Inventory Optimization has always been challenge for SMEs. The objective of this article is to suggest actionable steps for inventory optimization for SMEs. Steps mentioned in this article are prepared based on data analyzed from various process industries. We will cover inventory optimization for discrete manufacturing in separate article.
1) Identify Consumption Pattern and Consumption Rate:
Analyze your past consumption data of minimum 2 to 3 years consumption. Based on analysis of past data you should be able to segregate items into different consumption patterns. Few examples are:
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inventory control
Know how Inventory control can be achieved with the help of ERP from the article below:
ERP Inventory management
Before getting into details about ERP inventory management we have to understand what is inventory management and why do we need it?
The fact or process of ensuring that appropriate amounts of stock are maintained by a business, so as to be able to meet customer demand without delay while keeping the costs associated with holding stock to a minimum. This also kind of explains why it is necessary don’t it. If you don’t ensure that appropriate amount of stocks are maintained it will lead to delay in getting the product to the customer endangering the organization future image. So we know n...
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