INTRODUCTION: The primary goal of inventory costing is to provide financial clarity by achieving accuracy in a company’s financial statements. A point to remember here is that different methods provide different results and once a company selects a method, regulators expect the company to adhere to it year after year. Therefore, a company must […]
ABSTRACT: Managing Inventory in manufacturing is of utmost importance. In most manufacturing businesses, inventory forms the biggest cost component of goods sold. Inventory costing plays a crucial role when it comes to effective management of inventory. Inventory costing is an accounting process done to determine the value of a company’s inventory. It impacts a company’s […]
INTRODUCTION: For any manufacturing entity, inventory management plays a crucial role in ensuring that the production process runs efficiently and smoothly. The primary goal of inventory management is to have the right amount of inventory at the right time to meet production demands and customer needs, knowing when to sell and at what price while […]
INTRODUCTION: For any manufacturing entity, inventory management plays a crucial role in ensuring that the production process runs efficiently and smoothly. The primary goal of inventory management is to have the right amount of inventory at the right time to meet production demands and customer needs, knowing when to sell and at what price while […]
ABSTRACT: Effective inventory management is essential for manufacturing entities as it impacts operational efficiency, cost management, and customer satisfaction. For effective management of inventory, it is first important to understand what inventory is and what are the types of inventories. This article provides a comprehensive overview of inventory, exploring key concepts such as inventory types […]
Enterprise Resource Planning or ERP for the manufacturing industry has been gaining massive significance due to its multiple benefits and advantages. It is crucial for the manufacturing business as it helps reduce expenses and streamline all operations. In the manufacturing business, the manufacturer must have all the required technically advanced resources to produce quality output. […]
Drone Manufacturing and its Importance In the 20th century, one would look into the sky, and the only flying objects one would see were birds and planes. The situation is no different now; it is just that there would be more planes flying and fewer birds. However, in specific areas like agriculture, wars, combat operations, […]
Introduction to Lot Traceability In 2023 Apple, the biggest company in the world, decided that by 2025, it will only use recycled cobalt. It has also set ambitious targets to use only recycled material in all its products. Not just Apple, many large and small companies are setting goals to not use virgin material and […]
Introduction Whatever can be smart will become smart. We are not talking about humans but of objects. Cars that had primarily mechanical components now have more than 40% components that are electronic. From Smart Audio System, Smart Braking System, Smart Fuel Traceability in Electronic Manufacturing System and so on. Fans and Cooling Appliances come with […]
