The Best Ways to Manage Your Factory Products

Be it the finished item or the raw materials that are used to make it, you need to protect the products in your factory. Here are the best ways to do just that.

Get your insurance sorted out

This might not be the first thing you imagined would be on this list. But insurance in business is extremely important. It doesn’t matter what field you’re in. If you’re running a customer support business from an office in the middle of nowhere, you still need insurance. You need to insure the office itself, the computers, the communication equipment. Otherwise, you risk severe financial loss if something were to go wrong.

The amount of materials such a business would use doesn’t touch the amount you would use in a factory. You have to consider the raw materials, of course. There’s also the abundance of big, complex machinery that isn’t exactly easy to transport or replace. So if there’s an emergency that results in damage or even destruction to your business? Without insurance, you’re pretty much on your own when it comes to resolving the problem. So either look into getting it, or make sure your current plan covers everything you need it to. Otherwise, you risk the severe financial loss I mentioned earlier. You may even risk losing the entire business with the costs of replacement being too high.

Know how to handle an emergency

So this hypothetical emergency I keep mentioning – what could it be? Well, you need to consider the potential threats to your business. Insurance could help protect you from theft, but that can hardly be referred to as a destructive emergency. No, I’m talking about things that are much more elemental. Flooding. Fires. Earthquakes. That sort of thing. If any of these things strike, you should know what to do. You should have an emergency plan of some sort in place.

An emergency plan isn’t going to be completely exhaustive, as you never know to the letter what’s going to happen in any given situation. But an emergency plan can offer some form of protection for your factory machines and inventory. Do you, for example, have something in place that keeps such products locked up and protected if such an emergency were to occur? This is easier said than done, but it’s something to consider.

Citizens are usually warned beforehand about earthquakes, so you can enact plans before they occur. In the case of things like fires, though, you’d need a protective action plan in place so you know what to do when the emergency occurs.

Protect yourself against theft

I mentioned theft earlier, but didn’t go into it much because it wasn’t a destructive emergency. That doesn’t mean it’s something we don’t have to go into, though! Theft is a very real threat to manufacturing. Sometimes it feels like there are entire industries based on the theft of raw materials that are then sold to the likes of scrap yards.

Of course, your raw materials aren’t the only thing you need to worry about. There’s also the danger that an intruder could potentially put themselves in. (Unfair as it may sound, you may be legally liable if someone injures themselves in your factory even if they weren’t supposed to be there.)

Raw materials and finished products are the main concerns here. If you want to protect the products in your factory, you need to invest fully in security. I’m talking security guards, CCTV, identity badges – the whole shebang. Make sure you look into effective factory security solutions to lessen the risk of loss of products through theft.

Correct management of inventory and projects

One of the best ways of protecting your products is by tracking everything properly. I’m talking about inventory as well as what occurs on a project-by-project basis. What materials do you have? How much is being used on a particular project? Who is accountable for what? Much of this can be done by using software or systems that track inventory or manage projects in detail. One of the most effective ways of handling such operations is using a Manufacturing Execution System. You should do some thorough research to find the best MES system for you.

Even before all of that, you need to consider the basics of inventory handling. Are you overbuying when it comes to ordering your materials? That could lead to a lot of your stock spoiling before you get to use it in production. Are you using a good delivery company when you order in or send out products? All of these things are important considerations when it comes to protecting your products.

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Ive been blogging now for 5 years on various sites for the love of knowledge share. I decided to start my own blog a few years back to share everything from tech to business news. Follow me on twitter for more.