All subcontract precision engineers need to control their material and component stocks as efficiently as possible. The cost of holding stock versus not having it available to deliver at short notice is a fine balance and you need to know how much you can afford to hold at any point in time.
Holding stock is an expensive business due to the added costs associated with storing it on top of the manufacturing costs. The age of stock should be reviewed regularly; with stock takes conducted frequently at suitable intervals and recording of stock unique to particular customers to avoid hidden obsolescence costs.
PSL Datatrack has designated Material Stocks and Component Stocks modules to manage these stores as efficiently as possible whilst maintaining all traceability information too. Material Stocks tracks raw materials from the point that a purchase order is raised to buy them through to allocating the material to a works order, whilst Component Stocks is designed to track finished components from the moment that they are put into stock until they are allocated to a customer works order. Stock limits can be set for both types of stock then reviewed and adjusted so you can aim for just the right amount.
Both modules possess in-depth reporting capabilities to support management of all stock. Material and component ‘Reorder Requirements’ reports are available and can be run by various parameters, including by material type or supplier and components below minimum quantity or for a particular customer account. Stock Take and Stock Value are also included as standard reports.
All standard PSL Datatrack reports can be customised, depending on the requirements of your business, and brand new reports can be commissioned in addition if necessary. Many PSL Datatrack customers also utilise Status Boards, which can be placed around a factory to display live information and help keep a closer eye on all stock levels.
It’s not only reports and Status Boards that can be customised to suit a user’s needs as we can also develop bespoke features and utilities for the system should they be required. For example, at the request of one of our customers we developed a function to enable them to auto-email their customers, on a monthly basis, a list of the stock currently held for them. This simple request helps our client maintain their optimum stock levels as their customers can easily decide what stock to take off their hands, helping to avoid that hidden obsolescence issue.
All of this PSL Datatrack functionality allows you to arrange realistic call off agreements with your suppliers and customers that incorporate adequate lead times so you can plan effectively and don’t have to worry about manufacturing components too far in advance, saving valuable space on your shelves. Our powerful search screens assist when a drawing gets up issued, allowing you to decide if you can first amend any existing stock.
With all the challenges resulting from both Brexit and the Covid-19 pandemic, all businesses are having to plan and work smarter. By utilising PSL Datatrack production control software you will be able to run your engineering business like an efficient ship and see the information you actually want to see, displayed how you want to see it! Please do not hesitate to contact a member of our team today to discuss your requirements – we’d love to hear from you.