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What You Need to Know About Inventory Management System

What You Need to Know About Inventory Management System

We know how valuable inventory is to every operation. It matters a lot from small to big businesses, and the fact that it is also hard to control and manage is certainly undeniable. If you have a manufacturing business, supply chain or a fast food shop, then you know how factors such as pilferage, administrative errors, physical damage and expiration of items can eat away your inventory. It can even greatly hamper the profit and affect the overall system of a company.

Your products are one of the most significant assets of your business. Assuring that your organization has proper stock of goods and a system that can manage all your merchandise correctly can make a huge difference in making the sale. From the manufacturing to the point of sale, the need for a sustainable inventory solution can reassure every company that there are enough products to sell for customers while managing the control of every resource.

Setting up an inventory management system can help you make the most of inventory by keeping costs under control.

What are its Features?

For Inventory Control and Warehouse

Makes inventory process faster as they are fully automated.Easy tracking of assets with check-in/ check-out system.Managing of asset costs from merchandise to stocks with precise counting.Provides various alternatives to track all assets including supplier, client information, count of merchandise, account numbers, sales and more.Manage multiple inventories at the same time and being able to view real time records.Lower inventory loss and increase sales and operational efficienciesEnhance customer satisfaction levels with availability of productsIncrease product marginsGain control on replenishment of stocks while managing overstocks

For Purchasing Department

Modernize requisition procedure and enhance faster communication with vendors with Inventory Management Solution that can record transaction, reordering dates and other relevant informationEradicate inefficiency with online purchasingEasily identify costs, loss and profits. Avoids manual errors done in purchasing, receiving and other accounting records. -For Manufacturing Division -Offers contemporary solution of managing correct orders. Manufacturing sector can now seamlessly work with back office divisions. -For Demand Planning -Accurately give data for reordering of stocks based on sales and historical dataAutomatically compute supply plan for the organization -What are its Benefits?

Offer real-time data of demands, supply, costs, profits and trends in an operationReduce manual inventory. Makes work faster and avoids manual error or computations.Managing margins with complete data to cost of inventory and revenues.It can satisfy the demands of any industry for inventory and purchasingMeet your customer’s demands and help improve customer serviceEnhance relationships with clients, vendors, and partners in the business

I have been writing for many years now. In fact my work had already appeared in various books and websites. Today I featured what you need to know about Inventory Management System so people will be aware of the importance and its applications for businesses.

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ERP for Transportation Industry

ERP for Transportation Industry

This is the first time ever such an extensive and well integrated software for Fleet and Transport Industry is made. Eresource ERP for Fleet Management is the number one Fleet/Transport Management ERP that will help your business grow with guaranteed return on investment.

With eresource ERP in the operational mode, you can manage your Fleet and Transport business with efficiency and it is an user-friendly ERP solution. Irrespective of your fleet’s strength, eresource ERP for Fleet Management can provide solution for all your vehicle operations, trucks, cars or any other commercial vehicles.

 

There is no place for an argument about the credibility or functionality of eresource ERP for Fleet Management. Eresource ERP for fleet Management industry is an unique fleet management ERP solution for you. This ERP solution will help you overcome overhead expenses, unexpected break-fix scenarios and downtime due to neglected fleet vehicles and equipment.

 

And eresource ERP for Fleet Management serves as a ready resource for fleet maintenance history, fuel usage, and driver details also you can easy manage areas like insurance, asset management, tire management, inventory management, LR management as well as all expenses associated with operating your fleet of motor vehicles and other mechanical assets.

 

eresource ERP for Fleet Management is a powerful configuration management system that based on master configuration, which allows you to easily create individual vehicle configurations and maintenance plans.

And eresource ERP for Fleet Management serves as a ready resource for fleet maintenance history, fuel usage, and driver details also you can easy manage areas like insurance, asset management, tire management, inventory management, LR management as well as all expenses associated with operating your fleet of motor vehicles and other mechanical assets.

 

eresource ERP for Fleet Management is a powerful configuration management system that based on master configuration, which allows you to easily create individual vehicle configurations and maintenance plans.

 

You are invitied to Manufacturing ERP Training Program: ttp://www.youtube.com/watch?v=lI8fEb0rITw

 

For more information kindly visit: http://www.eresourceerp.com/fleetmanagement.htm

 

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Inventory Management

Inventory Management

The relative importance of inventories differs among the various industries. They are relatively unimportant for the public utilities and service trades in which they total only 2 and 4 percent respectively of total assets. About one-third of the assets of retail establishments consists of inventories as docs 21 percent of the capital of manufacturing corporations. For both these industries inventory is the largest current asset and, for retailers, it is the largest asset of any type. In the wholesale and retail trades inventories consist almost entirely of finished goods whereas manufacturers must carry raw materials, goods in process, and supplies in addition to their finished products. Because manufacturing illustrates more of die ramifications of inventory management this industry will be used for illustrative purposes. For manufacturers as a whole finished goods constitute about 40 percent of total inventories but this ranges from one-third for durable-goods processors to slightly less than half for manufacturers of non-durable goods. On the other hand, work in progress is the most important segment of inventory for durable-goods manufacturers; it is relatively unimportant in the manufacturing of non-durable goods. As with the carrying of cash and receivables, the size of inventories is partly a function of the type of industry although a considerable range of management discretion is applicable.

If acquisition of materials, production, sale, and delivery were instantaneous there would be little reason for inventories. But acquisition of raw materials is time-consuming, the source of supply may be seasonal, and deliveries are not always certain. Moreover, purchases must be made in economical quantities and these do not bear any necessary relationship to the rapidity of their use. Breakdowns can occur in the productive process, and this contingency increases the amount of work in progress that must be maintained. Production runs cannot all be synchronized either with the size of economical purchases or with the volume and timing of sales. Production costs may dictate either regular production throughout the year, even though sales are seasonal, or a concentration within a short interval even though sales is stable. The situation is complicated further because inventory carrying costs tend to rise in proportion to advances in inventor)’ level whereas increasing the size of production runs affords a cost advantage that decreases in rate per unit of output as fixed costs are spread over more units.

Inventory Risks Investment in any type of asset involves some risk; inventories are the least liquid and the most risky of the current assets. Risks of price change are the greatest in the raw materials because of the volatility of their prices. Metals, crude rubber, wool, and various agricultural products are subject to sharp and wide swings in marketability. Goods in process of manufacture are especially illiquid; they must be completed to be salable. At the retail level, prices are generally more stable and yet obsolescence can be sudden and rapid as public tastes change. Not only may funds be tied up in slow-moving inventories but special efforts are required to sell them, especially in those consumer goods that are subject to annual change in type of model.

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What Is ERP System

What Is ERP System

Endeavor Resource Planning (ERP): -the ERR remains for “Big business Resource Planning”.it is likewise called as ‘Coordinated System’. -erp can be characterized as a procedure of arranging all assets and their utilization in the whole undertaking in a synchronized manner. -enterprise asset arranging (ERP) is essentially Business Management Software. E.g. SAP, Oracle, Microsoft Dynamics, Consona and so forth. -enterprise Resource Planning (ERP) System: -enterprise Resource Planning System is a situated of incorporated business applications, or modules which hold basic business capacities. -it can be portrayed as: Enterprise asset arranging (ERP) is business system administration programming that permits an association to utilize an arrangement of incorporated applications to control the business and mechanize a lot of people back office capacities identified with engineering, administrations and human assets.

Key Functions of Enterprise Resource Planning System:

The Enterprise Resource Planning System has bunches of mechanical & sparing advantages. Some of them are specified here. -integration of all business forms at one spot. -automation of strategies upgrades benefit. -increase general execution of your association. -quality in Reports Accuracy shows Performance Analysis. -integrates transversely the whole production network. -a Single Database that backings all applications -a steady look and feel crosswise over modules. -ease of Access more versatility gimmicks. -raise Profitability Level. -raise Portability Features. -time Management Features. -higher level of Customer Satisfaction. -attract More Traffic.

Venture Resource Planning System Basic Modules:

Venture Resource Planning System is an unfathomable subject that can’t be taken care of in a solitary condition. It has a rundown of modules. The changing space size of your client base, deal with getting modules. Ordinarily recorded modules are: -sale -human Resource -supply Chain -inventory -customer Relations -payroll -cost Center -accounts and so forth.

Profits of Enterprise Resource Planning System:

There are loads of profits of Enterprise Resource Planning System however here I said some center advantage association got by utilizing ERP System. -chronological History of each Transaction. -order Tracking. -sales estimating, that permits stock advancement. -revenue Tracking, from receipt through money receipt. -matching buy requests (what was requested), stock receipts (what arrived), and costing (what the merchant invoiced). -centralized Business Data. -erp System gives enhanced chances to communitarian workplace.

Disadvantages of Enterprise Resource Planning System:

Some of Enterprise Resource Planning System disadvantages are recorded here. -customization is hazardous. Typically it obliged profoundly gifted designers having solid summon on center prerequisites. -enterprise Resource Planning System usage cost more. -overcoming imperviousness to imparting touchy data between offices can divert administration consideration. -integration of really choosing toward oneself organizations can make unnecessary conditions. -extensive preparing prerequisites take assets from every day operations. -evaluation preceding execution of Enterprise Resource Planning System is discriminating.

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CRM for Asset Managers

CRM for Asset Managers

Relationship Management Matters

While portfolio performance forms the bottom line in most investment decisions, asset managers are increasingly realizing that there are other important factors in client satisfaction that they cannot afford to ignore. The level of service and personalization provided by asset managers—whether directly to clients, to consultants and influencers, or via the broker-dealer channel—can have a significant effect on an asset management firm’s ability to cultivate client loyalty. With competitors and alternative investment opportunities looking to lure away asset managers’ client base, both client retention and competitive differentiation have climbed high on most asset managers’ list of priorities.

The Value of Relationship Management

CRM systems form the nerve center of an asset management firm’s external-facing operations, uniting sales, marketing, and client-services personnel in a coordinated effort to provide an outstanding experience to every account. By harmonizing activities and information across these departments, CRM streamlines processes, from account setup to RFP responses to broker-dealer relations. By synchronizing and standardizing efforts, CRM ensures that your firm presents a unified, consistent image to all partners and clients, improving brand strength and client loyalty.

CHALLENGE ONE

Tracking and storing a large volume of high-quality information for regulatory compliance, strategic decision support, and relationship building.

SOLUTION

CRM systems aggregate client-related data and track activities to deliver valuable, usable insight and take the pain out of compliance.Sales professionals need a constant connection to the realities of every account—and how their efforts would pay off down the line. The resulting reward has exponential impact on their motivation, persistence, and ultimately, their results as a whole.

Gain New Clarity Through Consolidated, Accessible Information

Make the Connection with Relationship Mapping

Make Regulatory Compliance Part of the Process

Understand Your Sources of Profitability

CHALLENGE TWO

Many asset management firms suffer from operational inefficiencies and have difficulty supporting profit margins and managing more assets without increasing expenditures.

SOLUTION

CRM systems generate productivity gains by automating time-consuming activities, streamlining processes, and enabling asset managers to apply resources more effectively.

Complete the Picture with Third-Party Data Integration

Plan and Coordinate Activities for Higher Productivity

Get the Right Information to the Right People at the Right Time

Capitalize on Every Opportunity

Manage the Pipeline More Effectively with Higher Visibility

Know No Boundaries with Mobile Connectivity

CHALLENGE THREE

In an increasingly competitive market, asset management firms find it difficult to differentiate themselves from competitors and add value to their interactions with clients, consultants, and broker-dealers.

SOLUTION

CRM technology gives asset managers the tools to build and maintain better, stronger business relationships that confer competitive advantage.

Give Your Clients Unparalleled Service

Manage Events that Build Relationships —and Business—with Ease

Harness the Power of Branding

Execute Targeted, Precise Marketing Campaigns

Moving with the Markets: The Need for Flexibility

Zooming In: CRM Advantages by Line of Business

 

Institutional Asset Management: The Power of Collaboration

Within institutional asset management firms (IAMs), one of CRM technology’s greatest advantages is its ability to help employees collaborate across departments to provide consistent, exceptional service to clients and capitalize on opportunities to grow assets under management. CRM enables IAMs to fully integrate sales, marketing, and service functions for increased efficiency and effectiveness, providing a complete view of the client so users from all areas of the firm can personalize their client interactions, building a stronger relationship and increasing client retention and loyalty. CRM can automate and facilitate workflows for important multistakeholder processes such as account opening and RFP or RFI responses, saving time and increasing productivity. It also provides visibility into complex networks of affiliation and influence, allowing IAMs to more successfully track consultant activity and identify new opportunities.

Get Proactive with Renewals to Increase Retention

Understand Consultant Influence

Leverage Proven Sales Methodologies

Mutual Fund Wholesaling: True Insight Into Broker Value

For fund wholesalers who sell through broker-dealers, the most important relationships tend to be with their resale channels. CRM helps fund wholesalers build and expand these relationships—strategically. By providing deep insight into broker profitability, CRM enables mutual fund wholesalers to direct their resources where they’ll be most effective, cultivating relationships with profitable brokers and dropping those who cost the firm. Instant access to information that allows fund wholesalers to allocate their time and effort more effectively enables firms to grow assets under management without additional resources.

http://asset-management.ezinemark.com/crm-for-asset-managers-7d3602e7ef44.html

Why Your Business Needs Inventory Control Software

Why Your Business Needs Inventory Control Software

Inventory refers to the total amount of goods and services that a company has in stock. It is an important asset of the business because without products or materials, the business will have nothing to sell or offer its clients. However, there are several types of inventory which are Materials and Components, Work in Progress (WIP) inventory, and the finished goods, which are products that are ready to be purchased by consumers.

 

Inventory handling is an important part of business, as inventory is usually the largest expense incurred from business operations. There are many different ways that companies handle their inventory. Overall, inventory management depends on what kind of business it is. For example, some companies use logistics. Logistics is a detailed process by which inventory is tracked and logged.

 

Inventory management can be a complex process. This is why companies nowadays are using some kind of inventory control software. Inventory control software provides easy tracking and management capabilities that can be beneficial for your inventory management needs. It eliminates the need to manually input inventory data and speeds up the process of keeping track of the business’ assets, thereby saving business operation costs.

 

When choosing inventory control software, select the one that requires little time to install. It should also be able to generate cycle accounts, subtract shipments and add any shipments. Also, take note of certain characteristics of the software. Good software usually makes ordering, identifying ordering trends and safeguarding inventory assets easier and more efficient.

 

There is a glut of inventory control software solutions available. Even though the choices are endless, don’t just download and try them all. The first step in finding the appropriate inventory control software for your business is to establish the features that your company will need in a software solution. Review different options to get the best software that will satisfy your demands.

 

Keeping track of your company’s assets is an important part of business success. Therefore, inventory should be done accurately. Only a good inventory control software system can help you manage your responsibilities with ease. Additional benefits of using software solutions include improved cash flow, visibility, and efficient decision-making. Do not wait until your business gets disoriented because of the countless conflicts and mishaps in your inventory.

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The Function of a Balance Sheet

The Function of a Balance Sheet

Business Web Directories

The balance sheet is important to business operations in general. It provides a snapshot of what the company owns and what they owe to outside sources. The balance sheet is also known as a profit and loss account. By either name, this special form of financial statement provides great insight into an organization’s holdings.

Breaking Down the Balance Sheet

To clarify, a balance sheet shows how much money the organization has, how much property they own, and most importantly, how much money they owe. This is beneficial for outside sources to view – bankers, investors, and even potential creditors.

The balance sheet is broken down into several sections. Each section is grouped by liquidity – that is, how easily the particular asset can be converted into cash. The first section is short term assets. Within this category, cash is listed first, followed by near cash assets. Near cash assets are assets that can be easily converted into cash. Accounts receivable, money that people owe the organization, is also listed in this category.

The next category is the long term assets. These would include equipment, property, and buildings, along with long term accounts receivable. Generally, long term assets are assets that cannot be easily converted to cash within a year’s time.

After long term assets comes the liabilities category. This category is also divided into short and long term – that is, short and long term liabilities. In this case, time is generally defined in years – less than a year for short term, and more than a year for long term.

Short term liabilities would include items such as mortgage payments for the next year, along with utilities and equipment leases. In addition, short term liabilities include employee wages, usually listed as wages payable. Long term liabilities would include items such as the remainder of the mortgage for future years, along with equipment leases. Items here overlap, as time is the separator, not the specific item.

Uses of the Balance Sheet

The balance sheet is used internally to gain insight into what the company has available at a certain point in time. Potential creditors to use a company’s balance sheet to determine the cash to debt ratio, which would in turn inform them how much risk is involved in lending. Investors can use a company’s balance sheet to judge risk as well. For example, if a company is cash heavy or cash light, this could be an indicator of problems within the company. Size of the balance sheet is also an important factor in determining corporate health. If the balance sheet is large, this is an indicator of lots of activity, which may indicate positive growth. On the other hand, if the balance sheet is small, it may mean that the company is growing stagnant.

Flow and Format of Balance Sheets

The balance sheet is laid out in a specific order for a number of reasons. The first reason is GAAP, or Generally Acceptable Accounting Practices. It is a guideline used by all accountants to formalize the statements and keep communication standardized. If the company is also publicly traded, then the format of the balance sheet is required by the SEC, the Securities and Exchange Commission. The last reason relates to Sarbanes – Oxley, a set of accounting regulation regarding internal controls designed to minimize fraud. Due to recent corporate scandals, such as Enron and WorldCom, regulations have been stricter, requiring more detail.

In short, balance sheets provide insight into a company’s holdings for all to see. Balance sheets are a highly informative tool, often open for public viewing if the company is traded publicly. Without balance sheets, it becomes difficult to gain a clear insight into the health of the company.

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Effective Fixed Asset Identification by Asset Tags

Effective Fixed Asset Identification by Asset Tags

Many organizations face a significant challenge to track the location, position, category status, quantity and order of their fixed assets. Asset tags and labels are an easy way of recording and identifying their valuable equipment. Asset tags are secure identification labels and plates with everlasting adhesive, chronological numbering and barcodes. Effective fixed asset identification with suitable tags helps in maximizing the return on capital invested, increase competency of asset administration, reduces insurance premiums by classifying assets and improves the accuracy of tax reporting.

With the aid of applicable barcodes, asset tags can keep information of precious property. The barcode is used to record and store the number printed on the asset tag. Numerous benefits can be availed by using fixed asset labels as it provides accurate method for identification of individual assets.

1. Assist in inventory management on a periodic basis.

2. Helps in maintaining fixed assets.

3. Simplifies asset monitoring.

4. Tracking the location of fixed assets becomes easy.

5. Safety of costly equipment from theft as asset tags is difficult to remove. Low theft rate can avoid unnecessary expenditures.

6. Asset tagging helps in asset repairs, asset movement and value added on particular asset.

7. Many insurance companies require an asset register to be kept.

Proper placement of fixed asset identification tags is important for successful inventory programs. The main consideration is uniformity in placement of asset tags and labels. Fixed assets like machinery, furniture, computers, laptops, electronic equipment and other equipment need to be managed and monitored properly to make sure they are in right working condition and they are protected from theft. The best and an easy way to track the fixed assets are by using fixed asset tags and labels.

Following a strategy in positioning the fixed asset identification tags helps in effective inventory programs.

1. Laptops, computers and associated electronic equipment can be tagged with barcode tags or stickers on the right side, nearer to the back of the equipment on each piece.

2. Office equipment like printers, fax machines and photocopiers should be labeled on the right side near the back.

3. Furniture like file cabinets and storage cabinets can have asset tags on the upper right corner.

4. Tables can be tagged at the top of front right leg / base. Chairs are tagged on upright near the middle support of the chairs.

5. Maintenance equipment identification tags should be placed near manufacturer ID plates.

6. Heavy machinery identification tags should be placed near manufacturer ID plates.

http://asset.ezinemark.com/effective-fixed-asset-identification-by-asset-tags-7d343cc42921.html

Benefits of Optimizing MRO Inventory Management for Your Business

Benefits of Optimizing MRO Inventory Management for Your Business

In today’s extremely competitive business environment, companies are searching for any and every way to increase efficiencies, decrease costs and manage assets wisely. Most manufacturers have invested a significant amount of time and resources into EAM, or Enterprise Asset Management, while MRO, on the other hand, has been a mismanaged portion of many a company’s operations processes. Poor MRO management can hamper material availability as it ties up money in the wrong inventory, while inducing delays in parts and tools that may be critical for asset management, repairs, or production processes. MRO inventory optimization is necessary for companies to ensure that their operations are kept at maximum levels of outputcontinues.

Principles of Effective MRO Inventory Management:

Optimized MRO inventory management is important for your business as it eliminates potentials of:
a)Stock outs
b)Inaccurate reorder points
c)Inaccurate reorder quantities
d)Out of stock inventory
e)Surplus inventory
f)Archaic inventory
g)Imprecise lead times
h)Low rate of turnover
i)Ongoing purchase of dead or declining-use inventory

Optimizing inventory data has many advantages.By providing regular reports based on current MRO data, a decision support service can:
1)Automaticallyset inventory stock levels on the basis of current business conditions and/or usage.
2)Proactively detect problem items.
3)Publish action lists for procurement, warehousing, operations, maintenance and finance.

The benefits of optimizing MRO inventory management for your business are:
1)Makes the right inventory items accessible to personnel in the right quantities at the right time.
2)MRO optimization enhances cash flow by diminishing over-purchases of rarely used inventory spare parts and consumes excess inventory appropriately.
3)MRO optimization maximizes productivity by reducing asset downtime if required parts are available JIT.

MRO inventory optimization has a direct financial impact on a business as well:

Improves plant efficiency – Less unplanned downtime, in conjunction with a higher level of planned maintenance accomplished on time.
Improves cash flow – With a lower MRO inventory investment, higher levels of MRO material availability can be achieved.

Most organizations have begun to understand the unique characteristics of MRO inventories and have started using science-based optimization methodologies to their advantage.. MRO Inventory Management is all about effectively managing spare parts and supplies inventory availability for critical production facilities and operations.

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