Best practices of inventory management

1. Boundless Management
Thursday, 26 May 2016
Posted by Boundless India at 10:43
Best Practices of Inventory Management
Boundless helps you in inventory management and have collated what is called best practices in it.
With these, you can grow your business by leaps and bounds and augment gains.
1. Having an intact inventory control system is best. Two commonly used systems are periodic and
perpetual. Periodic are the ones, which refurbishes ledger periodically i.e. weekly, monthly and
quarterly. Perpetual systems are the ones, which updates inventory after each purchase, sale and
adjustment. The more frequently it is updated, the easier it is for a business to plan.
2. Have Inventory categorisation. As 80-20 rule applies majorly to inventory, it is better to set
priorities straight. (80% sales come from 20% of the products).
3. Have a proper inventory adjuring system. You should know what you need, how much you need
and when you need it. This saves one from unwanted circumstances such as inflated inventory
costs and longer lead times.
4. Imbrute the inventory system. This standardises the process, saves time and money, increases
accuracy and simplifies documentation.
5. Forecast demand as sales may vary due to vicissitude in trends, seasons etc. Thus, demand
forecast can help better plan inventory requirements to maintain levels.
6. Perform physical inventory counts. A rubric to control inventory and attune it to the amounts in
periodic or perpetual system on the books, physical inventory is normally done once a year normally
at the end of the fiscal year. Larger businesses and those preferring periodic or seasonal inventory
counts, do it more frequently.
7. Make acclimation as required for goods unsold, obsolete, stolen, damaged or for goods whose
market value is lower than the cost of the good.
For more on inventory, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us
at http://www.boundlessindia.com.
Recommend this on Google
No comments:
Post a Comment
Boundless India
View my complete profile
About Me
▼ 2016 (27)
▼ May (3)
Best Practices of
Inventory Management
How to aggrandise supply
chain management?
Issues In Warehousing
► April (4)
► March (4)
► February (6)
► January (10)
► 2015 (11)
Blog Archive
0 Mehr Nächster Blog» Blog erstellen Anmelden
Diese Website verwendet Cookies von Google, um ihre Dienste bereitzustellen, Anzeigen zu personalisieren und
Zugriffe zu analysieren. Informationen darüber, wie du die Website verwendest, werden an Google weitergegeben.
Durch die Nutzung dieser Website erklärst du dich damit einverstanden, dass sie Cookies verwendet.
WEIT ERE INFORMAT IONEN OK

2. Older PostHome
Subscribe to: Post Comments (Atom)
Enter your comment...
Comment as: Select profile...
PublishPublish PreviewPreview
Awesome Inc. template. Powered by Blogger.