Inventory mangement
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Inventory management involves having the right quantities of raw materials, work in progress, and finished goods. It is important to manage inventory to ensure adequate cash flow, minimize wear and tear, prevent product expiry due to technological changes. The right level of inventory can be determined by defining reorder levels using lead time demand plus a safety stock, forecasting sales and identifying lead times, prioritizing inventory using the Pareto principle, tracking inventory, setting service level agreements, and coordinating with production planning and control. Effective inventory management results in increased inventory turnover, reduced lead times, greater transparency, higher sales, improved production planning and control, and increased employee morale.
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Inventory management refers to the process of ordering, storing, using, and selling a company's inventory, including raw materials, components, and finished products. It aims to have the right amount of inventory to meet customer needs without overinvesting, and involves demand planning, determining optimal inventory levels, inventory tracking and control, and periodic counting.
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Inventory mangement
- 1. Introduction to Inventory Management Ashutosh Mishra Mechanical Engg., Lean Consultant
- 2. What is Inventory Management Inventory management is about having right quantity of a. Raw material b. Work in Progress (WIP) c. Finished Goods
- 3. Why do we need to manage inventory Cash flow Wear & Tear Product expiry Technological changes
- 4. How to manage right level of Inventory Defining reorder level of the stock i.e. Lead time demand + Safety stock (Safety stock = Max. daily usage * Max. Lead time in days – Average daily usage * Avg. Lead time in days) Sales forecasting & Identifying Lead time Prioritizing inventory (based on Pareto principle) Strong Inventory tracking system Proper SLA should be defined Coordination in PPC dept.
- 5. Benefits of Inventory Management Increased Inventory Turnover ratio Reduced Lead time Increased information transparency Increased sales Improved Production Planning & Control Increased employee morale
- 6. Thank you Ashutosh Mishra +91 8765653833