Many companies strive for lean manufacturing, inventory management, and JIT production to improve the bottom line. But only a few manage to achieve such a lofty goal. Fortunately, inventory management systems like FTS DigitalBins® can help to oversee moving pieces, maintain visibility over your inventory, optimize stocking levels, and manage fulfillment processes.
With high-tech tools, automating distribution and supply chain management can be flexible, transparent, and error-free.
The Challenge: Stock Control
To excel in manufacturing and production, you need to practice efficient stock control. That means you always have the right materials on hand at the right time.
Sounds simple, right?
Not so much. That’s because there’s a complex equation utilizing multiple variables and data points that can result in too much stock on hand and not enough. It’s a delicate balance.
With a surplus, you end up wasting space and tying up limited capital on items you’re not using. If you’re understocked, you may not be able to effectively respond to demand spikes resulting in poor customer service.
Just consider the potential line down circumstance where your plant cannot complete a customer order due to a commercial piece of hardware, or a complex long lead-time machined component, vital to your product line. An unplanned inventory shortage could cause a production interruption, forcing all of your essential manufacturing processes to come to a screeching halt.
Determining the optimal inventory level is the goal.
But, finding the optimal inventory level often requires you to engage in tedious and time-consuming processes. This includes analyzing forecasts, determining level usage VS demand spikes, job shop planning or consistent production planning, data gathering, cycle counting, physical inventory, etc.
That’s what FTS DigitalBins® was created to solve.
The Solution: Fastener Tool & Supply (FTS) DigitalBins®
FTS DigitalBins® is a technology-rooted solution of software and hardware, designed to enhance your inventory management processes. FTS DigitalBins® transforms rudimentary and dormant component bins into visible, real-time, proactive, piece-counting scales. Each bin is equipped with an LED light cluster that automatically manages every inventory transaction and records every change. With 6 individually colored LEDS for each bin and real-time inventory access, this solution provides you Visual Factory Tools to see the status of your inventory with just a quick glance VS traditional bin management. Imagine viewing into every bin, opening every drawer, and taking a “guess” if you have enough inventory to build your next unit. With FTS DigitalBins®, that guesswork is obsolete.
The physical hardware comes in many customizable options – from 1-sided and 2-sided mobile carts, racking strut solutions, RFID cabinets, pallet scales, platform bin scales, etc. Individual LED scales within these configurations come in a variety of sizes and sensitivities. That way, you can tailor your FTS DigitalBins® system to your specific needs. Whether you’re operating out of a small inventory cage or a 100,000+ SF warehouse, FTS DigitalBins® is the key to operational efficiency, saving you time and money.
Our cross-functional team performs the heavy lifting for your organization from the first discussion throughout the project until your go-live date. We focus on product configuration, cost benefit analysis, value engineering, current state VS future state value stream, and your overall goals. We want to understand what your success measurement goals are, and that our path forward ensures you achieve those goals. Our strategy is “do the hard work up front – be detailed, ask questions, understand the entire value proposition”. The work doesn’t stop there. These are dynamic programs that adjust to your ever-changing business and new demand requirements. Whether FTS has historical data of your usage, your forecasts, or a combination of the two, our custom-tailored design creates a long-term robust solution that allows you to focus on your core competency and leave the inventory management to FTS.
FTS DigitalBins® can be used to automate and enhance several processes, including:
- Physical inventory management
- Consignment inventory management
- Just-in-time manufacturing
- Just-in-time distribution
- Proactive Replenishment
The Benefits: Inventory Management Flexibility
What makes FTS DigitalBins® turnkey solution such an essential part of inventory management? Just a few of the standout features include:
- Inventory visibility – FTS DigitalBins® enhances your visibility of every single bin in your control. Visually, whether you are viewing product from your computer or standing in front of the bins, the color coded lights give you a quick glance at the health of your inventory. FTS will incorporate multiple layers of inventory levels to ensure the reorder points are fulfilled before your inventory reaches critical levels based on FTS fulfillment lead We skip the step where traditional companies take orders at your facility to replenish stock. Our service reps are there to fill your bins with inventory VS the non-value added process of re-ordering inventory at your facility – which is almost always a visual guess.
- Proactive Automated alerts – If the supply levels fall beneath the minimum inventory stocking level, the FTS DigitalBins® will alert FTS and your team with email reporting, light messaging, and audible messaging.
- Proactive Automated Replenishment – Once a bin has reached the reorder point, our team receives a signal to replenish that inventory so the safety stock arrives at your facility before you reach a critical inventory level or a stock out
- Open Bin Access with FOD Detection – FTS DigitalBins® allows multiple users to pull product from the bins throughout your production schedule. There are no long lines for logging in, scanning badges, etc. The open bin style encourages efficient picking through the part finder There is also a FOD feature to alert you if mixed product or FOD is found in a bin.
FTS DigitalBins®: One Component of a Comprehensive VMI Process
DigitalBins® is a customizable inventory management technology that automates your distribution and supply chain management processes. With real-time monitoring, auto-replenishment, and error-proof picking, FTS DigitalBins® give you the tools you need to master your supply chain.
At Fastener Tool & Supply, our team will implement your turnkey FTS DigitalBins® solution as part of our comprehensive vendor management inventory (VMI) process. We combine this cutting edge, robust technology with our predictive forecast models, product experts, and quality components to provide your organization a hands off, worry free inventory solution. As a leading provider of aerospace, high-performance, and commercial value-add products and services, our team works tirelessly to optimize your procurement, assembly, and distribution processes to allow you to focus on your core competency.
If you want to learn more about our VMI solutions, request a demo today.
