Generally inventories are categorized as one of three types – raw material, work-in-process (WIP) and finished goods. For process manufacturers, calculating the values of these inventory categories are often a complicated task can vary based on forces like market prices, product demand, or manufacturing step.
Imagine a tool that can calculate inventory values on a near-real-time basis for as many categories and sub-categories as necessary. With ImpactECS, cost accountants can build very specific models that exactly mimic the manufacturing process for each separate product. This level of detail makes it possible to marry data like actual volumes with current market prices and accrued costs to determine the value of inventory at a particular manufacturing step.