Improve Carrying Costs with Bulk Measurement System
Before COVID-19 and the supply chain crisis, industries relied on savvy "just-in-time" ordering to minimize carrying costs like warehousing, tied-up capital, product spoilage, and waste. According to Investopedia, such carrying costs represent up to 30% of total material value.
When supply chains were strained during the pandemic, a higher priority emerged: get material ASAP to meet production needs.
“BinMaster is navigating the same supply chain waves as our customers,” said Scott Hudson, President, BinMaster. “We’re hearing from people who can’t get their materials delivered on a consistent schedule, so they’re really using BinMaster for planning orders. They can’t afford to shut down production because of bad or outdated measurements.”
According to the New York Fed’s Global Supply Chain Index [Bloomberg, 2023], supply chains are normalizing globally. This might prompt a return to just-in-time ordering.
“We’ve been upgrading BinCloud® software to show a history of measurements with a trendline to help anticipate when materials will run out,” Hudson added. “These tools can really help minimize carrying costs.”
In any environment, accurate measurements, timely ordering, and access to historical bulk material usage trends are critical. BinMaster sensors fit that bill. Material managers can see bulk inventory in their tanks, silos, and bins. Using BinCloud software, historical data can help forecast material needs so production doesn`t pause and carrying costs can be minimized.
Sensors collect data and move it to BinCloud, which organizes it into real-time monitoring interfaces, sends automated high- or low-level alerts via text, and generates historical reports. The software can manage a single site or several with hundreds of vessels.