Managing stock is crucial for fabricators, but the level of detail required can vary depending on several factors. Whether you're tracking basic quantities or need to monitor every serial number, understanding the right level of detail for your stock management is key to keeping your operations smooth and efficient.
Here are some great tips to help you figure out how much detail your fabrication company really needs.
Determining the Right Level of Detail
When it comes to managing stock, not every item requires the same level of scrutiny. Start by considering whether you need to track the stock of the product closely. If it’s a critical component or a high-value item, more detailed tracking, such as batch or serial numbers, might be necessary. Additionally, if the product requires compliance tracking, such as a batch number or serial tracking, more control is essential.
For example, a basic approach might only require FIFO (First In, First Out) tracking, which is sufficient for less expensive or not-too-worried-about items. But for stuff where accuracy and traceability really matter, it’s better to go with batch or serial number tracking.
The more detailed your tracking, the more power you have over your stock, but it also makes things more complicated.
Best Practices for Detailed Stock Management
Once you've determined the level of detail needed for your stock management, it's important to implement best practices to keep everything running smoothly. Start by ensuring you’re tracking your stock on hand in the correct units of measure. For instance, some items might need to be tracked by weight, while others by quantity.
It’s also essential to record all stock movements as they happen. This real-time tracking helps keep your inventory data accurate and up-to-date. Finally, always assign unit costs to your stock to ensure your financial records reflect the true value of your inventory.
WorkGuru makes this process easier by providing detailed lists of stock usage for each project, along with a full transaction history.
By keeping your data timely and accurate, WorkGuru helps you maintain control over your inventory.
Setting Up Detailed Stock Management
Introducing a more detailed level of stock management doesn’t happen overnight. Here’s how to set up your system effectively:
Initial Setup
Setting up an integrated stock control system involves: - Defining key stock points. Identify which items need detailed tracking (e.g., serial numbers, batch tracking).
- Choose an inventory tracking system integrated with job management software or at least compatible with your systems.
- Training your team. Your staff understands the new processes. WorkGuru offers user-friendly interfaces and tailored training sessions to help your team adapt quickly.
One common challenge is the adaptation to new technology.
WorkGuru offers tailored training sessions and user-friendly interfaces to mitigate this, ensuring that staff from various technical backgrounds can adapt quickly and efficiently.
Change Management
Integrating new systems can be challenging, especially if you're used to a simpler approach. But sticking with ineffective processes is wasteful.
Here are some tips for the transition:
- Communicate the importance of tracking what comes in and out of the stock room or cage in real-time to your workshop or team.
- Encourage your team to keep track of all the items used from your stock for the project.
- Set up regular check-ins to address any concerns and make adjustments to the inventory management process as needed.
How WorkGuru Helps with Detailed Stock Management
WorkGuru is designed to support fabricators in managing their stock at any level of detail. It provides a full transaction history so you can see exactly what’s happening and when. Every project in WorkGuru comes with a detailed list of stock usage, helping you maintain accuracy throughout the process.
Additionally, WorkGuru offers special features like stock sales (allowing you to sell stock without tying it to a specific project) and production jobs (building stock via a bill of materials), making it easier to manage complex inventories.
Border Fabrication Successfully Integrate Stock Management
Based in Goondiwindi, Border Fabrication transformed its operations with WorkGuru’s detailed stock management features. Before WorkGuru, they struggled to track time and stock accurately, which hurt their profits. With WorkGuru, they've significantly improved their real-time inventory and project monitoring, leading to better resource management and reduced costs.
Conclusion: Find the Right Balance
Determining the right level of detail for managing your stock is about finding the balance between control and complexity. With WorkGuru, you can customise your stock management to fit your needs, whether you require basic tracking or detailed oversight.
Ready to enhance your stock management process?
Get started with WorkGuru today and take control of your inventory with confidence.
