Reducing inventory management costs is an essential part of any business, but none more so than process manufacturing businesses. Proper inventory management can make a real difference in obtaining and retaining a competitive edge in sales markets. Modern inventory management has grown more complicated than the once standard practice of simply keeping up with inventory levels and costs. Today’s process manufacturing businesses need integrated inventory controls that are streamlined for effective operation with distribution, compliance and other software protocols.
Because of the discrepancy between prices for large vs. small orders, volume pricing controls are often necessary. Process manufacturers may also need to set complex pricing structures based on differing sales stratagies for wholesale, retail or online sales. Consideration should also be given to whether or not automation applications should be inherent in the inventory management software itself. For larger companies, software that can keep track of stock levels and relay ordering notification information is a necessity. Aside from specialty features, inventory management software should offer almost unlimited capabilities to assign categories departmentalize and compartmentalize various incoming and outgoing resources. Process manufacturing is one of the most challenging industries in regard to inventory and in general. The level of complexity necessary to effectively keep track of resources is substantially high and must be reflected in the abilities of the software.
Additionally, inventory management software must be integrated into an organizations preexisting software or must be offered as part of a fully encompassing business system that incorporates applications for all aspects of the process manufacturing business. Because most inventory management software applications are offered as part of a larger financial, distribution and general process manufacturing application, knowledge of industry software offerings is highly recommended.