There are plenty of things you can start doing today to make your fastener business run more efficiently and be more successful, from clipping costs to nailing your quality control. Underpinning these strategies is a manufacturing and warehouse management solution known as Fishbowl. In fact, one of the most impactful things that you can do is to start using this software in your business.
Fishbowl Manufacturing is the #1 inventory management and manufacturing solution for QuickBooks. It is a great fit for fastener manufacturers because it helps them automate many of their business processes, such as generating work orders, bills of materials, invoices, and other essential documents. It also allows you to do the following nine tactics, which can significantly boost your efficiency.
1. Use Just In Time Production
With Fishbowl, you can set up automatic reorder points on all of your parts and products, so you will have the right amount of inventory coming in at the right times to avoid stockouts. This requires a high degree of accuracy in your inventory figures. You will need to correctly assess your current and future inventory requirements based on past sales numbers and projected sales numbers. Fishbowl offers sales forecasting functionality, and it has detailed reports that let you drill into the data to ensure you can run a lean manufacturing operation.
2. Track Inventory by Bin and Shelf
If you know exactly where the parts you’re looking for are, you won’t have to waste time looking at random around the warehouse or trying to decide where to store items contained in a recently received shipment. You can track your inventory right down to the aisle, shelf, and bin so nothing gets misplaced or lost. Also, you can avoid making unnecessary purchases of items you already have. With Fishbowl, you can track items by their serial numbers, lot numbers, expiration dates, and many other criteria.
3. Reduce Labor Costs with Automation
Fishbowl’s inventory management tools can do the job of several warehouse workers, which means you can make better use of your employees’ time and cut back on human-resource expenses. In fact, Fishbowl offers an online employee time clock solution called Fishbowl Time & Labor, which integrates with Fishbowl Manufacturing to let you add labor costs to work orders. That way, you can estimate not only the cost of parts and materials, but also factor in other expenses that have an effect on their total cost.
4. Use Barcodes to Streamline Business Process
A well-managed barcoding system allows you to save time and money by increasing employee productivity, reducing excess inventory, and freeing up capital. You can generate, print, and scan barcodes with Fishbowl for many warehouse-related jobs. For example, you can scan barcodes to quickly access product information, perform cycle counts, receive inventory, and reorder items.
5. Eliminate Double Data Entry
Fishbowl integrates seamlessly with QuickBooks. After you order, transfer, sell or ship products through Fishbowl, it updates QuickBooks’ accounting records for you. You can schedule as many data exports from Fishbowl to QuickBooks as you like. This keeps the two solutions in sync and avoids the risks and costs of double data entry.
6. Offer a Strong Warranty
If there is a problem somewhere in your supply chain, production line, or shipping routes, you can quickly spot it with Fishbowl’s inventory tracking features. This helps you build a reputation for making high-quality products and delivering them on time. Fishbowl Manufacturing also uses production stages and worker accountability to allow you to pinpoint problems and fix them in a timely manner.
7. Empower Employees
Fishbowl offers a variety of training resources to help as many of your employees as you want gain new skills and start using its software and hardware. You can get in-house training, read the Documentation Wiki, watch training videos, and contact the Support team for further resources. Your employees will be able to get more done in less time, and you can limit user access rights to only those parts of the software that are necessary for employees to do their jobs.
8. Increase the Inventory Turnover Ratio
This is one of Fishbowl’s specialties. It will help you get your inventory stock down to healthy levels and, as a consequence, increase your inventory turnover ratio. You’ll want to find a healthy balance between the extremes of too high and too low so that you have enough inventory in stock to keep your customers happy while avoiding unnecessary carrying costs. You can find that balance with Fishbowl.
9. Control Costs With An Inventory Management System
Fishbowl is designed to save your business money by reducing expenses and keeping the optimal amount of inventory on hand. Check out a case study about a company called Crossroad Distributor Source, which specializes in fasteners for industrial and aerospace industries. They achieved 100% on-time deliveries and double-digit annual growth without having to add staff members after using Fishbowl for two years.
If you’re ready to take your fastener business to the next level, we have a riveting deal for you! Sign up for a free trial of Fishbowl today to start putting all of the above money-saving ideas into practice. You’ll be amazed how Fishbowl will get your company running more efficiently in a snap!
With Fishbowl Manufacturing, fastener manufacturers are able to perform the following tasks and also enjoy the following benefits:
- Use just in time production
- Track inventory by bin and shelf
- Reduce labor costs with automation
- Use barcodes to streamline business processes
- Eliminate double data entry
- Offer a strong warranty
- Empower employees
- Increase the inventory turnover ratio
- Control costs with an inventory management system