Inventory Management, Effectiveness & Productivity
Ensuring continuous material availability for production, maintaining optimal stock levels to meet demand without overstocking, and minimizing total costs (holding, shortage, and ordering). Effective inventory management boosts productivity by streamlining processes, reducing waste, and improving cash flow
- Scope of Services
What's Covered
- Inventory Planning & Policy
- Determining optimal stock levels
- Setting reorder points and safety stock
- Defining inventory policies (FIFO, LIFO, weighted average)
- Demand forecasting and seasonality planning
- Inventory Procurement
- Supplier selection and evaluation
- Purchase Order Management
- Lead time analysis
- Cost negotiation and bulk purchasing strategies
- Inventory Tracking & Control
- Real-time stock monitoring
- SKU Management
- Barcode/RFID Systems
- Batch and Serial Number Tracking
- Warehousing & Storage
- Warehouse layout optimization
- Storage methods (Racking, Binning, Shelving)
- Handling and movement procedures
- Environmental controls
- Inventory Valuation & Auditing
- Costing methods (FIFO, LIFO, Weighted Average)
- Periodic vs perpetual inventory systems
- Physical stock counts (cycle counts, annual counts)
- System vs physical reconciliation
- Technology & Automation
- Inventory management software implementation
- Cloud-based system integration
- AI forecasting and IoT tracking
- Integration with accounting and ERP systems
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