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Warehouse & inventory management template

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  • 1. Warehouse & Inventory Management
  • 2. Warehouses • Store inventory for a period of time  Storage  protection • Inventory may be turned over rapidly  distribution center  customer service
  • 3. • Receive goods • Identify goods • Dispatch goods to storage • Hold goods • Pick goods • Dispatch the shipment • Operate an information system Warehouse Activities
  • 4. INVENTORY MANAGEMENT
  • 5. Definitions: Inventory- A physical resource that a firm holds in stock with the intent of selling it or transforming it into a more valuable state. Inventory System- A set of policies and controls that monitors levels of inventory and determines what levels should be maintained, when stock should be replenished, and how large orders should be
  • 6. Functions of Inventory 1. To separate various parts of the production process 2. To decouple the firm from fluctuations in demand and provide a stock of goods that will provide a selection for customers 3. To take advantage of quantity discounts 4. To hedge against inflation
  • 7. Types of Inventory  Raw material Purchased but not processed  Work-in-process  Undergone some change but not completed  A function of cycle time for a product  Maintenance/repair/operating (MRO)  Necessary to keep machinery and processes productive  Finished goods  Completed product awaiting shipment
  • 8. The Material Flow Cycle Input Wait for Wait to Move Wait in queue Setup Run Output inspection be moved time for operator time time Cycle time 95% 5%
  • 9. Inventory Management  How inventory items can be classified?  How accurate inventory records can be maintained?
  • 10. • Improve customer service • Transportation savings • Hedge against future • Unplanned shocks (labor strikes, natural disasters, surges in demand, etc.) • To maintain independence of supply chain Why hold inventory?
  • 11. Dead stock Anticipation inventory Cycle stock Safety stock Pipeline stock Decoupling stock Categories of Inventory
  • 12. 1. Cycle Stock : Because of the economies of scale involved in production and transportation it makes sense to produce and transport goods in batches. The is called as cycle stock. 2. Safety stock : It is a safeguard against the uncertainties of demand and supply. 3.Pipe line stock: Since production and transportation activities take certain finite time, firms need to carry pipeline or in transit stock. Pipeline stock consist of good usually being worked upon (WIP) or being moved from one location to another in the chain ( In transit Inventory).
  • 13. 4. Decoupling Stock: Since it is not possible to carry out supply chain operation with just one decision maker, the entire supply chain is usually divided into various decision making unit, the demarcation of decision making unit take place at both organizational and departmental boundaries, so it is not uncommon for organizational to hold large inventories at organizational as well as departmental level. This becomes decoupling inventories. So that flexibility at each level can be made 5. Dead Stock: It refers to that part of the stock , that remain dormant or non moved over a long period of time .
  • 14. 6. Anticipation Stock : It consist of stock accumulated in advance of expected peak in sales or to take care of some special event that does not occur on regular basis. It is of two types 1. Seasonal Stock 2. Speculation Stock