by inFlow Inventory | May 18, 2023 | Workflows
The business world is changing rapidly, and companies unable to adapt to changes brought on by challenges and innovations inevitably fall behind. The Harvard Business Review pointed out that the use of automation and analytics accelerated during the COVID-19 pandemic....
by Robert Brandon | Feb 10, 2023 | Workflows
Key takeaways A bill of materials (BOM) is a detailed list of all components, raw materials, and procedures required to manufacture a product. Every BOM should include consistent details such as assembly name, material quantities, costs, part numbers, and the general...
by Robert Brandon | Feb 2, 2023 | Workflows
ABC analysis is a technique used to make more informed decisions on how much inventory to carry. Businesses using this classification of inventory management place their products into three categories: A, B, and C. Items in “Category A” are high-value products and...
by Robert Brandon | Jan 26, 2023 | Accounting
Key takeaways The total manufacturing cost formula is: total manufacturing cost = direct material cost + direct labor cost + manufacturing overhead. The direct materials cost formula is: direct materials = (starting inventory + purchases – ending inventory). The...
by Robert Brandon | Dec 16, 2022 | Inventory
A cycle count is one of many methods for counting your inventory. During this process, a business breaks its inventory into different categories, then regularly counts the amount of available product in each category. For example, the organization might count the...
