Establishing Accurate Inventory Balances with ParityFactory WMS

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Here at ParityFactory, every implementation project we do revolves around a single date: Go-Live. Simply put, Go-Live is the point in the project at which ParityFactory houses true (live) data and becomes our new client’s inventory of record. Go-Live can look differently for different companies based on their goals, integrations, staffing and operating practices. One of the most important factors in planning for go-live is to determine how starting inventory balances will be recorded in ParityFactory.

The standard ParityFactory implementation process

There are several methods of creating those balances in a new system:

1) Physical Count and Scanned Starting Balance

Performing a full physical inventory count and scanning all existing product into ParityFactory is by far the most common course. In this case, all standing inventory (raw material, WIP, finished good) are received in by our mobile-side application through a ParityFactory receipt (Purchase Order from your ERP). Labels are generated and scanned into their correct locations– this is the most accurate way to start inventory balances, and the method we most often recommend.

Pros: Accurate, comprehensive, and positive receiving habits are reinforced from day one.

Cons: Can be time consuming depending on amount of on-hand stock.

 

2) Receiving “Most” or Rolling Start

The goal here is to receive the majority of items into the system as time allows. New items will be received through labelling and scanning in real-time as they are needed. This model can be leveraged when there is a high rate of turnover with lots or product.

Pros: Faster than the aforementioned full physical count.

Cons: Standing inventory that is not counted can slow down processes over the first few weeks, requires discipline on the part of staff to avoid creating phantom inventory, requires ParityFactory to be ran alongside existing processes until complete.

 

3) Inventory Upload

An inventory upload is not typically recommended for most clients; however, it can be done by the ParityFactory team assuming the inventory can be accurately and confidently extracted from the ERP with lot and pallet tracking information into corresponding ParityFactory locations. (Note: Unless explicitly included in a client’s Statement of Work, inventory uploads may be considered a Change Order.)

Pros: The fastest of all available options.

Cons: Not real-time accurate, poor tracking during gap time, requires double entry with existing processes to maintain tracing until complete. Also requires printing out the labels after upload and physically labelling on-hand inventory.

 

Go-Live is the most exciting day of every ParityFactory project. By evaluating each processor’s needs, we’re able to choose the best method to record those initial inventory balances, and help them hit the ground running with their new system on day one. Looking to upgrade the way you’re managing inventory? Schedule a free demo with our team today, and we’ll show you why ParityFactory WMS is the right choice for your business.

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