Implementing proper materials management methods allows businesses to make sure raw materials reach the shop floor at the right time, in the right quantity and quality. Follow these best practices to get more control over this essential supply chain function.
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Kitting could be a valuable addition to the managing practices of both your raw material and finished goods inventory. There are two types of kitting and numerous instances when either of them could prove useful.
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Demand forecasting could be the key to a business’s future. But how does it work and how could it be leveraged in a way that would be most beneficial?
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Although a periodic inventory system might seem clear-cut and foolproof at first glance, its disadvantages may outweigh the benefits. Perpetual inventory systems, however, are already becoming mainstream.
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ABC analysis helps manufacturers get insight into their supply chain, reduce inventory, and improve inventory management. And it does not require a data analyst nor a substantial amount of resources to do it right.
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Safety stock is the buffer that helps manufacturers keep serving their customers when disruptions occur.
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As warehousing becomes more complex, there is a need to automate all processes to align them with automation already taking place in supply chain management (SCM). Modern Warehouse Management System can help.
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Inventory control allows companies to maintain the proper balance of stock in their warehouses and help with providing superior customer service.
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By implementing common sense and best practices for inventory adjustments, a company can realize inventory accuracy that keeps processes on track.
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Following good practices is recommended when managing the SKUs. Here is an overview of some of the best practices to follow.
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For manufacturing companies, few things are as important in finance departments than inventory costing. Here’s an overview of different inventory valuation methods.
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High-quality stocktake (inventory checking) provides assurance to managers of all units of the company that the financial statements and software system information on inventory is accurate and fair. At the same time, occasional stocktake works quite well to prevent theft.
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