best-bill-of-materials-software

Best Bill of Materials Software in 2023

By Team TranZact | Published on Nov 23, 2022

The products in your manufacturing business require different raw materials. With diverse raw material requirements, it is challenging to manage the entire production process manually.

A Bill of Material (BOM) software helps to automate the process of listing the individual components that make up your product. This enables the available raw materials and resources to get automatically allotted for production and also supports meeting deadlines. Along with this, it also helps to identify raw materials that are unavailable in the stock and need to be purchased.

TranZact - Best Inventory Management Software

Best Bill of Material Software

TranZact

TranZact is the best Bill of Material software for small manufacturing businesses. It tracks raw materials required for every level of production, making the manufacturing process smoother.

Features

  1. It provides a multilevel Bill of Material management.

  2. It integrates with other key business areas like inventory, transactions, payments, accounting, and procurement.

  3. It is a cloud-based system.

Pros

  1. Links the various levels of production for greater efficiency.

  2. Keeps track of the availability of raw materials to ensure smooth production.

  3. Creates your Bill of Material within seconds without any manual efforts.

ABAS ERP

It provides BOM solutions for small and medium-sized enterprises. You can access their business solutions through a web browser.

Features

  1. It has a customer portal that lets customers view products, ask for quotes, and place orders.

  2. There is a vendor portal that lets vendors view purchase orders, tracking, and shipment information.

Pros

  1. The inventory mobile app helps to improve the accuracy of your inventory, making production smoother.

Cons

  1. Large and complex Bill of Material are difficult to manage.

JOBSCOPE

It provides manufacturing solutions for high-tech and electronic industries. It helps in estimation, quoting, scheduling, production, financial management, and preparing reports.

Features

  1. It allows users to schedule projects.

  2. It automates shop floor activities.

Pros

  1. It integrates with Excel which helps in exporting data files.

  2. It supports building Customer Relationship Management (CRM).

Cons

  1. It is complicated to use without proper technical knowledge.

IFS Cloud

This BOM software manages interactions with customers, vendors, and other stakeholders to promote smoother operations. You can choose the services you need based on your organizational requirements.

Features

  1. It acts as service management and asset management software.

  2. It specializes in the tech and electronics industry.

Pros

  1. It is flexible and can serve most business needs like production and asset management.

Cons

  1. It is more geared towards some specific industries.

NetSuite

NetSuite automates core business processes to help fast-growing business functions efficiently. It also offers real-time insights into the performance of a business.

Features

  1. It is a cloud-based system.

  2. It serves businesses across various industries.

  3. It manages both operational and financial performance.

Pros

  1. Provides detailed insights into business performance.

  2. It helps in financial management apart from managing Bill of Material.

Cons

  1. The pricing is on the higher end for new businesses.

  2. The slow speed hampers its user experience.

What Is Bill of Material Software?

A Bill of Material or BOM software is a tool that prepares and manages all your Bill of Material with effective automation. It oversees your inventory and ensures all the raw materials required for production are available on time. Thus, it helps you to ensure there are reduced instances of shortage or excess of materials.

Why Do Companies Need BOM Software?

Companies need a BOM software to automate the creation of Bill of Material, integrate this process with their inventory for seamless insight into available and excess raw materials and accelerate their production processes. Previously, BOM creation was done manually, but this was significantly time-consuming.

A BOM software solves this problem by automatically creating lists of different materials and components required for manufacturing the finished goods. This ensures the right materials are available in the required quantities for production. That’s why companies need a Bill of Material software to manage production processes more efficiently and scale their operations at a better pace.

Key Features of a Bill of Material Software

  1. Lists the items required for different levels of production.

  2. Determines the tools and equipment required for production and allocates tasks for improved efficiency.

  3. Computes the cost of materials required for production.

May manage documents related to supply chain management.

  1. Tracks changes and fluctuations in the availability of raw materials.

  2. Prepares reports on how different items are utilized in the production.

Benefits of a Bill of Material Software

1. Multilevel Bill of Material software

It lists the raw materials and resources required for every level of your production process. Furthermore, different items and lists can be monitored at a centralized location for higher accuracy. The interlinking of various levels of production helps to integrate inventory management and production effectively, especially for an SME business.

2. Tracking of costs

A Bill of Material management software also assists in the calculation of the cost of each item. It can then multiply the cost by quantities to track the total cost. TranZact’s BOM software does all this, and also factors in other charges like labor charges and operational costs.

3. Monitors change history

With the help of an automated Bill of Material, you can easily track changes in the availability and cost of raw materials. That lets you monitor the fluctuations in inventory operations, identify issues in stock levels, and check whether all your orders are on track. Also, this kind of a real-time overview significantly assists the management during internal audits.

4. Document management

A BOM software acts as a centralized record system. This ensures that all the necessary documents are stored accurately and easily accessible to different stakeholders.

5. Report generation

A manufacturing digitization software with a Bill of Material tool like TranZact, offers detailed reports on your end-to-end production processes. These reports help to understand how each resource is utilized with respect to every BOM. This in turn helps to resolve inventory problems and streamline the manufacturing process.

6. Sharing of real-time data

As your business expands, the complexity of production cycles also increases. It becomes challenging to update and monitor every data point manually. A manufacturing Bill of Material software like TranZact records data in real time and ensures all data points are accessible to the management, team members, and business partners.

Therefore, whenever there is any change, it is reflected in the system seamlessly. It avoids communication gaps and optimizes the production process.

FAQs on Bill of Materials Software

1. What is a Bill of Material?

A Bill of Material (BOM) is a list of all the raw materials, components, and services required to manufacture a product.

2. How to get a Bill of Material software?

TranZact offers a free Bill of Material software for small business. You can easily sign up on the website and start using the software.

3. How is a Bill of Material software and a manufacturing software different?

A Bill of Material software tracks raw materials and their quantities that are required in the production of a commodity. However, manufacturing software is used in the production line and helps to improve efficiency by minimizing wastage.

4. How do you make a Bill of Material?

Following details must be included as part of a format for the perfect BOM –

  1. Item name
  2. Quantity
  3. Unit of measure
  4. Part number

5. Why is Bill of Material important?

A Bill of Material is the starting point of a production process. In its essence, it serves for a production process, what a recipe serves for a dish. It helps to identify the different raw materials and their quantities required in the process, like a recipe provides details of all the ingredients required for a finished dish. Thereby, a Bill of Material ensures that a production cycle can be completed without any issues.

6. Why do organizations need a Bill of Material software?

Organizations need a Bill of Material software to manage their production system efficiently. It helps them to manage raw materials, their quantity, and prices to make the manufacturing system smoother.

A Bill of Material software for small businesses, can simplify several production processes, offer enhanced management oversight and reduce order delays.

7. What are the benefits of a Bill of Material software?

A Bill of Material software like TranZact can eliminate several manual processes and accelerate production.

The benefits of a Bill of Material software are:

  1. It helps in the easy identification and tracking of all raw materials required for production.

  2. It helps in monitoring the history and upcoming changes in the initial production stages.

  3. It tracks and shares real-time materials data, under each production process.

TranZact enables both single-level and multi-level BOM to know how much material was estimated to be used, how much has actually been used, how much has been tested and how much has passed.

These unique features, equip the production team to know the Bill of Material Cost, and the exact cost of producing each finished good. Therefore, ensuring that production teams can drive all processes significantly better.


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TranZact

TranZact is a team of IIT & IIM graduates who have developed a GST compliant, cloud-based, inventory management software for SME manufacturers. It digitizes your entire business operations, right from customer inquiry to dispatch. This also streamlines your Inventory, Purchase, Sales & Quotation management processes in a hassle-free user-friendly manner. The software is free to signup and gets implemented within a week.