Lean warehouse management is a methodology that takes the lean principles widely used in manufacturing environments and applies them to warehousing. Putting an emphasis on removing waste, lean warehouse management helps companies optimize and continuously improve their inventory processes.
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A stocktake is the act of counting and recording the quantities of goods in stock to compare the results with available inventory data and find discrepancies. It is a crucial part of any business that holds inventory and that is why the process of performing a stocktake needs to be rigorously organized.
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Inventory costs make up a substantial part of any manufacturing or distributing company’s total expenses. To ensure the good financial health of your business, it is necessary to know how to make sense of these expenses and how to balance them.
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Cycle inventory is the stock that is used to respond to regular sales and demand forecasts, as opposed to the safety stock used when there are fluctuations in demand or supply. Properly managing cycle stock is therefore a crucial part of any well-functioning business.
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The bullwhip effect is a supply chain phenomenon related to sudden changes in demand signals, when a slight movement in demand can cause large swings throughout the supply chain. To avoid a destructive “whip crack” at the end, companies need to be prepared to mitigate the effect.
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Inventory tracking means monitoring stock movements to increase visibility in the company’s supply chain. This added transparency helps businesses improve their ordering and overall inventory management practices, ensure traceability, and make sure that goods reach the production floor and the customer at the right time.
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Dead stock consists of inventory items that your business cannot use according to their original purpose. There are many different types of dead stock and various ways to either eliminate it or avoid it in the first place.
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When looking for ways to track your inventory, you will undoubtedly arrive at the dilemma of whether you should use barcodes or QR codes. Even though the basic concept behind the two options is the same, there are notable differences between the two.
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Implementing a barcode inventory system is one of the best ways to improve the efficiency of your inventory processes regardless of whether you are in the manufacturing or the distributing business. Here is a short guide on how to do it.
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Good warehouse organization is key to keeping your inventory processes running smoothly. Here is how to implement warehouse organization best practices.
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Return Merchandise Authorization or RMA is a systemic approach to handling product returns. It allows for better tracking, makes the processes quicker, and could thereby improve customer satisfaction.
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Traceability essentially means having insight into the chain of events that is your business. But how to achieve it and what are the mechanisms that support it?
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