Fins Cloud Erp | Managing component stock & inventory
One of the key benefits of using an online ERP such as FINS for the watch industry is the ability to quickly check on the status of an order and follow it throughout the entire production process from factory to finish.
FINS takes advantage of the latest in Lean Inventory practices as the foundation of its revolutionary solution for the watch industry. By carefully analyzing past and current sales as well as identifying slow moving and dead stock, FINS can drastically reduce component stock and eliminate non-moving inventory.
In many cases, the FINS solution can reduce overall inventory by two-thirds and completed watches to as little as 30 days’ supply. The effect on Cash Flow is significant, often up to 70%.
With FINS, component stock and entire inventorycan be easily monitored and managed from the client dashboard and as a cloud-based system, is accessible online for any authorized team member.
FINS improves inventory with powerful features
- FINS creates component standardization where possible for immediate reductions in inventory.
- The FINS algorithm is applied on previous and current orders to calculate components consumptions based on sales data, replenishment times, and best sellers to establish initial orders.
- Non-turning inventory is eliminated, wastes are identified and corrected and logistics are streamlined.
- FINS constantly compiles and analyzes data to further optimize inventory, typically reducing from 6 months to as little as 1 month quantity of finished watches.
FINS puts real-time information at your fingertips regarding every aspect of your brand’s inventory and production. From the brand dashboard, the MY STOCK tab gives a quick overview. Every individual component can be seen at a glance, searchable by reference number or type or color.
This high level of inventory detail gives brand owners and managers an instant assessment of what components are active or inactive, valuable information when creating orders or building new watch SKUs.
Unlike off the shelf manufacturing ERPs, the FINS solution for the watch industry has powerful supply chain tools created specifically for the Watch Industry…
Keen watchmakers know that the market changes fast and consumer desires are fickle. The traditional methods that rely on inaccurate sales forecasts which try to second guess the market are famously dangerous, something the Swiss Watch industry learned the hard way over the last few years. Manufacturing deep inventories leads to non-turning stock that can deplete cash flow and hurt the bottom line.
With FINS, supply chain management is simple, accurate and cost efficient. Your brand will only stock exactly what is needed based on a constant analysis of components stock, orders, sales data and pending P.O.’s. The FINS system is always ready to respond to subtle or sudden changes in the market and adjusts as needed.
Ready to see how FINS can help grow your Watch Business?
Register to try out our fully functional online live demo to see exactly what you get with
the FINS manufacturing software solution for the watch industry.