What Effective Reporting Can Do For You: A Collaboration With Bead Industries
Published On: March 16th, 2023
Founded back in 1914, Bead Industries got their start developing and manufacturing Bead Chain® for electric light pulls. Using the same innovative metal-working processes, Bead Industries has manufactured many different products for the electronics market since the mid-1920s.
Bead Industries has grown exponentially since the 1920s. As such, an increasing number of data challenges have made themselves apparent over the years.
One challenge we have seen with Bead Industries, which is a common challenge among many of our clients, is the struggle to build and maintain accurate, effective reports. Business reports are absolutely critical across many industries. They are a valuable source of information to all stakeholders, detailing everything about the company. From knowing where a company stands financially to managing inventory and projecting growth, effective reporting is absolutely essential if a business wants to scale.
Triple Helix Corporation began working with Bead Industries in May of 2022 to help them get ahead in their reporting. Over the period of several months, our developers worked hand-in-hand with Bead Industries to augment their existing IQMS Enterprise Resource Planning (ERP) software with 3 unique reporting tools made just for them. These reports were designed to be powerful additions to their ERP that would allow the Bead Industries team to access and analyze their data like never before.
One of the reports our developers worked with Bead Industries to implement was a Raw Material Purchasing Report, which gave the company the ability to visualize when they would run out of raw materials needed to manufacture their products. This real-time report based on current orders gave Bead Industries much more insight into their existing inventory and when re-ordering would become necessary.
We also built out a Raw Material Purchasing History Report. This report was designed to work a little differently. The report would average demand per month over a 1, 2, or 3-year period and project when the company may run out of raw materials going forward. The report was intended to work hand-in-hand with the aforementioned report to help predict for the company when (and how much) more raw materials would need to be purchased. It became an incredibly valuable and powerful inventory planning tool.
The last report we implemented was the Work-In-Progress (WIP) Report. This report would help the company track how much of its materials are currently being utilized on existing orders in production.
These 3 reports created a powerhouse of effective reporting tools for Bead Industries allowing them to seamlessly visualize and efficiently manage their production process and pipelines.
With increased visibility comes increased productivity. By being able to keep a close eye on inventory, it becomes far less likely deadlines will be missed (leading to potentially upset customers). The team can keep a super close eye on their inventory and quickly make adjustments, as needed.
Has your team struggled to meet deadlines or manage production efficiently? Many of these common concerns go back to a lack of proper reporting tools. Reporting is critical in building any business.