Inventory

Different purchasing practices for manufacturers

A robust and accurate planning system is critical to any manufacturer. In this article, we are comparing different purchasing practices – ROP/ROQ Principles vs MRP System Planning.

Stock Keeping Unit (SKU) – best practices for inventory classification

Following good practices is recommended when managing the SKUs. Here is an overview of some of the best practices to follow.

Inventory Valuation Methods – Finding the Right Method

For manufacturing companies, few things are as important in finance departments than inventory costing. Here’s an overview of different inventory valuation methods.

Forecasting Practice in Manufacturing Business

The forecast is an effective tool for planning and managing any type of manufacturing business. Regardless of the industry type, it will reduce the risks.

What is Master Production Schedule?

The Master Production Schedule (MPS) is a plan for the production of individual final items. The MPS breaks down the production plan to show, in each period, the quantity to produce of each final article.

5 Tips for Making Material Planning More Effective

By using these tips, your material planning efforts should become more effective as you and your MRP or ERP system gather accurate and reliable information that results in timely shipments, and a clearer picture of your inventory.

How Stocktake Helps Prevent and Detect Theft

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.