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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.
You’ve heard of Industry 4.0, but have you heard of Inventory 4.0.? Manufacturing leaders are tackling supply chain issues with digital solutions. Leveraging Industry 4.0 solutions, a recent McKinsey survey showed 39 percent have implemented a control-tower approach to increase supply chain transparency. About 25 percent are fast-tracking automation to stem worker shortages. Steve Schulz, Ph.D., Associate Professor of Logistics & Supply Chain Management, said the program has taken a quick trajectory towards all the technology needed for this technological revolution.
Bulk solid materials are handled in many ways. One company may manage inventory and orders at the plant by local people. Larger operations may do inventory management at a corporate office miles away. Some even count on vendors to monitor inventory levels themselves and order material as needed (called Vendor-Managed Inventory). BinMaster products were designed to fit all these situations. BinMaster sensors are more accurate and hearty operating in a wider range of environmental conditions. Cloud software has evolved. It’s more intuitive, graphically friendly, and accessible by any device any where internet is available.
Too little inventory can stall production. Too much inventory and cash flow is tied up and not available for other priorities. Finding the right balance is based on proper measurement of your bulk aggregate, bulk powder, and other raw ingredients. Too little inventory can stall production. Too much inventory and cash flow is tied up and not available for other priorities. Finding the right balance is based on proper measurement of your bulk aggregate, bulk powder, and other raw ingredients.
CHALLENGE A PVC production plant needed to closely monitor the number of plastic pellets in inventory but had trouble with sensors due to the amount of dust in silos and the low dielectric constant of the plastic material. The plant also faced a shortage of materials and rising costs meaning every pound of material was critical to maintaining production.
APPLICATION Polyvinyl chloride (S-PVC) is the world’s third-most widely produced synthetic polymer of plastic. It’s used in everything from healthcare to construction products. In the U.S., about 40 million tons of PVC are produced each year. PVC powder is stored in silos prior to being delivered or packaged. Silos can be large in size containing thousands of tons per silo.
SOLUTION BinMaster created a solution for a PVC production facility that needed to closely monitor inventory levels despite a difficult environment with dust in its silo. BinMaster’s 3DLevelScanner works well for the plastics industry thanks to the low-frequency, acoustic-based technology. The resin level sensor with multi-vision inventory software delivers accurate, reliable, and continuous non-contact volume measurements.
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.
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...
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...