In order to better your work and progress further you can
conduct a survey by asking supply chain executives to name
the five most important area for improvement in operations
support systems. The outcome of your survey will reflect
better inventory planning as one of the target areas. You
must pay special heed to establish an effective way to
maintain inventory data integrity or setting up higher
productivity and capacity utilization.
Lack of efficient
inventory data integrity can lead to large amount of
non-productive labor, underutilized distribution center
capacity and diminished customer service levels due to
incomplete or late orders.
From past few years distributors were looking forward for a
device that can help them control and manage their largest
asset, inventory. As a result several computer software
companies have developed comprehensive inventory management
modules and systems. These fresh packages enable the
distributor to effectively manage his warehouse stock.
Tough the software technique is a beneficial aid yet it
cannot provide solutions to inventory management problems.
In order for the inventory management system to live upto
its potential and perform its best, make sure that you
follow quite a few basic and extremely significant ways of
good inventory management.
To begin with, ensure that your company is protected against
theft. There should be no pilferage problem at your
place. While ordering, order only the amount of
non-stock or special order items that your customer has
approved of. If you wish to add an inventory, you must
get a purchase commitment from your customer. Make sure
that you assign and use bin sites. Establishment and
usage of proper bin sites make order picking a hassle
free job in your warehouse. Don't ever forget to make an
entry of the material leaving your warehouse. Try to get
rid of the no charge/no paperwork material swaps. You
should charge the product samples to a salesperson
account until they are either returned to stock or
charged to the customer. Effective inventory management also requires paper work
documents to be
filled by the end of the day, entry of every single
stock receipt in computer etc.) that is upto
the mark, determination of the most beneficial
replenishment strategy for each item in each warehouse,
setting up some lucrative offers and awards for the
buyers, specifying guidelines for setting the reorder
method and setting up of an on-going dead stock and
excess inventory control program.