Solution

Inventory Management and Finance System

A state-of-the-art DIMF (Digital Inventory Management & Finance system) embedded with the latest coding, advanced software architecture, and enhanced security

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Company overview

Wholesaler

Since its inception in 1975, The Company has been a distinguished importer, exporter, and wholesaler of top-tier heavy hardware. Catering primarily to local and international hardware retailers, their product range encompasses a vast array of building materials, from Stainless Steel Sheets and Tubes to Mild Steel Rods and Deform Bars. Serving as a vital supplier for construction and hardware enterprises, The Company’s influence extends not only across Singapore but also its neighboring countries.

Project Overview

Inventory Acquisition: The Company continuously buys inventory, exploiting market conditions for optimal prices. For example, various batches of steel are bought on different days at varying prices. This inventory is then stored in The Company’s warehouse. Inventory Sales: The sales don’t precisely align with the purchasing timeline. Inventory batches, like steel, can be sold partially, necessitating meticulous tracking. Inventory Diversity: The Company handles a wide spectrum of construction materials, including different types of iron and steel, amounting to hundreds of inventory varieties. Grades and Quality Variations: Different items like Iron Coils or Steel Plates can exist in varying grades or “Heats.” This layer of differentiation significantly complicates the buying/selling process. Complex Selling Criteria: Decisions aren’t based solely on a first-in, first-out approach. Factors influencing these decisions encompass material type, inventory type, heat, buying and selling price, timing, and potential partial selling scenarios. Sales can be based on various combinations of these factors depending on market conditions and customer specifications. Detailed tracking is crucial for The Company since the inventory’s valuation greatly impacts The Company’s overall valuation. The system aims to enhance this valuation by maintaining rigorous records.

Objective

The Company has charted a clear growth trajectory with three pivotal strategies: Cost Efficiency: By deploying a robust inventory and finance system, The Company aims to sharpen cost management in an industry where margins are razor-thin. Competitive Pricing: Leveraging streamlined operations, The Company plans to offer unrivaled prices in a market that’s notably price-sensitive. Regional Expansion: While maintaining balanced margins, The Company aspires to captivate new markets, targeting regions such as Indonesia, Vietnam, India, and China with enticing pricing.

Context and Business Opportunity

The Company aspires to construct a state-of-the-art DIMF (Digital Inventory Management & Finance system) embedded with the latest coding, advanced software architecture, and enhanced security. This modern backbone ensures operational efficiency for the foreseeable future. Customized Features for Contemporary Workflows: Adaptability is essential. The Company plans to imbue the DIMF with specialized features to mirror and support The Company’s evolved operational processes. Data-Driven Pricing with Analytics: Leveraging the power of data, The Company envisions a system that smartly assimilates past transactional data and present market trends. This fusion will empower The Company with predictive pricing capabilities, optimizing the potential of securing lucrative deals while maintaining healthy profit margins in a dynamic market. The DIMF system isn’t just about modernization; it’s about strategizing for the future. With the integration of intelligent pricing mechanisms and tailored features, The Company seeks to supercharge its decision-making process and further consolidate its market position. The data-driven approach will not only aid in swift operational movements but also in maximizing returns on every transaction.

Solution

Finance Operations: The new DIMF (Digital Inventory Management & Finance system) will boast a user-friendly interface and experience. It will integrate The Company’s most recent finance operational workflows as detailed in the Vendor Proposal. With the incorporation of contemporary finance workflows, The Company predicts a productivity boost of 20% among its finance personnel. Inventory Management Operations: The DIMF will feature not just a new UI/UX but will also seamlessly marry The Company’s recent inventory workflows. With the new system in place, The Company foresees a productivity surge of 20% for its inventory and warehouse teams. Data Analytics & Aided Pricing Mechanism: The Company will harness the power of data analytics, mining insights from past data and trends. Leveraging predictive analytics, the system will offer a sophisticated aided pricing mechanism, enabling The Company to make informed pricing decisions swiftly in a dynamic market. Armed with this fresh knowledge and capability, The Company stands to significantly uplift its strategic decision-making prowess, ensuring they stay ahead in the competitive landscape. The Company is positioning itself for a future of heightened efficiency and sharper decision-making, cementing its place as an industry frontrunner.

Key features and functionalities

The DIMF integrates cutting-edge technology, industry best practices, and contemporary operational workflows. Here’s a breakdown:
  1. Operation Modules:
  • Customers: Manage client details, preferences, and interactions.
  • Sales Orders: Record, track, and manage orders from customers.
  • Delivery Order: Facilitate and monitor order deliveries.
  • Invoices: Bill customers and monitor payment schedules.
  • Operation Reports: Generate reports to analyze operational efficiency.
  1. Finance Modules:
  • General Ledger: Capture all financial transactions and ensure the integrity of financial data.
  • Accounts Receivable: Monitor amounts due from customers.
  • Accounts Payable: Oversee amounts owed to suppliers or vendors.
  • Monthly Trial Balance & Closing: Reconcile accounts monthly and ensure financial statements are ready for review.
  • Financial Reports: Produce comprehensive reports to analyze financial health.
  1. Inventory Modules:
  • Inventory: Track and manage stock levels, order points, and turnover rates.
  • Heat Number and Certifications: Manage item quality and associated documentation.
  • Inventory Classification: Categorize items based on various criteria to streamline operations.
  • Indent Order: Record special or customized orders.
  • Suppliers: Manage supplier details, terms, and interactions.
  • Inventory Reports: Produce in-depth reports to evaluate inventory health and trends.
  1. Integration Modules:
  • Cross-Module Integration: Seamless interaction between Operation, Finance, and Inventory modules.
  • Push DO to Warehouse: Directly relay delivery orders to the warehouse, situated off-site.
  • Auto Heat Item Marking: Automatic marking of heat items on certifications, streamlining the quality assurance process.
  • Certification Communication: Electronically send certifications to both the warehouse and customers, ensuring product quality and compliance.
  1. Data Analytics Module:
  • Price Recommendation Model: Utilizing a sophisticated algorithm, it will suggest prices that strike a balance between competitiveness and profitability. This model considers variables such as past sales, inventory status, heat specifications, customer behavior, and prevailing market prices.
  • Heat-Based Stock Inventory Management: Replacing traditional FIFO (First-In, First-Out) systems, heat-based management enhances the precision of the price model, ensuring stock is priced based on quality and demand factors.
The DIMF is more than just a software upgrade; it represents a shift towards a more integrated, data-driven, and customer-centric approach, aiming for operational excellence and optimum profitability.

Connect with NCODE Consultant to Explore Inventory and Finance System

Gain financial and inventory control by supercharging your technology with our Inventory Management and Finance System. Transform your business today and embrace digital transformation with NCODE Consultant, a trusted technology partner for nearly three decades with offices in Singapore, Malaysia, and India. We offer a comprehensive suite of Software Services. View all our solutions and reach out to us if you are looking for custom solutions. Contact our team or you can also call us at (+65) 6282 6578.

Screenshots

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Delivery Order File Management System

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Indent Order File Maintenance

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