In the construction industry, it is imperative to understand the flow of materials from one phase to another. A Construction Management Software with an advanced inventory management module can help the company stay updated about the material distributed or returned to and from various channels. A good inventory system plays an important role because it makes the process of tracking and monitoring much easier for management. This module also keeps track of purchase orders and materials supplied to various construction sites of a company. There are various benefits of Inventory Management in Construction Management software because it deals with tracking the items and materials used in the construction process.
Features of inventory management in a construction management software:
With inventory management software it's possible to organize, update and analyze data including how long it takes the supplier to process orders, ship them, and the time taken for the materials to reach the desired location. With this information the company managers can plan the work flow, decide when to purchase the necessary materials and how much to order.
The Inventory module also helps the construction company to calculate the buffer stock which is the reserve material to guard against unforeseen demand. This feature helps to minimize the risk of work interruption due to lack of materials.
The inventory management module is not only about calculating the amount of materials needed, it is also about tracking those materials through different phases, calculating the amount of materials used during the different phases, and alerting or reporting when the inventory levels are low.
Apart from the above mentioned reasons some of the other common benefits of an inventory module include the recording of the material sent or received, managing purchase orders, recording of rejected or returned materials, ability to record the transfer of materials, etc.
Benefits of using inventory management in construction management software:
Reduces paperwork – Manual record keeping may involve a large number of files to be maintained. They occupy a lot of space and a lot of paperwork would be involved. On the other hand, using an inventory management tool, data will be residing on the centralized server which can be accessed when needed. It is highly recommended to use a web-based construction software to deal with large record keeping. This way, the paperwork would be minimized greatly.
More accuracy – For large construction companies, maintaining the accuracy of data and records is a challenging task. If the work is being performed manually, human errors can be found in various documents. This may lead to ambiguity and hence, hamper the progress of projects. In order to avoid such scenarios, inventory management in suitable builder software should be used.
Proper estimation of materials – It is possible to estimate the exact requirement of the materials if the data is properly maintained. With a good inventory management module the construction company can plan the utilization of the materials available in a better way. This will increase the operational efficiency and productivity of the company. The software can also contribute to cost savings more than ever.