7 Best Materials Requirement Planning Software of 2023

What is a Materials Requirement Planning Software?

Materials requirement planning software is a digital tool that aids companies in developing a production plan to minimize problems during the actual execution and ensure they are within their budget and timeframe. This involves creating a production master schedule, identifying raw materials, estimating their quantities, procuring third-party suppliers, and managing deliveries. The MRP app can be a stand-alone solution or a subset of the enterprise resource planning (ERP) platform.

Importance

Materials requirement planning was first computerized in the 1950s by Rolls-Royce and General Electric. Toyota and Black and Decker followed suit in the ‘60s. By the following decade, over 700 companies jumped on the bandwagon and benefited from it. Here are some reasons why you should invest in this:

• Optimizes resource allocation – Bil of materials (BOM) is an essential feature in the MRP system. The digitized version of this extensive list provides the qualitative and quantitative characteristics of every single component needed for production. It also provides details like the right time for procurement or delivery. Finally, it helps managers properly allocate funds and disburse payments at the right time.
• Reduces delays – Another crucial feature in the MRP software is the master production schedule. Based on current capacity, customer orders, and forecasts, this comprehensive timetable helps managers prioritize the workflows. With the help of notifications, everyone can work within schedule.
• Improves collaboration with teams – Most platforms act as a conduit between teams so they are all on the same page. Planners share the master schedule with everyone. Warehouse managers check their inventory and update the rest about what’s available. Procurers inform the disbursement department of what they need. Accountants balance the sheets to confirm prudent spending. Digitization and automation ensure quick and efficient practices from all departments
• Measures success or need for improvement – With the analytics feature of MRP software, operations are monitored and evaluated in real-time. Managers can immediately see if their plans are productive or if they need to make some adjustments.
• Boosts productivity and improves quality – These are the main goals of MRP. Digital solutions ensure accurate information and optimized workflows. And when all stakeholders are informed about this, they are empowered to accomplish their tasks with the best practices in mind.

Key Features

If you’re ready to reap the numerous benefits of integrating materials requirement planning software into your system, make sure that it has all the necessary features. Read on before you invest in one.

• Data management and documentation
• Scheduling with alerts and notifications
• Bill of materials
• Inventory management and tracking
• Warehouse management
• Purchase and production planning
• Inter-departmental collaboration
• Workforce planning and scheduling
• Demand forecasting
• Order scheduling
• Procurement and purchasing
• Sales and operations planning
• Invoicing, shipping, and receiving management
• Reporting with analytics

Choosing the Right Materials Requirement Planning Software

Any of the digital solutions mentioned above would be an asset to your company. Before you make your final decision, take a quick look at the summary below:

* billed annually