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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.
Smart silos, equipped with advanced sensors, data analytics, and automation, revolutionize bulk storage conditions and ensure product quality and safety. Intelligent inventory systems leverage IoT and cloud to minimize waste, enhance inventory management, and optimize processing operations. BinCloud BinMaster’s centralized software platform collects and presents data from continuous level sensors. It includes easy-to-understand graphical reports for multiple silos in one, or more, facilities. Intelligent silo systems eliminate the need for risky manual measurements, offering real-time level measurements and allowing administrators to delegate tasks with emailed reports.
While manufacturing managers were implementing the Industry 4.0 philosophy, COVID-19 hit. The pandemic brought worker and supply chain shortages and accelerated the effort to boost technology in manufacturing. BinMastersensors and software fit perfectly into Industry 4.0 goals.
In the fast-paced world of industrial operations, the efficiency of managing bulk materials plays a pivotal role in determining the success of businesses. This article delves into the crucial aspect of demand forecasting and its impact on inventory costs, resource allocation, and overall profitability. Whether it’s powders, pellets, or solids, the frequency and strategy of replenishing materials can significantly affect the bottom line. The article emphasizes the proactive approach of demand forecasting, citing studies that show potential cost reductions of up to 20% to 30%.
Before COVID and the supply chain crisis, industries relied on savvy just-in-time ordering to minimize carrying costs like warehousing, tied up capital, product spoilage, and waste. According to Investopedia, such carrying costs represent up to 30% of total material value. “We’re navigating the same supply chain waves as our customers,” said Scott Hudson, Executive VP Sales & Marketing, BinMaster. “We’re still hearing from people who can’t get their materials delivered on a consistent schedule, so they’re really using BinMaster for planning orders. They just can’t afford to shut down production because of a bad or outdated measurement.”
As organizations polish Industry 4.0 tools and processes, a new focus has emerged to define ways to benefit employees, sustainability, fairness, and human interactions. Industry 5.0, in some ways, benefits from 4.0 achievements automation and process improvements. Industry 5.0 points to sustainable, human-centric goals and asks, “are we supporting future societal values?”
Workforce shortages in the U.S. have sparked great energy toward technology. The urgency to implement automated work processes continues to climb. BinMaster sensors and software can provide significant labor relief by replacing repeatable and frequent physical labor. It results in a safer workplace and accurate inventory and aids in strategic ordering and dispatching.
It takes just five basic components to design an inventory system for managing solids, powders, or liquids stored in bins, tanks, silos, and other storage vessels.
Jeff was looking for an alternative to the proximity sensors he was using in seed storage bins. It needed to work reliably with seasonal temperature changes, use the existing fittings, and not break his budget. The MCP-200 mini-capacitance probe may be just what Jeff is looking for.
HerdStar, a Minnesota-based provider of industry-leading weighing solutions to customers in the agricultural and industrial markets, welcomes Evan Clark, Regional Sales Manager, to its team. To learn more about HerdStar's industry-leading product lines—BinTrac® bin weighing and batching control...
HerdStar—a leader in agricultural and industrial innovation and BinMaster's sister company—is excited to announce the addition of Tony Krogman, Sales Manager. To learn more about HerdStar's industry-leading product lines—BinTrac® bin weighing and batching control systems, and MicroZone® automatic...
