confidently embrace the product.
- Ongoing Maintenance: To ensure long-term success, stock control systems need regular updates and training. Megaventory supports ongoing maintenance with automatic software updates, real-time support, and a cloud-based platform that ensures the system stays up-to-date and secure without requiring complex on-premise management.
Megaventory and other software solutions address these issues, enabling manufacturers to implement and maintain effective stock control systems, reducing downtime, and maximizing gains.
In Summary
In modern manufacturing, implementing manufacturing stock control software is essential. It offers real-time inventory tracking and automation. This means it is replacing outdated manual systems and reducing costs. While there are a few challenges, like user adoption and training issues, software like Megaventory can help overcome them. Implementing manufacturing stock control software boosts efficiency and helps you stay competitive in the modern market.
Sarah Moore is a Digital Marketer for Megaventory the online inventory management system that can assist medium-sized businesses in coordinating supplies across multiple stores.