Manufacturing WIP, coupled with real-time accounting and inventory management, involves tracking products in the production process in real-time. This comprehensive approach ensures immediate financial recording and precise cost monitoring, encompassing labor, materials, and overheads. Simultaneously, it allows for seamless inventory tracking, optimizing stock levels and production scheduling.

Manufacturing WIP variance denotes the deviations between projected and actual costs in the production process. It highlights discrepancies, enabling analysis of factors affecting cost fluctuations, such as material prices, labor efficiency, or production volume changes, aiding informed decision-making and process optimization.

Cost adjustment involves revising financial figures to reflect accurate expenses. In manufacturing Work in Progress (WIP), cost adjustments ensure precise accounting for ongoing production stages, optimizing resource allocation and budget accuracy.

Value to the customer : This will enhances operational efficiency, enables informed decision-making, and facilitates proactive adjustments, resulting in streamlined manufacturing processes and cost-effective resource allocation.

The target audience : All the stackholder of any manufacturing company. i.g Manufacturing Supervisors, Operations Teams, Supply Chain Professionals, Finance Teams, Business Executives and Owners etc.