The timely stocking of goods is the critical function of construction. Construction companies may successfully and efficiently manage their inventory with the help of construction inventory management software. Through the use of this software, firms are able to lower costs, boost productivity, and boost their bottom line by streamlining and automating the ordering, tracking, and management of construction materials.
Integrating the inventory module with finance and purchase enables the ERP system to generate high executive-level reports. Without the need of manual procedures or manual data entry, this software assists in tracking and monitoring inventory levels, stock movement, and stock availability. The software can also assist contractors in identifying potential cost-saving opportunities and improving their forecasting of stock needs.
Construction Inventory Management Software focuses on the below aspects:
Monitors inventory levels
Monitoring inventory levels entails keeping track of the number of products or supplies that a company keeps on stock. This can include supplies used for manufacturing or selling things, such as raw materials, objects that are still in the production process, finished goods, and more.
The goal of keeping an eye on inventory levels is to make sure a company has enough product on hand to satisfy customer demand while also preventing overstocking, which can result in waste and higher carrying costs. Businesses can streamline operations and increase profitability by keeping an eye on inventory levels frequently and modifying inventory management procedures as necessary. This could entail implementing just-in-time inventory practises, using inventory management software, or developing other techniques to enhance inventory control.
Alerts when stock is low
Low stock alerts are notifications that the system sends out when a product’s inventory levels drop below a specified level. This can assist companies in managing their inventory proactively and preventing stockouts, which can result in lost sales and disgruntled customers.
Suggests re-order quantities
Inventory management systems provide the ability to recommend reorder quantities, which can assist companies in maximising their inventory levels and lowering carrying costs. The system may recommend a precise re-order amount based on elements like historical sales data, lead times, and safety stock levels whenever stock levels for a specific item or product fall below a certain threshold.
Automates purchase orders
A feature of inventory management systems that helps simplify the purchasing process for firms is the automation of purchase orders. The system can automatically create and submit a purchase order to the supplier when inventory levels for a specific item or product drop below a predetermined threshold. This can speed up the process and lower the chance of mistakes that come with manual purchase procedures.
Increased visibility is one of the main advantages of inventory management systems. Businesses can get real-time visibility into their inventory levels, sales patterns, and other key performance metrics by utilising an inventory management system. This can assist companies in making data-driven decisions, streamlining their processes, and boosting their profitability.
Labels pre-committed inventory (production work order, customer)
Labelling inventory that has already been committed to a particular purpose, such as a manufacturing work order or a customer order, is known as the practice of applying certain labels or identifiers to pre-committed inventory. Businesses can simply track and manage their inventory in real-time and make sure they have adequate stock to complete their commitments by labelling pre-committed inventory.
Supplies detailed inventory history
Businesses can gain useful insights into their inventory operations by providing a thorough inventory history. Purchase orders, sales orders, stock changes, and inventory transfers are all included in the inventory history.
Tracks & traces materials used
Inventory tracking and traceability is crucial, especially in the construction business. Businesses may effectively maintain their inventory levels and make sure they have enough raw materials to meet production demands by tracking and tracing the products they utilise.
Construction Inventory Software Helps Control & Waste Management
To manage their inventory, equipment, and supplies, contractors can benefit from using construction inventory management software. The software can assist in managing inventory across numerous task sites, maximising asset utilisation, and minimising excess inventory. Contractors may make informed decisions regarding purchasing and waste management through real-time data on inventory levels and usage. The system can also minimise loss and avoid on-the-job theft. In the end, using technology and utilising construction inventory management software may enhance budget management and save time and money.
Real-time information from the inventory item record, including:
Stock status by location
The phrase “stock status by location” describes the quantity of a certain product or SKU (Stock Keeping Unit) that is kept in stock at a single site or a collection of locations, such as a warehouse, retail space, or delivery facility. Businesses can monitor the availability of their products at various supply chain nodes and take well-informed choices regarding inventory management, restocking, and order fulfilment by tracking stock status by location.
POs (with drill-down detail)
Purchase Orders (POs) are used in construction inventory software to track the acquisition of inventory items from vendors. A purchase order (PO), which specifies the specifics of the transaction, including the amount, price, delivery date, and terms of payment, acts as a contract between the buyer and the vendor.
Bill of Material (BOM)
The document that specifies all the inventories, raw materials, and components required to execute a project is called a BOM. Engineers and contractors use the BOM to make sure that all the necessary components and materials are present during production.
Other features of Our Construction Inventory Management Software:
Complete visibility of your inventory
- Quickly glance at available stock while receiving new order
- Prevent shortage of critical raw material
- Use barcode to achieve end-to-end item tracing.
Track your Purchase & Sales Transactions
- Get a timeline view of every activity in sales and purchase.
- Post comments in real-time and tags your team members.
- Faster documentation and proactive tracking to keep you ahead of deadlines.
Your all-in-one dashboard on the cloud
- Track the overall health of your business in real-time.
- Keep an eye on your quotation to order conversion.
- Get timely payment by automated notifications and reminders.
NWAY ERP has designed its Construction Inventory Module to help construction companies finish projects within budget and time. We have developed each module to work in sequence and provide the best ERP software to help customers.