Inventory Management
Inventory costs money so you want it to work for
you. It needs to meet your customers demand while
minimising the amount of capital tied up in stock.
This is especially important for stock which will
deteriorate in storage.
Inventory optimisation is not just about having the
stock available, it is about:
Meeting demand; forecasting and estimating your
demand
Ensuring that the stock available is in date; many of
our clients have stock which can not be held
indefinitely, so they want to minimise the time the
products spend in the warehouse
Location in the warehouse; if you are picking and
packing products continuously then you need to
position the stock in relation to packing station
Supply; understanding lead times and knowing
when to order and how much to order
We can help with all these aspects of inventory
management. By taking your past data we can
estimate your current demand, and forecast future
demand patterns. If you have just won a new
contract we can even help you incorporate this into
your new demand model. Once you have a demand
model, you can use this to plan your supply
ordering and if necessary incorporate the condition
of time in the warehouse. This way you are not
stuck with stock which is unsellable.
Once these models have been created, they have to
be made practical and relevant to the operation. So
we create heuristics which are easy to use rules. We
test these rules using your past data and then help
you implement them. Simple rules like first in first
out minimises the time in the warehouse,
prioritising the workload to meet customer
requirements, warehouse organisation to minimise
time packing and maximise your output.
When was the last time you examined your
inventory polices? If it is more than a year ago, you
need to revisit them. Your business cycle will have
changed, your customers' requirements will have
changed, and you need to change your inventory
procedures in line with these changes. We
recommend a yearly review to ensure that your
operation is working efficiently. Very few companies
will have the in-house skills available so require an
independent review.
All of this is done through our bespoke consultancy
package. Please contact us for more information.
Please visit our other websites
for many more articles at:
•
visualrota.co.uk
•
shiftpatterns.com
•
247rota.com
•
Training videos
•
Books
Thank you from
Angela and Alec
© 2021 C-Desk Technology
Experts on Shift Operations and Scheduling
Tel:01636 816466 | email: alec@visualrota.co.uk
Old Vicarage, Rolleston,Newark, GB NG23 5SE