What Is Inventory Management? Types, Benefits, and Techniques Explained
Are inventory management problems slowing down your business? Find out...
It's time to upgrade,
from manual production to TranZact's automated
solutions.
Track & manage all your production orders and operations on a centralized platform to avoid delayed deliveries.
Simplified production cycles, for robust manufacturing SMEs.
TranZact is an end-to-end business automation software for Indian SME manufacturers, simplifying everything about Sales, Purchases, Inventory & Production!
- Multilevel Bill of Material
- Process Routing
- Work Order Management
- Finished Goods Testing
Create sub-processes for multiple semi-finished goods, under every master Bill of Material (BOM).
Within each BOM, you can define routing tasks such as cutting, machining or finishing, for all your orders.
Auto create work orders from order confirmations & convert individual/ multiple work orders into production orders with a few clicks only.
Capture finished goods (FG) testing data before updating FG quantity in inventory, to ensure quality delivery to your customers.
Complete visibility
over all production
stages.
- Centralized ManagementCategorize your production processes into stages such as planned, pending, WIP and completed, for effortless management.
- Graphical view of price trendsWith TranZact's inventory management system, you can also verify pricing based on FIFO & Average Pricing.
- Subcontracting AbilityAdd all subcontracting project details on TranZact, when work needs to be outsourced.
- Line Rejection TrackingYou can update rejected materials into the inventory reject store & also update the same in your inventory reports.
- Bill of Material CostingKnow the total cost of all the raw materials used in the BOM, including insights into other charges as well.
- Vendor mappingMap fixed item prices to respective counterparties, so that each time you don't have to manually check & update prices.
- Scrap Inventory TrackingUpdate estimated scrap, change in scrap quantity, assign it to the reject store and/ or transfer it back to any other store with ease.
- Sales IntegrationTranZact's production module is closely linked with sales & provides a quick overview of how many goods are produced, how much is passed & how much is rejected.
FAQs
What are the 5 types of production management?
Following are five types of production management:
What are some best practices for production management??
The most important factor when it comes to best practices for production management, is to be clear about the objectives and responsibilities across the production workflow. It's also critical to regularly measure production efficiency and control wastage for optimum manufacturing cycles.
What are the key factors to consider when planning production??
Customer demand, organizational costs and capacity, lead time and quality expectations are the key factors to consider for production planning. A production management software accounts for all these factors & ensures accurate production cycles.
How can production management be improved??
Production management can be improved by adopting the right technology that fosters seamless cross-functional integration and collaboration. In addition, a detailed production plan that outlines all the steps involved, resources needed, and the timeline for completing each step, can significantly enhance production management in the long term.
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.