A project on inventory management. The necessity of effective inventory management is being increasingly realized in industrial and non-industrial organization both in India and abroad. This realization has come about because of increasing complexity of the task of managers and administrators. In most organization, the problem of effective inventory control is now viewed as the most critical problem with changes in social climate. While these can be great assets to the organizations, they become problems if the organization is not able to manage inventory properly.
Liquidity and profitability are the two vital aspects of corporate business. Any business cannot run without these two. A firm may run without profits for sometime; but with no liquidity, the firm cannot run their business. That is why management of inventory is an integral part of corporate planning in business life.
The proper inventory control system leads to an optimum utilization of resources. Idle materials are of a financial burden to the organization. Thus proper, inventory management directly assists in efficient functioning of the company. S.L. Goel says “takecare of the forest, the tree will take care of itself”, it should be the main motto of an inventory controller.
In inventory management, various methods and techniques can be adopted to control the inventory like, prompt maintenance of registrars, proper raw material arrangement, and fixation of various control levels and application of inventory control techniques and bin card system etc, which are relevant for inventory control in stores department.
Inventory management will help an organization in dealing with the supply of the raw materials and other activity in order to achieve the maximum co-ordination and optimum expenditure on materials to increase the profits of the firm. CLA‟s inventory control system is chosen for the study; by the investigator is no expectation in view of growing significance of the efficient control of inventories. Hence, the researcher was prompted to take up this topic.
A project on inventory management. The necessity of effective inventory management is being increasingly realized in industrial and non-industrial organization both in India and abroad. This realization has come about because of increasing complexity of the task of managers and administrators. In most organization, the problem of effective inventory control is now viewed as the most critical problem with changes in social climate. While these can be great assets to the organizations, they become problems if the organization is not able to manage inventory properly.
Liquidity and profitability are the two vital aspects of corporate business. Any business cannot run without these two. A firm may run without profits for sometime; but with no liquidity, the firm cannot run their business. That is why management of inventory is an integral part of corporate planning in business life.
The proper inventory control system leads to an optimum utilization of resources. Idle materials are of a financial burden to the organization. Thus proper, inventory management directly assists in efficient functioning of the company. S.L. Goel says “takecare of the forest, the tree will take care of itself”, it should be the main motto of an inventory controller.
In inventory management, various methods and techniques can be adopted to control the inventory like, prompt maintenance of registrars, proper raw material arrangement, and fixation of various control levels and application of inventory control techniques and bin card system etc, which are relevant for inventory control in stores department.
Inventory management will help an organization in dealing with the supply of the raw materials and other activity in order to achieve the maximum co-ordination and optimum expenditure on materials to increase the profits of the firm. CLA‟s inventory control system is chosen for the study; by the investigator is no expectation in view of growing significance of the efficient control of inventories. Hence, the researcher was prompted to take up this topic.
This ppt is about what is Inventory management and a case study on NANDYALA CEMENT BRICKS(Small scale Industry). And here we used EOQ and ABC analysis techniques.
slides with references: find the linked PDFs in my profile's upload section
SIM (stores and Inv Mgmt) unit 2:
Cost associated with inventories:
Ordering cost,
carrying cost,
over stocking cost,
under stocking cost,
other costs associated with service level.
Selective inventory controls:
Need of Inventory control,
objectives of inventory control,
concept of selective inventory control,
basis and use of different types of selective controls:
ABC,
VED,
HML,
FSN,
SDE,
SOS,
XYZ,
Multiple basic approach to selective inventory control (MBASlC) approach to drugs.
Commercial administration can be a headache and take up so much time. These modules will assist you in managing your commercial business without all the fuss.
Can your business afford not to have a proper Disaster Recovery plan in place?KeltecLimited
There are nine key things that you should know about to ensure that your Disaster Recovery plan won’t let you down in the event of a catastrophe that threatens your ability to get your business and your people working again.
This ppt is about what is Inventory management and a case study on NANDYALA CEMENT BRICKS(Small scale Industry). And here we used EOQ and ABC analysis techniques.
slides with references: find the linked PDFs in my profile's upload section
SIM (stores and Inv Mgmt) unit 2:
Cost associated with inventories:
Ordering cost,
carrying cost,
over stocking cost,
under stocking cost,
other costs associated with service level.
Selective inventory controls:
Need of Inventory control,
objectives of inventory control,
concept of selective inventory control,
basis and use of different types of selective controls:
ABC,
VED,
HML,
FSN,
SDE,
SOS,
XYZ,
Multiple basic approach to selective inventory control (MBASlC) approach to drugs.
Commercial administration can be a headache and take up so much time. These modules will assist you in managing your commercial business without all the fuss.
Can your business afford not to have a proper Disaster Recovery plan in place?KeltecLimited
There are nine key things that you should know about to ensure that your Disaster Recovery plan won’t let you down in the event of a catastrophe that threatens your ability to get your business and your people working again.
Mentor-Protégé Session #5: Graduation
Congratulations! Through participation in the GIT Mentor-Protégé Program, you’ve heard the remarkable achievements of women in the STEM community from your mentors, guest speakers, the GIT program committee, and from each other. In our final session, we will consider the strategies you’ve learned and focus on how to channel them into making decisions for your STEM future.
The proper controls and processes can save millions in healthcare costs by enabling a hospital to efficiently order and store just the right amount of supplies needed for patient cases while tracking cost, tier pricing and patient charges associated with supplies.
hey friends, we know from earlier research that material control is the major component of cost. so, let us have a look at few tenchniques relating to material control
Digital Commerce Lecture for Advanced Digital & Social Media Strategy at UCLA...Valters Lauzums
E-commerce in 2024 is characterized by a dynamic blend of opportunities and significant challenges. Supply chain disruptions and inventory shortages are critical issues, leading to increased shipping delays and rising costs, which impact timely delivery and squeeze profit margins. Efficient logistics management is essential, yet it is often hampered by these external factors. Payment processing, while needing to ensure security and user convenience, grapples with preventing fraud and integrating diverse payment methods, adding another layer of complexity. Furthermore, fulfillment operations require a streamlined approach to handle volume spikes and maintain accuracy in order picking, packing, and shipping, all while meeting customers' heightened expectations for faster delivery times.
Amid these operational challenges, customer data has emerged as an important strategy. By focusing on personalization and enhancing customer experience from historical behavior, businesses can deliver improved website and brand experienced, better product recommendations, optimal promotions, and content to meet individual preferences. Better data analytics can also help in effectively creating marketing campaigns, improving customer retention, and driving product development and inventory management.
Innovative formats such as social commerce and live shopping are beginning to impact the digital commerce landscape, offering new ways to engage with customers and drive sales, and may provide opportunity for brands that have been priced out or seen a downturn with post-pandemic shopping behavior. Social commerce integrates shopping experiences directly into social media platforms, tapping into the massive user bases of these networks to increase reach and engagement. Live shopping, on the other hand, combines entertainment and real-time interaction, providing a dynamic platform for showcasing products and encouraging immediate purchases. These innovations not only enhance customer engagement but also provide valuable data for businesses to refine their strategies and deliver superior shopping experiences.
The e-commerce sector is evolving rapidly, and businesses that effectively manage operational challenges and implement innovative strategies are best positioned for long-term success.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
For too many years marketing and sales have operated in silos...while in some forward thinking companies, the two organizations work together to drive new opportunity development and revenue. This session will explore the lessons learned in that beautiful dance that can occur when marketing and sales work together...to drive new opportunity development, account expansion and customer satisfaction.
No, this is not a conversation about MQLs and SQLs. Instead we will focus on a framework that allows the two organizations to drive company success together.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
Is AI-Generated Content the Future of Content Creation?Cut-the-SaaS
Discover the transformative power of AI in content creation with our presentation, "Is AI-Generated Content the Future of Content Creation?" by Puran Parsani, CEO & Editor of Cut-The-SaaS. Learn how AI-generated content is revolutionizing marketing, publishing, education, healthcare, and finance by offering unprecedented efficiency, creativity, and scalability.
Understanding
AI-Generated Content:
AI-generated content includes text, images, videos, and audio produced by AI without direct human involvement. This technology leverages large datasets to create contextually relevant and coherent material, streamlining content production.
Key Benefits:
Content Creation: Rapidly generate high-quality content for blogs, articles, and social media.
Brainstorming: AI simulates conversations to inspire creative ideas.
Research Assistance: Efficiently summarize and research information.
Market Insights:
The content marketing industry is projected to grow to $17.6 billion by 2032, with AI-generated content expected to dominate over 55% of the market.
Case Study: CNET’s AI Content Controversy:
CNET’s use of AI for news articles led to public scrutiny due to factual inaccuracies, highlighting the need for transparency and human oversight.
Benefits Across Industries:
Marketing: Personalize content at scale and optimize engagement with predictive analytics.
Publishing: Automate content creation for faster publication cycles.
Education: Efficiently generate educational materials.
Healthcare: Create accurate content for patients and professionals.
Finance: Produce timely financial content for decision-making.
Challenges and Ethical Considerations:
Transparency: Disclose AI use to maintain trust.
Bias: Address potential AI biases with diverse datasets.
SEO: Ensure AI content meets SEO standards.
Quality: Maintain high standards to prevent misinformation.
Conclusion:
AI-generated content offers significant benefits in efficiency, personalization, and scalability. However, ethical considerations and quality assurance are crucial for responsible use. Explore the future of content creation with us and see how AI is transforming various industries.
Connect with Us:
Follow Cut-The-SaaS on LinkedIn, Instagram, YouTube, Twitter, and Medium. Visit cut-the-saas.com for more insights and resources.
First Things First: Building and Effective Marketing Strategy
Too many companies (and marketers) jump straight into activation planning without formalizing a marketing strategy. It may seem tedious, but analyzing the mindset of your targeted audiences and identifying the messaging points most likely to resonate with them is time well spent. That process is also a great opportunity for marketers to collaborate with sales leaders and account managers on a galvanized go-to-market approach. I’ll walk you through the methods and tools we use with our clients to ensure campaign success.
Key Takeaways:
-Recognize the critical role of strategy in marketing
-Learn our approach for building an actionable, effective marketing strategy
-Receive templates and guides for developing a marketing strategy
How to Run Landing Page Tests On and Off Paid Social PlatformsVWO
Join us for an exclusive webinar featuring Mariate, Alexandra and Nima where we will unveil a comprehensive blueprint for crafting a successful paid media strategy focused on landing page testing.With escalating costs in paid advertising, understanding how to maximize each visitor’s experience is crucial for retention and conversion.
This session will dive into the methodologies for executing and analyzing landing page tests within paid social channels, offering a blend of theoretical knowledge and practical insights.
The Pearmill team will guide you through the nuances of setting up and managing landing page experiments on paid social platforms. You will learn about the critical rules to follow, the structure of effective tests, optimal conversion duration and budget allocation.
The session will also cover data analysis techniques and criteria for graduating landing pages.
In the second part of the webinar, Pearmill will explore the use of A/B testing platforms. Discover common pitfalls to avoid in A/B testing and gain insights into analyzing A/B tests results effectively.
AI-Powered Personalization: Principles, Use Cases, and Its Impact on CROVWO
In today’s era of AI, personalization is more than just a trend—it’s a fundamental strategy that unlocks numerous opportunities.
When done effectively, personalization builds trust, loyalty, and satisfaction among your users—key factors for business success. However, relying solely on AI capabilities isn’t enough. You need to anchor your approach in solid principles, understand your users’ context, and master the art of persuasion.
Join us as Sarjak Patel and Naitry Saggu from 3rd Eye Consulting unveil a transformative framework. This approach seamlessly integrates your unique context, consumer insights, and conversion goals, paving the way for unparalleled success in personalization.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
The What, Why & How of 3D and AR in Digital CommercePushON Ltd
Vladimir Mulhem has over 20 years of experience in commercialising cutting edge creative technology across construction, marketing and retail.
Previously the founder and Tech and Innovation Director of Creative Content Works working with the likes of Next, John Lewis and JD Sport, he now helps retailers, brands and agencies solve challenges of applying the emerging technologies 3D, AR, VR and Gen AI to real-world problems.
In this webinar, Vladimir will be covering the following topics:
Applications of 3D and AR in Digital Commerce,
Benefits of 3D and AR,
Tools to create, manage and publish 3D and AR in Digital Commerce.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
Most small businesses struggle to see marketing results. In this session, we will eliminate any confusion about what to do next, solving your marketing problems so your business can thrive. You’ll learn how to create a foundational marketing OS (operating system) based on neuroscience and backed by real-world results. You’ll be taught how to develop deep customer connections, and how to have your CRM dynamically segment and sell at any stage in the customer’s journey. By the end of the session, you’ll remove confusion and chaos and replace it with clarity and confidence for long-term marketing success.
Key Takeaways:
• Uncover the power of a foundational marketing system that dynamically communicates with prospects and customers on autopilot.
• Harness neuroscience and Tribal Alignment to transform your communication strategies, turning potential clients into fans and those fans into loyal customers.
• Discover the art of automated segmentation, pinpointing your most lucrative customers and identifying the optimal moments for successful conversions.
• Streamline your business with a content production plan that eliminates guesswork, wasted time, and money.
Short video marketing has sweeped the nation and is the fastest way to build an online brand on social media in 2024. In this session you will learn:- What is short video marketing- Which platforms work best for your business- Content strategies that are on brand for your business- How to sell organically without paying for ads.
SMM Cheap - No. 1 SMM panel in the worldsmmpanel567
Boost your social media marketing with our SMM Panel services offering SMM Cheap services! Get cost-effective services for your business and increase followers, likes, and engagement across all social media platforms. Get affordable services perfect for businesses and influencers looking to increase their social proof. See how cheap SMM strategies can help improve your social media presence and be a pro at the social media game.
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
3. WHAT IS INVENTORY?
Inventoryreferstostockofrawmaterials,workinprogress
andfinishedgoods
Canbestoredforfutureuse.
Inventorypossessvalue.
Objectiveofinventoryistoensurecontinuoussupplyof
goodsatreasonablecost.
4. NEEDS OF INVENTORY
To make bulk purchase and get advantage of
discount
To maintain customer service level
To maintain continuous flow of supply through
supply chain
To achieve economy of scale in transportation
5. WHAT IS INVENTORY CONTROL
Its planning, ordering and scheduling of raw
materials
Right quality of raw materials available at right
time
Systematic control over purchasing, storing and
using of material.
6. FUNCTIONS OF INVENTORY CONTROL
Effective use of financial resources
Protection against all material losses
Proper calculation of cost of production
Keep the ball of production bouncing
Economies in purchasing
Eliminates redundant inventory
Keeping prompt delivery to the customers
7. SCOPE OF INVENTORY CONTROL
Formulation of relevant policies
Determining economic order quantity
Determining lead time
Minimization of material-handling and
storage cost
Ascertaining Safety Stock
8. MAIN TECHNIQUES IN SELECTIVE INVENTORY
CONTROL
ABC Analysis
GOLF Analysis
SOS Analysis
HML Analysis
SDE Analysis
FSND Analysis
9. CLASSIFICATION OF INVENTORY
Classification Full form Criterion employed
ABC Analysis Always Better Control Usage Value (i.e.
Consumption per period x
price per unit)
GOLF Analysis Govt, ordinary, local, foreign Source procurement
SOS Analysis Seasonal off seasonal Seasonality
HML Analysis High Medium Low Unit Price i.e. does not take
consumption into account
FSND Analysis Fast, slow, non-monetary,
material demands
Issues from store
SDE Analysis Scarce, difficult, easy Procurement difficulties
10. HML ANALYSIS
The cost per item (per piece) is considered for this analysis. High cost items (H),
Medium Cost items (M) and Low Cost item (L) help in bringing controls over
consumption at the departmental level.
Uses and application
•To assess storage & Security
Requirements
•High priced items in cupboards e.g.
bearings, worm wheels
•To keep control over consumption at the
departmental head level
•Authority to indents of High & Medium
priced items to departmental head after
careful scrutiny
•To determine the frequency of stock
verification
•checking frequency: more for high priced
items and less for L category
•To evolve buying policies to control
purchases
•Excess supply: Not accepted in case of H
& M category, Acceptable in case of L
category
•To delegate authorities to different
buyers to make petty cash purchase
•H & M by senior & L by junior buyers
11. FSN ANALYSIS :
This analysis is to help control obsolescence and is based on the
consumption pattern of the items.
The items are analyzed to be classified as Fast-moving (F), Slow-
moving (s)and Non-moving (N) items. The Non-moving items
(usually not consumed over a period of two years) are of great
importance. Scrutiny of non-moving items is to be made to
determine whether they could be used or be disposed off.
The fast and slow-moving classifications help in arrangement of
stock in stores and their distribution and handling methods.
12. SDE ANALYSIS :
This analysis is based on spares availability of an item –
S - refers to Scarce Items, especially imported and those which are very
much in short supply.
D - are Difficult items which are procurable in market but not easily
available. For example, items which have to come from far off cities or
where there is not much competition in market or where good quality
supplies are difficult to get or to be procured.
E - refers to Easy items – Items are those which are easily available; mostly
local items.
It is normally advantageous to consider A, V & S items for selective control
13. SOS ANALYSIS
SOS analysis is based on seasonality of items and it classifies all the items
into two categories ‘Seasonal ‘And ‘Off seasonal ‘
The analysis helps in:
Identifying items that are available only during a limited period of the
year .For e.g. Raw mangoes are only available only during a summers
Identifying items that are seasonal but available throughout the year
however their costs in offseason are relatively high.
SOS analysis can be selected when we want to determine the seasonality
of items and the right season for procuring them.
14. ABC ANALYSIS
Classifying inventory according to annual value
of consumption of the items
A - very important
B - mod. important
C - least important
Annual
$ value
of items
A
B
C
High
Low
Few Many
Number of Items
15. CONT..
When a large number of items are involved,
relatively few items account for a major part of
activity, based on annual value of consumption of
items.
It is based on the principles of ‘vital few and trivial
many’.
16. A-items : 15% of the items are of the highest value
and their inventory accounts for 70% of the total.
B-items : 20% of the items are of the intermediate
value and their inventory accounts for 20% of the
total.
C-items : 65%(remaining) of the items are lowest
value and their inventory accounts for the relatively
small balance, i.e.10%.
17. POLICIES FOR A
Develop class “A” suppliers more
Purchasing dpt makes maximum efforts to
expeditade and delivery of these items
The stock is maintained say in at least once in 15
days
18. Policies for B
Order quantities, re-order stocks and safety
stocks should be fixed and revised for B items say
once in 4-6 months
Should be ordered less frequently in comparison
to A items
19. Policies For C
Large quantities can be bought as the cost involved will
be least
Paper work is reduced if the stock is maintained and
ordered once or twice in a year
The source of their supply can be based on their
reliability
22. Control: Stocking a better mix of right inventory
allows a company to control over- supply and
under- supply of important SKUs
Cost: Once the company has decided which
items fall into ABC category it can establish
cost reduction initiatives at SKUs level.
23. CONT ...
Improved Service: Improvement in customer
service level and order fulfilment.
ABC analysis provides a company information to
stock the right mix of inventory.
Warehousing: ABC inventory extends to
warehouse management as well
Companies utilizing ABC analysis in the
warehouse give priority space to faster moving
SKUs
24. APOLLO HOSPITALS
The basic principle of inventory control used by
Apollo hospitals is ABC based on cost criteria
Based on ABC matrix, the method that they use
is economic analysis of drug expenditure of
prised vocabulary of medical stores (PVMS)
25. Out of 493 drugs in PVMS section 1, only 325
were being used in reference hospital. The total
cost of drugs used was rupees 55,23,503
Out of these 325 drugs 47 (14.4%) drugs were
category A consuming 70% of total expenditure
73 (22.46%) drugs were category B consuming
20% of the expenditure
Rest 205 drugs (63.7) were category C drugs
consuming only 10% of the expenditure
26. IMPLEMENTED
Midland Bank Group
British Aerospace
Swiss Automobile Association
London Underground
Gardner Merchant Vending Services
Dervo Inc- Division of Johnson and Johnson