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Handling and storing bullion and precious metals can be a complicated matter. Compliance with LBMA Good Delivery Rules, inventory traceability, visibility and security are matters of considerable concern when dealing with the proper handling and storage of bullion and precious metals. Having software that ensures that bullion and precious metals can be received, handled, and stored securely produces time and labor savings and provides increased billing accuracy. Using the latest technology enables full lot and serial number traceability of bullion and precious metals and facilitates more accurate, timely transfer of ownership as well. In evaluating software it is important to select flexible software that can handle allocated, non-allocated, segregated and non-segregated storage and can work using RF or RFID. Selecting software that can handle a variety of holds and capture the actual precious metal composition of the inventory provides more accurate inventory processing and better documentation for your business. It is also desirable to use software that facilitates secure processing and inventory storage including time and date stamped security video; restricted inventory handling on a user basis; “Chain of Custody” and “Chain of Integrity” documentation and a system of customizable alerts and notifications. Software that is flexible enough to provide multiple billing strategies and can capture accessorial charges including insurance fees will enable your business to capture and bill more accurately and generate more revenue. Real time information visibility for both system users and clients is essential in mission critical decision making. By providing a web based portal through which clients can access real time information including orders, receipts, invoices and other information provides a higher level of customer service leading to enhanced customer satisfaction levels and more referrals for your business. Using software developed to manage the handling and storage of bullion and precious metals will enable your company to provide efficient, accurate and secure service for your clients and increase profitability.
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25 Critical Features Precious Metals Storage: Inventory Management System for Bullion
By Laura Olson
Allocated and Non-Allocated Storage
The handling and storage of precious metals can be complex. LBMA Good Delivery Rules, inventory security, traceability and billing are matters of primary concern. Businesses that handle and store bullion and precious metals can ensure more secure, accurate and efficient operations by using the latest technology including: • Inventory (and vault/storage) management software
• RFID or barcodes
• Tablets or mobile devices
This presentation provides information on the 25 features needed for best managing the handling and storage of bullion and precious metals. Selecting software that includes this functionality will enable your business to be more profitable and LBMA compliant.
Introduction
Can track by: • Lot • Serial number Using: • Bar codes • RFID
1
Inventory Tracking Methods
Handles: • Allocated and non-allocated storage • Segregated and non-segregated inventory
2
Allocated Storage/Segregated Inventory
Handles variable weight materials
3
Variable Weight
Can restrict or allow mixing of inventory in specific locations
4
Inventory Locations
Can capture the actual precious metal composition of the inventory
5
Metal Composition
Can track inventory by: • Institution • Broker • Collector • Individual owner • Broker
6
Inventory Tracking by Owner
Can track & transfer inventory from one client to another
Can capture time & date stamped security video as packages are opened
7
Time & Date Stamped Security Video
• System support for multiple units of measure
• Can use Troy ounce as unit of measure
8
Units of Measure
Can tag inventory as having certain certifications or properties for easier tracking
9
Tag & Track Inventory
Supports key billing needs including • Automate accessorial charge
capture for insurance expense and value added services
• Recurring storage & anniversary billing
10
Multiple Billing Strategies Support
Can calculate daily billing record and bill using a variety of billing strategies and for whatever accessorial charges are needed
11
Billing
Includes ability to store files such as: • PDF • Word • Excel & others and attach to any item, inventory, receipt or shipment
12
File Storage
Can restrict inventory to specific locations
13
Restricted Inventory Locations
Can restrict inventory handling on a user basis
14
Restricted Inventory Handling
Can handle multiple simultaneous Inventory transfers
15
Inventory Transfers
Provides hierarchal bin location setup
16
Location Set up
Can handle system holds including: • Testing • Quarantine • Inspections
System can handle multiple simultaneous holds
Workflow can automate holds & hold release
17
Inventory Holds
Can provide web portal access for clients including ability to access real time information including
• Orders • Receipt • Invoices and more
18
Real Time Inventory Visibility
Provides full audit trail records for “chain of custody” documentation
19
“Chain of Custody”
Provides audit reports for inventory documentation by owner to assist in providing documentation for “Chain of Integrity”
20
“Chain of Integrity”
Can enable precious metal price tracking via website integration to London Bullion Market Association (LBMA)
21
Precious Metal Price Tracking
Can provide multiple picking methods Including:
• Single order picking • Multiple batch order picking • Multiple order cluster picking
22
Multiple Picking Methods
Can provide system alerts/notifications:
• Can post within application or send as email internally or to client
• Allow users to establish their own alert specifications to trigger an alert
23
Alerts and Notifications
Provides customizable reports & business processes:
• Workflow based system
• “Drag and drop” customizable reports that can be created to suit every need: tabular, free form, graphical interactive & rich data visualization including charts & maps
24
Flexible, Configurable System
25
LBMA Compliance
System facilitates compliance with The London Bullion Market Association (LBMA) Good Delivery Rules
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