Inventory Management Software Bill of Materials

Bill of materials in inventory management gives you a highly structured list of all parts, components, sub-assemblies, and raw materials that go into a manufactured product. The bill of materials is a key part of inventory management since it ensures the availability of all necessary items for manufacturing a product. Stockouts are eliminated, which is a key goal of inventory management. Core functions in an organization, like procurement and supply chain management, refer to the bill of materials for receiving all required inventory in time. The manufacturing department also relies heavily on the bill of materials for meeting its production volumes, quality standards, and cost control. WareGo facilitates bill of materials management with its inventory management system.

Inventory management software handles BOMs in various ways. The software provides a digital blueprint to define any complex product you are manufacturing, listing all necessary components in logical hierarchies called sub-assemblies. The highly systematic organization of inventory and sub-assemblies reduces defects, prevents delays, and brings down stockouts. The software will also have an automatic reordering mechanism to replenish inventory items running low. Automatic reordering saves time and reduces stockouts and production downtimes. The system tracks all inventory items in real-time and shares this data automatically with other systems, avoiding the need for manual data entry to transfer vital information. Human errors and delays go down, while productivity rises. WareGo provides these and many other benefits with its BOM inventory management. 

Yes. BOM management software like WareGo prevents production delays since it has real-time inventory tracking and other important features to prevent stockouts. Real-time tracking shows you inventory items running low so you can take immediate action. High visibility shows you issues that can turn into problems if not resolved in time, thereby promoting proactive instead of reactive management. Automatic reordering replenishes critically low stock items to prevent stockouts and production delays. Reports and analytics provide insights to remove bottlenecks and exploit opportunities that reduce production delays.

A BOM-enabled inventory system should include the following. 

Inventory Data Management – Should record all necessary information for parts and components, like model, ID, part name, descriptions, and so on. 

Logical Hierarchy – Dividing complex products into logical sub-assemblies is essential for simplifying inventory management. 

RFID/Barcode Support – Inventory data should update automatically when workers scan the barcode of each inventory item. 

Costing – Production and buying costs for each inventory item provide the total cost breakdown, so you can identify the main cost drivers and mitigate them.

Real-Time Tracking – provides updated information on inventory movement and levels. Promote proactive management to eliminate problems before they happen. 

Automatic Reordering – Automatically replenishes components that have reached critically low levels. Prevents stockouts and production delays. 

Serialization – Allows high traceability for each component so you can deal with product recalls, stay compliant, follow product movement easily, and cut costs. 

Forecasting – Accurate forecasts are vital for preventing overstocking, which increases holding costs and complexity. 

Integration – Automatically shares inventory data with other business tools you may have, like the ERP, CRM, ecommerce platform, 3PL, and more. Prevents manual data entry delays and errors. 

Easy Mobile-Friendly Interface – The software should be intuitive and easy to use, even for newcomers. Mobile-friendly layout promotes productivity since it allows busy workers to use the software on the go. 

WareGo ticks all the right boxes for BOM-enabled software since it has all the features above and more besides.

Mult-level BOM is important for manufacturers since it simplifies manufacturing by dividing manufactured products into logical parts called sub-assemblies. For example, a car can be divided into the following sub-assemblies: wheels, transmission, brakes, engine, body, and so on. These can be further divided into yet more sub-categories. 

Multi-level BOM allows you to reliably manage all parts, components, sub-assemblies, and raw materials. Managing all these items can be complex, especially when there are more of them. BOM software, like WareGo, helps you make sense of it all by allowing you to track all items easily. Stockouts, downtimes, delays, defects, stock discrepancies, and other common manufacturing problems can be resolved elegantly with WareGo BOM software.