ERP 101: Inventory - Maintaining Accurate and Reliable Data
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In this 30-minute session, you will learn: 1) How the ERP system tracks finished goods, sub-assemblies, and parts. 2) Cycle counting – how it is performed, and the benefits and guidelines for creating a useful program. 3) Review Locations – types and purposes.
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ERP 101: Inventory - Maintaining Accurate and Reliable Data
- 1. ERP 101 Session 9 Inventory - Maintaining Accurate and Reliable Data David Bush Senior Manufacturing Consultant, Rootstock
- 3. The ERP 101 Webinar Series Date Topic Aug 2, 2016 An Introduction to ERP for Manufacturing Aug 16, 2016 Engineering – Learn how to create Part Master Records and Bills of Material Aug 30, 2016 Engineering – Learn how Change Orders and/or Revisions ensures that ERP system data is accurate and up-to-date Oct 11, 2016 Shop Floor – Explore how ERP is used to create and maintain Work Centers, Routings and Procedures Nov 1, 2016 Shop Floor – See how scheduling the Shop Floor through ERP controls Labor and Machines Nov 29, 2016 Procurement – Link your Vendors and Purchased Parts via ERP Dec 13, 2016 MRP – Step through an overview of this vital ERP subset Jan 24, 2017 Work Orders – Manufacturing’s Starting Point Feb 14, 2017 Inventory - Maintaining Accurate and Reliable Data Mar 14, 2017 Sales – See how you can link your Customers and Products via ERP TBA Manufacturing Accounting – An overview using standard cost TBA Manufacturing Accounting – An overview using weighted cost
- 4. Meet Our Speaker David Bush Senior Manufacturing Consultant, Rootstock • 30+ years of manufacturing and MRP/ERP systems experience • Previously at General Microcircuits, Consona Corporation, Relevant Business Systems, Inc
- 5. A Quick Recap • What we have covered in our first 8 episodes: – Defined what an ERP System is an how it’s evolved into today’s version – Engineering Item Master and Bills of Material – Shop Floor Routings – MRP – How it fits into the ERP system – Purchasing’s role in modern ERP systems – Work Orders creating both supplies and demands Today we look at a vital facet of ERP/MRP systems, physical inventory
- 6. What is/is not Physical Inventory? • IS: – Direct Material used in Production – Tracked as it moves into and out of stores – Lot and/or serial controlled, if needed • IS NOT: – Indirect Material, even when used in production • Lubricants, gloves, safety glasses, tools, etc.. – Tracked as it moves into and out of stores – Formally issued to work orders or subcontract orders Indirect item costs are generally captured as overhead What does the Inventory System Do?
- 7. Management Functions of ERP Inventory System • Provides ability to track inventory in stores (where is it currently located?) • Uses Location Types to define inventory status (good, suspect, scrap, etc.) • Inventory Item records contain important planning information used by MRP • Holds data specific to how the item is defined for inventory purposes (f/e, UOM) • Maintains current Lot/Serial information for parts defined as lot and/or serial controlled • Maintains historical lot/serial information for future traceability • Under Project Control, segregates inventory by project • Maintains Accounts used for various inventory purposes (i.e., scrap account, standard cost, etc..) • Holds costing information on each item (material, labor, overhead) with ability to make cost adjustments • Item History for usage and other reports
- 8. Transactional Functions of ERP Inventory System • Provides means to adjust inventory balances either manually or through cycle count program • Movement of inventory, between divisions, sites and/or location id’s • Transfer of inventory between projects • Standard Cost adjustment parameters
- 9. Where does Physical Inventory come from? Work Order Completions Transfers from other Divisions/Sites Cycle Count Adjustments Manual Stock Adjustments Purchase Order Receipts
- 10. Where does Physical Inventory go? Work Order raw material and sub assembly requirements Transfers to other Divisions/Sites Cycle Count Adjustments Manual Stock Adjustments Subcontract Requirements
- 11. A Closer Look at the Inventory Item Master object • Original Parameters adopted when Engineering Item Master record created, but changes to those defaults mainly happen here • Basic Information is held on the record header: – Commodity Code – Source (manufactured, purchase, subcontracted) – Inventory UOM – These fields may be edited on this record, while others may not • MRP Policies, including: – Method of calculating demand (lot for lot, days cover, fixed, etc.) – Min/Max order quantities – Safety Stock – Yield factor • What additional information is commonly held on this object?
- 12. Inventory Item Master object additional data • Lead times for various manufacturing and subcontract functions • Commodity Code defaults and overrides • Default Locations used for specific functions such as work order and purchase order receipts • ABC classification used for cycle count program • Physical Attributes of the part, i.e. weight, height, width, circumference, etc.. • Other data unique to your manufacturing facility/items Let’s take a closer look at the Inventory Item Master in Rootstock
- 13. Rootstock Inventory Item Master Let’s look at some of the tab information
- 14. Inventory Item Master Lead Times Tab “Miscellaneous CC Overrides” tab is next
- 15. Inventory Item Master Misc. CC Overrides tab Now we’ll review the “Attributes” tab
- 16. Inventory Item Master Attributes tab Now Let’s Review some Basic Inventory Functional Objects in Rootstock
- 17. Inventory Location Add Object How would we transfer this inventory to a different location in this division/site?
- 18. Location to Location Transfer Object How do we establish standard costs for our inventory item?
- 19. Standard Costs for Inventory Items Let’s Review the Basic Inventory Functions
- 20. • Inventory Master contains ONLY Direct Material Items – Inventory is tracked into and out of stores – Typically planned by MRP • Indirect Inventory (shop supplies, etc.) are not tracked or planned • A Physical Inventory Cycle Count program may be used to keep inventory records accurate • Inventory may be transferred between divisions, sites, project and locations • Ability to adjust inventory quantities and costs manually Review of Basic Inventory Functions
- 21. Where Do We Go From Here? Today we covered the Physical Inventory segment of manufacturing… stocking, issuing, receiving and adjusting inventory quantities, as well as maintaining costs. What’s still to come? • Order Entry – Feeds the ‘demand’ side of ERP from the customer base – Maintains customers, products, orders, etc. • Project Control – Planning, maintaining and costing by project – When should project control be used, when not? And much more…..
- 23. The ERP 101 Webinar Series Date Topic Aug 2, 2016 An Introduction to ERP for Manufacturing Aug 16, 2016 Engineering – Learn how to create Part Master Records and Bills of Material Aug 30, 2016 Engineering – Learn how Change Orders and/or Revisions ensures that ERP system data is accurate and up-to-date Oct 11, 2016 Shop Floor – Explore how ERP is used to create and maintain Work Centers, Routings and Procedures Nov 1, 2016 Shop Floor – See how scheduling the Shop Floor through ERP controls Labor and Machines Nov 29, 2016 Procurement – Link your Vendors and Purchased Parts via ERP Dec 13, 2016 MRP – Step through an overview of this vital ERP subset Jan 24, 2017 Work Orders – The starting point of manufacturing Feb 14, 2017 Inventory - Maintaining Accurate and Reliable Data Mar 14, 2017 Sales – See how you can link your Customers and Products via ERP TBA Manufacturing Accounting – An overview using standard cost TBA Manufacturing Accounting – An overview using weighted cost
Hinweis der Redaktion
- INTRO SCRIPT: Good Morning everyone, and welcome to today's webinar sponsored by Rootstock Software Our last topic was “Work Orders – Manufacturing’s Starting Point.” This is the ninth webinar in our ERP101 webinar series. Our topic today is “Inventory - Maintaining Accurate and Reliable Data.” Moving on to some housekeeping. Before we get started, I’d like to go over a few items so you know how to participate in today’s event. We've taken a screen shot of an example of the Attendee interface. You should see something that looks like this on your own computer desktop in the upper-right corner. You’re listening-in using your computer's speaker system by default. If you prefer to join over the phone, just select “Telephone” in the Audio pane and the dial-in information will be displayed. All attendees will be on mute throughout the presentation. You’ll have the opportunity to submit text questions to today’s presenter by typing your questions into the Questions pane of the control panel. You may send in your questions at any time during the presentation; we will collect these and address them during the Q&A session at the end of today’s presentation.
- Now we’ll take a look at our upcoming schedule. Today we will be covering “Inventory - Maintaining Accurate and Reliable Data.” The next webinar in the ERP 101 Webinar Series by Rootstock Software is scheduled for March 14th, 2017 and will cover the topic “Sales – See how you can link your Customers and Products via ERP.” Future webinar dates are to be announced. I encourage you to follow Rootstock Software on LinkedIn, Twitter, Facebook, Google Plus and more for the latest and most important information about Cloud ERP. Follow Rootstock Software on social media!
- ABOUT PRESENTER : I would now like to introduce our Presenter, David Bush, Senior Manufacturing Consultant at Rootstock Software. David Bush has 30+ years of manufacturing and MRP/ERP systems experience. David was previously at General Microcircuits, Consona Corporation, and Relevant Business Systems. David will now introduce us to our ERP 101 webinar “Inventory - Maintaining Accurate and Reliable Data.” Hi David…
- Each line is a bullet point that needs a click to be visible. This is the rule for all slides.
- I removed this sentence as a last line – seems that it was covered on the next slide: Where does Physical Inventory come from?
- I know…this slide is a big mess. Any suggestions? I wanted a graphical way of looking at how inventory is received. Same with next slide… where it goes. Maybe center the factory and show inventory going into it all around? Each different method should require a click to appear an this and the next slide.
- Besides major cleanup, this slide needs to show the inventory leaving instead of going into stores arrows need to go the other way. Maybe center the factory icon and show the arrows leaving that building all around it?
- These should each be bullet points that require a click to appear.
- Clean up the 3rd box… Sorry David – not sure what you are referencing with ‘clean up 3rd box’
- Click once for each of the bullet points. - David – I am assuming this was left from a previous slide?
- Add click to see each bullet point.
- Add builds for each bullet point. David – I am assuming this was left from a previous slide?
- Q&A SCRIPT: Thank you David, that was impressive! Before we go to your questions, just a quick reminder this webinar will be posted on our website at www.rootstock.com. And of course after the webinar if you have any further inquiries, please email us at marketing@rootstock.com. We’ll now answer questions submitted during today’s presentation as well as take any new questions – And just a reminder, you can still submit questions through the Questions pane in your attendee control panel. Our first question today is….. 1. You mentioned that indirect items are not tracked in inventory. It's very important that we do track some of them in our company. Do you have any recommendations? 2. How do we know if our inventory should be categorized for cycle counting as 'A', 'B', 'C' or other? 3. You didn't talk too much about lot and serial control. Is it possible for an item to be both lot and serial controlled in Rootstock?
- Before we end today’s webinar, I’d like to present a brief look ahead at the upcoming topics in our ERP 101 Webinar series. Today we covered “Inventory - Maintaining Accurate and Reliable Data.” The next webinar in the ERP 101 Webinar Series by Rootstock Software is scheduled for March 14th, 2017 and will cover the topic “Sales – See how you can link your Customers and Products via ERP.” Future webinar dates are to be announced. I encourage you to follow Rootstock Software on LinkedIn, Twitter, Facebook, Google Plus and more for the latest and most important information about Cloud ERP. Follow Rootstock Software on social media! Thank you for joining us today. We look forward to seeing you at our next webinar. Today’s webinar is now over.