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Accounting professionals and bulk operators grapple with inventory accuracy challenges that impact financial statements and operations planning. Traditional measurement (tapes and spreadsheets) often result in substantial discrepancies.
Precise inventory data plays a pivotal role in several key areas. It ensures financial reports, including balance sheets and income statements, accurately reflect the company’s position.
This accuracy is crucial for tax planning, helping avoid overstated profits that could lead to overpayment of estimated taxes. Correct inventory levels are essential for optimizing working capital management and cash flow, preventing unnecessary purchases. In cost accounting, accurate data provides a clearer understanding of the true costs of goods sold. Learn how BinCloud® provides this valuable accuracy to operators worldwide.
Food, consumer products, packaging…nearly everything…involves the use of bulk solids at some point during their manufacture. In the retail world, inventory record accuracy costs an average of 1.75% loss of revenue. Their suppliers also suffer up to 0.73% loss of revenue. In a world of Industry 4.0 and block chain practices, a discrepancy with inventory measurements undermines inventory control, makes ordering decisions ineffective and results in poor delivery and higher inventory costs.
For improved inventory accuracy in silos, tanks, and bins, multiple-point measurement is always better when compared to single-point measurement. Acoustical-based technology includes multiple-point measurement and uses 3D mapping software that shows the bin’s topography to provide volume precision that is better than single-point measurement devices.
MRO budgets will grow from $701 billion in 2021 to $897 billion by 2028, according to a study by Markets N Research. MRO, or Maintenance, Repair, and Operations, usually covers supply chain management, industrial machine upkeep, technology advancement, artificial intelligence, Internet of Things, and preventative maintenance solutions. BinMaster sensors and software bring technology improvements with a quick return on investment. Besides replacement parts, companies budget for future needs like an inventory management system for tank, silo, and bin installations.
Fast-paced work environments are driving the need for accurate, real-time data. Sensor manufacturers and software developers have been rigorously working to create new and innovative solutions. Is your operation seeking ways to more efficiently monitor inventory? Check out these popular trends
Monitor inventory in bins, tanks, or silos and organize it in one place with BinCloud®. New features released in BinCloud make inventory management evermore easier, more intuitive, and more convenient.
Cement managers find workplace injuries akin to kryptonite. Like popular super heroes, they’re ready to rid their world of danger. Cement producers know the challenges of bulk materials in the industry. Cement, for example, contains various types of chemicals in addition to lime and silica. According to the Centers for Disease Control, if not careful, people can experience health complications, with eyes, skin and respiratory disorders. Climbing bins and silos to measure what’s inside just doesn’t make sense. BinMaster non-contact level sensors can measure levels in a silo using 3D scanners, laser, or radar technologies to ensure accurate monitoring of product levels. Let’s compare these technologies.
From bulky cocoa beans to fluffy cocoa powder the chocolate industry counts on massive silos (some more than 1,000 tons) to store raw materials headed to factories across the world. BinMaster 3DLevelScanner can count it all with a point-level measurement that "sees" through powder and reports the level in a silo.
Food, consumer products, packaging…nearly everything…involves the use of bulk solids at some point during their manufacture. In the retail world, inventory record accuracy costs an average of 1.75% loss of revenue. Their suppliers also suffer up to 0.73% loss of revenue. In a world of Industry 4.0 and block chain practices, a discrepancy with inventory measurements undermines inventory control, makes ordering decisions ineffective and results in poor delivery and higher inventory costs.
Inventory management can be complicated, but it certainly doesn't need to be! In the transition to Industry 5.0, operators are seeking smart systems to give their team real-time visibility into bulk inventory, helping them anticipate future needs and prevent costly downtime due to outages, dry...
"Total Cost of Ownership" (TCO) is most often referenced in the world of vehicle sales, but it certainly provides benefits to the industrial world as well. Calculating TCO can help worksites improve ROI and reduce uncertainty around maintenance, repair and operations. BinMaster products provide...
From the outside in, choosing between a point or continuous level sensor can be pretty daunting. Not to mention the process of narrowing down sensors in either category! Leave it to us at BinMaster to help you learn the ins and outs of level measurement sensor options. Check out our comprehensive...
