Keeping your inventory in check is a must, especially in industries where production depends on having necessary parts around in case of a breakdown. If your maintenance team is waiting on parts or other replacement materials it is critical that inventory have those on hand, otherwise productivity essentially drops to zero. Make sure your inventory management is optimized with CHAMPS.
Inventory Is Important, But Not Number One
While inventory is a highly important component of any operation, you should not be spending all your time and energy on it. It should not consume your business. Yet unfortunately, in many cases it does. Managers place such a heavy focus on inventory, because if something were to go wrong, it would be a nightmare. Due to the detrimental effects of an inventory mishap, this task tends to take a large duration of planning.
Consequences of Inefficient Inventory Systems
There can be many repercussions resulting from inventory mistakes. Inventory could be lost or stolen. Incorrect ordering could also be a be an issue that leads to waste or increased cost of storage. Poor tracking and pricey shipping/delivery delays could also occur. In the end, if your inventory is mismanaged you will see higher costs and decreased profit margins.
Picture this: The bearings on a conveyer belt system need to be greased in order to run smoothly. However, the factory is out of the specific grease. Your maintenance team checks for it in inventory, but it is all out. One of two things can happen. Either you wait until more grease is ordered, which diminishes productivity. Or, you continue without greasing the bearings which could result in broken product, broken machinery, or even injury. Neither choice is ideal.
CHAMPS Functionality
However, with CHAMPS Inventory module, you could avoid this debacle altogether. As soon as the system recognized the SKU for the grease was getting low, they would have automatically alerted you to purchase more. This system is extremely user friendly and saves the entire maintenance team both time and money.
The CHAMPS Inventory module manages all aspects of inventory control and warehouse processes. It predicts demand and optimizes stock replenishment levels, which results in improved maintenance, operational efficiency, and reduced inventory costs. Some of the key functionalities are included below.
CHAMPS Inventory Delivers:
- Valuation Methods: The system supports the weighted average cost, first-in first-out (FIFO) and last-in first-out (LIFO) valuation methods.
- SKU/Part Number Tracking: You can enter an unlimited number of 20-character alphanumeric part codes as SKUs (Stock-keeping Units).
- Non-Inventoried SKUs: Non-inventoried items, such as freight and service contracts, can be entered as SKUs for use with Purchase Orders.
- Unit of Measure Conversion: You can define various units of measure and their conversion rates, so you can purchase items using a different measurement unit from the stock measurement unit.
- Allowable Tolerances: You can define allowable receiving tolerances when you establish SKUs.
- User-Defined Categories: You can setup category and attribute codes with each SKU for reporting and special processing.
- Inventory Locations: You can maintain inventory items in an unlimited number of warehouses and bins.
- Manual Inventory Transfers: The manual Inventory transfer process allows one-sided adjustments to Inventory quantities on-hand, so you can record the removal of Inventory items used to produce finished goods.
- Physical Inventory Process: The system’s Physical Inventory Process can adjust perpetual Inventory quantities to match physical counts.
- Standard Reports: Standard reports include Inventory Cost, LIFO/FIFO, SKU Listings, etc.
- Upgrade and downgrade transfer of Safety Related Inventory between two different SKUs representing the same item.
All of these features work together to better monitor your inventory, so you don’t have to worry about missing parts or late shipments. All the tracking will be done in the module and it will alert you to actions needed. Not only does the inventory module make your job easier, but the support team at CHAMPS is always here to help if you have any questions.
Try it Out!
The only way you’ll be able to appreciate it is to try CHAMPS Inventory for yourself. Contact debby@champsinc.com or call (352)-795-2362 to set up a demo showcasing the full functionality of our Inventory module. Many of CHAMPS customers opt in for the Inventory module because it is effective, efficient, and convenient. Your maintenance team has better things to worry about than inventory. Empower your team to have the tools they need to keep inventory in check.
CHAMPS Software
