Chronos eStockCard Inventory Software - Inventory System - Warehouse Inventory System for Detail Inventory Tracking

In the past, we have been helping many Small Industries to improve their inventory control (in raw materials, WIP and finished goods). And Inventory control in Chemical industry is very interesting and challenging.

Chemical Materials are having:-

1. Shelf life limitation — i.e. its expiry date must be monitored closely.
2. FIFO control – i.e. to use the old batches first. But the challenge here is, there are so many SKUs (or products), all are very similar in packaging, color, size, the only different is Part No. (or item code), how to ensure the operators/users are picking the right drum according to FIFO?
3. Batch Tracking — all received/produced materials are having different manufacturing information such as batch no, lot no, manufacturing date, special remark etc. This info is crucial for user to feedback to their supplier if having quality problems or to track the actual processes if receive of feedback from customers.
4. Multi-UOM conversion — e.g. from Drum to Bag, bag to Kg, Kg to Liter, Drum to liter etc. Any combination can be happened.

1st – Relayout the physical storage area

• so that “Each Inventory Item” can be stored neatly and accessible.
• Warehouse control operator can put and pick the right inventory item without being blocked by other items.
• If operators need to move away other items first before reaching the right item, most likely they will pick others without following the FIFO control rule.

2nd – To track EACH inventory item in details via unique serialize no. or batch no.

• During goods receiving (IN), print a barcode label with uniqued serialized no. / batch no. assigned, and paste this barcode label to the received item.
• During good issuing (OUT), remember to scan and record the uniqued serial no./ batch no.
• In this way, all inventory movements are being tracked easily.

3rd – To install an “easy-to-use” Warehouse Inventory Control Software to facilitate the goods movement control.

• We did try many manual systems to achieve the above controls, but all are failed due to tedious recording and tracking, human errors etc.
• Complex system does not work here because most of input data are done by warehouse operators who don’t like complicated stuffs.
• A simple warehouse control system, yet powerful enough that

a) can track item serial no./batch no.,
b) embedded with FIFO/LIFO logics during picking,
c) with location bin control,
d) can inter-convertable multiple unit-of-measurement (UOM) for same item but in different packing,
e) and most important, system can provide suggestion to the warehouse operator
– where to store the item during goods receiving, and
– where to pick the right item during goods issuing/picking.

Finally, the Chronos eStockCard Inventory Control Software achieves all…

eStockCard inventory tracking software has been promoted and launched to several mobile phone retailers to manage their repairing, selling activities as well as tracking inventories movement. Here are the major scopes how eStockCard inventory software can help.

1. Repairing

When received the phone from your customer, you can assign the Operation Task as “Hand phone Repair” and key in any required details (such as the serial nos and etc). All this is can be done under IN operation. A bar code label can be generated to stick on the hand phone.

After repairing and the customer come to collect the hand phone, just scan the bar code label and confirm to take out the hand phone. You can also define the Operation Task as ” Repairing Works”. This can be done under the OUT operation.

2. Customer Booking

For hand phone which is being reserved after receiving down payment, you can use the LOCK operation to LOCK it. If there is any code to unlock the hand phone, you can also key in this info at the Remark column under the LOCK operation.

Once the hand phone is ready to sell, just use the UNLOCK operation and select the required hand phone. The code will be appeared under the Remark column and just click on the ‘ Pick and Unlock’ button to take out the hand phone from the system instead of going through the OUT operation again.

3. Selling Phones and Accessories

Using the OUT operation and configure the Operation Task as ” Selling to Customer” and select the items and the system will advise the location (You can also defined your customers) and then key in the quantity and confirm to retrieve the items out.

However, if you have a bar code which is generated by the eStockCard during IN operation when you received hand phone or accessories from your main distributors, just scan on the bar code and then confirm the quantity to retrieve the items.

There are about 38 reports in the eStockCard inventory software which is useful for tracking and monitoring on all your handphone inventory and their movements.

Download the Free Inventory Software here today.

Good and adequate warehousing practices will ensure

1. Products are always be accessible

2. Products are always in good condition

3. Products are always available

With years of experiences in this field, we would like to share industry best practices with our customers and those who are keen to improve their productivity in warehousing management.

Please stay on the watch for coming articles. You are welcome to share your views with us in order to make things better.

Stock card is a piece of thicker and more durable paper which is widely used in many small and mid-sized organizations with the simple purpose of monitoring and controlling their stock. It is a very simple inventory control tool for recording the movement of the stock.

No arguable it is very simple and lowest cost but there are many drawbacks:-

1.Wear and Tear

2. Data discrepancy due to no updating, wrongly or unrecognized writing etc

3. Data can’t be shared simultaneously

4. Can’t locate the card due to misplace

5. No analysis, No reporting and can’t provide overall view of stock status

6. …..

eStockCard has encompassed most of the functionalites and features that deliver by traditional stock cards and additionally, more useful and intelligent features are included to achieve better control.

“eStockCard can be used to control your Stock Cards“

It is very common for many firms to setup small-scale showrooms in various territories or geographical locations to display their products or samples to potential clients. The major challenge in managing showroom is the effectiveness of managing  samples or showcases.

Most encountered issue is the failure of tracking the samples or showcases. These include:-

1. Failure to identify the point of issuing. Samples could be sent from manufacturing facilities, other warehouse or directly from vendors or suppliers.

2. No serialization (unique identifier is needed for each sample especially from different suppliers or vendors) and this will result in poor identification.

3. Expiry management. This is critical for food, beverage, pharmaceutical, chemical samples. About-to-expire or expired samples may need to be purged for disposal or downgrading.

4. Inaccurate inventory data or data synchronization issue.

For users who are using Chronos eStockCard inventory management software, showroom can be managed at ease:-

1. Create a pseudo warehouse (storage area) which is known as “Showroom” under location setting.

2. Use Stock Transfer module to move the items from Main Warehouse to Showroom. Alternate way, user can create a Picking List at Picking List Module or OUT operation to retrieve items from Main Warehouse and then follow by IN operation to store these items to Showroom.

3. Each sample with be assigned with unique identifier (eStockCard serial number) for tracking purpose and their shelf life can be monitored through Alert Module.

4. Auxiliary information such as vendors or suppliers information (batch, lot, delivery notes, invoice’s number) can be entered.

5. Cycle counting activities can be performed through Cycle Count module to verify inventory data accuracy.

1. Easy location bin properties setup according to actual warehouse layout.
2. During Stocks Receiving:
   • eStockCard will generate barcode label (with all tracking information per client’s needs) and just paste it at each pallet/container/carton/any packaging.
   • eStockCard will suggest the best storage location bin per each pallet
   • user just put the pallet accordingly
   • simple enough?
3. During Stocks Issuing:
   • eStockCard will suggest the most appropriate pallet according to FIFO control
   • User picks the pallet. That’s all.
   • Alternately, user can take the desired pallet, and scan the barcode label, then eStockCard will record the picking accordingly.
   • It is easy…
4. For Warehouse Stock Control and Analysis,
   • there are many stock control reports available for user’s preview.
   • Email Alert is available to send out critical message to targeted person if abnormality appears…

And more… eStockcard makes life easier for Warehouse Inventory Control.

I like the 80-20 Rule,  others called it ABC Analysis, and I apply it at the Inventory Analysis. And How?

Lets look at the following scenarios: -

Item Ordered Frequency/Year Ordered Qty/Year Revenue
ABC : 2 / 5000 / $7500
PQR : 6 / 700 / $850
XYZ: 50 / 124 / $524

→ For ABC, its order frequency is low, but each ordered qty is huge, therefore, the total annual sales is high.

→ Item PQR is at the middle.

Questions are:-

1. If we want to keep stock, which item we shall keep more stock? and Why?
2. Which item will incur more inventory inaccuracy issue? and Why?
3. Which item will suffer over shelf life most (assume that all items having same shelf life span)? and Why?

Q1. If we want to keep stock, which item we shall keep more stock? and Why?

a. About 1/3 of inventory executives I asked, they prefer to keep stock for Item ABC. Their arguments are:

• Item ABC contributed biggest revenue to the company. It is company’s most important product. Therefore more focus shall be given to the product and its buyers.
• Selling Item ABC is enough to survive the company, other products are not significant. Therefore, keeping stock for ABC is necessary.

b. About 2/3 of inventory executives I asked, they prefer to keep stock for Item XYZ. Reasons are:

• Even though Item ABC has contributed biggest revenue, but it happened 2 times only in the past. They doubted whether this will happen this year. Therefore, keeping more stock for Item ABC is very risky and it will incur more cash flow being tied up.
• Keeping stock for Item ABC will incur a lot of cost (inventory, space, management etc). It is very risky if customer didn’t buy it this year.
• Sales for Item ABC involves huge delivery quantity. Customer would not simply give an order without discussing with the supplier for their delivery capability. Therefore, supplier can formulate different delivery schedules to fulfill the order. Thus, no stock keeping is necessary.
• In contrast, Item XYZ is being purchased in low qty but very frequently. It means customers ask for it very frequently. Further more, to keep some stocks for Item XYZ would not tie up cash flow but can fulfill customer’s satisfaction. Therefore, why not keep some stock to satisfy the customers?
• Some executives even said — may be those customers who purchased Item XYZ is satisfied with the company’s service, therefore they purchased the Item ABC…

What do you think?

Q2. Which item will incur more inventory inaccuracy issue? and Why?

Most executives picked Item XYZ, because:

• higher frequency of movement will incur higher chances of errors if accumulated.
• goods movement for Item XYZ is much higher than the other 2 products. therefore its inaccuracy will be higher.

What do you think?

Q3. Which item will suffer over shelf life most (assume that all items having same shelf life span)? and Why?

I believe most of us will say: It is Item ABC. Because its moving frequency is low.
– Yes, mostly slow moving items will suffer over shelf life problem. Because items are kept at a place not being notice obviously and not being moved In/Out frequently. It will be neglected.

What do you think??

In fact, all above critical inventory management issues can be resolved if user utilizes the Pareto Analysis. How to do it?

For users who use the Chronos eStockCard inventory software, you would find out that the 80/20 rules has been applied in the Inventory Cycle Count practice — count by moving frequency.

After login to the system, go to Inventory > Cycle Count > Item Moving, you can click on the Info button beside it to find out how we group the Inventory items using 80/20 rules.

Operation data (IN and OUT) will be accumulated for 80/20 analysis. The more transaction data accumulated, the better the result will be achieved. User/readers can access to the software to experience this 80/20 application.

I like 5S. It helps the organization to manage their physical inventories accurately and efficiently.

5S — origin from Japense’s tidiness culture:
Sei-ri – means organizing it
Sei-ton – means put it in order
Sei-so – means make it clean
Sei-ke-tsu – means tidy it and becomes a standard
Shi-tsu-ke – means make it as a habit to maintain the above good practices

It has been widely used in manufacturing process to improve quality and productivity. I apply it in inventory control as well especially at the store/warehouse.

Imagine we are at a store with over 5,000 bins storage capacity and over 1,000 types of item (SKU). If pallets of goods are not being keep in order according to their assigned bin No., it is really a disaster for the organization. The consequences are such:
– Inaccurate of stock information,
– Difficult to pick the right item/pallet timely
– FIFO/LIFO control — impossible — goods are over shelf life easily
– Low productivity — storekeepers are busy in searching for right items
– Excessive of unnecessary stocks
– Shortage of desired stocks etc.

With good practice of 5S in the store/warehouse , majority of above issues can be resolved. That’s why all good practiced companies are — tidy, organized, and productive.

Is there a need to redesign your warehouse for better operational efficiencies? Several warning signs reveal that warehouse efficiency is deteriorating: -

1. Congestion, need more space to conduct warehouse activities
2. Delivery or shipping errors have increased
3. Order processing time has increased
4. Warehouse activity’s efficiency has decreased (items misplaced, inaccurate inventory data)
5. Warehouse operating cost has increased

Does these sounds familiar in your current warehouse operation? If that is the case, you may have to seriously look into the possibility of re-design and re-layout your warehouse facility and operation.

There are many aspects you need to consider prior to re-design and re-layout your warehouse facility. Data collection and gathering is crucial that include:

A. Company policy

• Stock replenishment policy (such as just-in-time)
• Stocks keeping policy (price fluctuation, special offer, shortage)

B. Nature of business

• New business expansion or diversification plan (expand from manufacturing to retailing or trading)
• Product line expansion or diversification

C. Sales/Shipping Information

• Number of items or products shipped daily, weekly, monthly
• Products combination (low mixed but large volume or high mixed but low volume)
• Shipping patterns for daily, weekly, monthly or seasonality
• Number of customers
• Geographical locations expansion

D. Purchasing Information

• Number of items
• Number of SKUs, New packing, New cubic dimensions
• Receiving patterns (when is the peak)

E. Receiving/Put-away/Retrieval/Storage Information

• Number of items or products
• Number of SKUs
• Specifications of SKUs such as cubic dimension, weight, storage condition, turn ratio
• Throughput daily, weekly, monthly (Current and Future Projection)
• Seasonality of items or products
• Goods receiving patterns (daily, weekly, monthly)
• Number of suppliers
• Quality policy

Without good and adequate data, it is extremely difficult to include high degree of accuracy in your warehouse design and layout.

The eStockCard team is happy to announce that Chronos eStockCard v3.1.2 is released and it is available to download now.

Chronos eStockCard v3.1.2 is a minor update and doesn’t add any new features. In this release, we put more of our effort on enhancing the existing features and also fixed the bugs that detected in the previous version (thanks to the customers/users who pointed to us).

You can go to our download page here to download the latest version of Chronos eStockCard inventory software.

Release Notes

Enhancements:-

• Multi UOM selection at OUT screen.
• Default OUT UOM setting at Item Master screen.
• Setting of Default Tax for the Sales screen at Operation Setting.
• Adding the number zero ’0′ for 1 digit number at the Location setting for the level / column numbering.
• Able to print the report  based on WYSIWYG via the Included Details and Include All setting.
• Able to delete the wrongly created Company Profile.
• Able to rename the Company’s name and their info’s except for the Company Code.
• All the Screen and Grid Layouts can be saved into the Server after designing and then Load it to the others Client PC’s under Operation Setting > Layout and Cache Management.
• Administrator Group users can overwrite and create new password for other users.
• Able to save and take out the Documents which have been designed at Document Design to other directory.

Bug Fixes:-

• Solved the bug at Cash Sales screen for Non Rule Item.
• Rectified the issue at the Supplier List report.