Retail Inventory Management
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This document discusses various methods for effective retail inventory management. It outlines key points to consider like control and tracking inventory, documentation, reporting, and coordination between stock and sales. Specific techniques are described, including maintaining an optimal system and layout, using RFID to track stock accuracy, and ABC analysis to prioritize products. Time series analysis and regression analysis are also presented as methods to predict future demand, costs, and inventory needs based on past data trends. The overall goal is to establish efficient stock management processes through analysis, planning, and coordination between inventory levels and sales.
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The document discusses retail inventory management. It describes the different types of inventory including raw materials, work in progress, finished goods, and scraps. It also discusses inventory control and the objectives of maintaining optimal inventory levels. The key challenges discussed include balancing ordering costs, carrying costs, and stockout costs. ABC classification is presented as a method to prioritize inventory items.
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1) Location is an important factor for retailers, as around 90% of retail sales occur in stores. Selecting the right market area and specific store location requires extensive decision making.
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Merchandise planning 26.05.18
Key measure of the retailer’s success is selling as much merchandise as possible at the highest profit margin.
Retailers can no longer depend on random sourcing / buying in the hope that they will sell them all.
There are two major areas of profit leakage in retail. Firstly - lost sales resulting from lack of stock, and secondly - forced margin reductions (markdown) due to excessive stock.
There are processes and solutions in order to reduce and eliminate excess inventory and maximise profit. That is "Merchandise Planning".
Merchandise Planning is "A systematic approach by the retailer, aimed at maximising return on investment, through sales & inventory planning, in order to increase profitability”.
Main goal of Merchandise planning is to maximize the use of assets, and resources a company owns.
In the long run, effective merchandise planning can save time, help streamline business processes and objectives, and optimize and mobilize inventory to get it off the shelves into the hands of the consumers for the right price.
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The document discusses the assortment planning process for retailers. It defines key terms like variety, assortment, and product availability. It also outlines factors to consider when determining variety, assortment, and product availability like profitability, store characteristics, and complementary merchandise. Additionally, it discusses assortment planning issues specific to internet retailers like determining what products will sell online based on target customers, competition, visual appeal, and shipping. The overall goal of the assortment plan is to select and plan products to maximize sales and profits for a specified period through balancing variety, assortment, and availability.
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1. Vendor Managed Inventory or VMI is a process where the vendor creates orders for their customers based on demand information that they receive from the customer. 2. VMI involves collaboration between suppliers and their customers which changes the traditional ordering process.
Schematic Diagram of VMI
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VMI removes the need for the customers to have significant safety stock. Lower inventories for the customer can lead to significant cost savings.
The customer can make profit from reduced purchasing costs. As the vendor receives data so the customer don’t need to produce purchasing costs ever.
Moreover, the need for purchase order corrections and reconciliation is removed which further reduces purchasing costs.
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1. A decrease in stockouts and a decrease in inventory levels. 2. Planning and ordering cost will be decreased. 3. Overall service level is elevated. 4. The customer is more focused in providing great service.
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Vendor Managed Inventory(VMI)
1. Vendor stocks the resources in suppliers premises. 2. Vendor is solely responsible for the stock availability. 3. VMI focuses on collaboration and share information between trading partners. 4. It is termed as a model of family business.
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This document provides an overview of information systems and supply chain management in retail organizations. It discusses key aspects of the retail supply chain including information flows at points of sale, data warehousing, electronic data interchange (EDI), logistics of merchandise flow from vendors to distribution centers to stores, and coordination between retailers and vendors. Efficient supply chain management can improve sales, profit margins, and lower operating costs through coordinated planning and reduced inventory levels.
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The document discusses various operational aspects of retail stores. It provides details of staff members and their roll numbers. It then outlines key areas of retail operations like customer service, retail processes, staffing, floor management, administration and supply chain management. Several store operating parameters are defined to evaluate daily operations like customer transactions, stocks, space, and employees. Metrics for each parameter like sales per transaction, inventory turnover, sales per square foot are also described. The document also discusses checkout management systems, use of RFID technology and benefits, challenges of RFID implementation. Store administration functions like licenses required, cleanliness, safety norms are also covered.
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This document discusses material management and inventory in manufacturing. It covers key aspects like the purpose of inventory, types of inventory, reasons for holding inventory, and functions of the stores department. The document compares high and low inventory levels and discusses approaches to stores location, recording material, issuing material, and centralized vs decentralized storing. The overall aim is to ensure smooth material flow and quality control to reduce costs and meet production needs.
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The document discusses key concepts in inventory management including controls, planning models, costs, and classification. It aims to achieve customer service while keeping inventory costs reasonable. Economic order quantity (EOQ) and minimum/maximum models help determine order sizes by balancing holding and ordering costs. Safety stock hedges against uncertain demand or lead times. ABC classification divides inventory into categories based on annual value to focus controls.
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Inventory management involves tracking and controlling a company's stock of raw materials, work-in-progress, and finished goods. Effective inventory management requires balancing inventory investment with customer service levels. Key aspects of inventory management include classifying inventory using techniques like ABC analysis, planning inventory needs using models like MRP, and controlling inventory through periodic or perpetual counting systems. The overall goal is meeting customer demand while minimizing total inventory costs.
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Merchandising involves acquiring goods and making them available to customers at the right times, prices and quantities to meet retailer goals. A merchandising philosophy guides product decisions based on the target market, competitors, and trends. Effective merchandising requires planning assortments, inventory levels, pricing, and more to sell the right products profitably. Retailers must determine their merchandising strategy in terms of brand offerings, product breadth and depth to meet customer needs within budget.
The Complete Inventory Management Guide for Retailers
Inventory management keeps many retailers up at night, and for good reason: staying on top of your store’s stock levels is a balancing act that can make or break your sales and customer satisfaction.
So how can you can get stock levels just right in your store?
From picking the right solution and entering your products, to tracking stock levels and automating parts of the process, we have you covered with tips and examples to help you win at inventory management - whether you’re choosing your inventory software for the first time, or you want to improve and optimize an existing system.
Inventory management
Kuldeep Uttam provides an overview of inventory management concepts in 3 pages. He defines inventory as physical resources held for sale or transformation. The purpose of inventory management is to determine order quantities and timing. Inventories include raw materials, work-in-progress, finished goods, and supplies. Inventory management aims to balance holding versus ordering costs. Methods include economic order quantity models, reorder points, and ABC classification to prioritize inventory items. The document provides definitions and examples of key inventory management terms and techniques.
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Scm In Retail by Uday mishra
The document discusses supply chain management (SCM) in retail. It defines SCM as the flow of goods from raw materials to the end customer, involving manufacturers, suppliers, transporters, warehouses, retailers. The objectives of SCM in retail are to reduce costs, save time, increase customer satisfaction and profit margins. An integrated SCM coordinates activities across the supply chain from suppliers to customers. This improves delivery, reduces inventory and costs, and increases productivity and forecasting accuracy.
Merchandise planning 26.05.18
Key measure of the retailer’s success is selling as much merchandise as possible at the highest profit margin.
Retailers can no longer depend on random sourcing / buying in the hope that they will sell them all.
There are two major areas of profit leakage in retail. Firstly - lost sales resulting from lack of stock, and secondly - forced margin reductions (markdown) due to excessive stock.
There are processes and solutions in order to reduce and eliminate excess inventory and maximise profit. That is "Merchandise Planning".
Merchandise Planning is "A systematic approach by the retailer, aimed at maximising return on investment, through sales & inventory planning, in order to increase profitability”.
Main goal of Merchandise planning is to maximize the use of assets, and resources a company owns.
In the long run, effective merchandise planning can save time, help streamline business processes and objectives, and optimize and mobilize inventory to get it off the shelves into the hands of the consumers for the right price.
Assortment Planning Process
The document discusses the assortment planning process for retailers. It defines key terms like variety, assortment, and product availability. It also outlines factors to consider when determining variety, assortment, and product availability like profitability, store characteristics, and complementary merchandise. Additionally, it discusses assortment planning issues specific to internet retailers like determining what products will sell online based on target customers, competition, visual appeal, and shipping. The overall goal of the assortment plan is to select and plan products to maximize sales and profits for a specified period through balancing variety, assortment, and availability.
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Retail Logistics, Inventory, Inventory Management, Storage Facilities, Transportation, Unitization and Packaging, Communication
Supply Chain Management, Product availability, higher returns on investment, Push supply chain, Pull supply chain, Direct store delivery, distribution center, Bull whip effect, Reverse logistics
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Retail store operations encompass all aspects of running a retail store on a daily basis, including choosing a store location, designing the store interior and displays, managing product inventory through ordering, receiving, and pricing stock, handling cash and implementing fraud prevention controls, providing customer service, and overseeing employees, promotions, and store maintenance. Key functions involve location selection, visual merchandising, inventory management, loss prevention, staff training, and ensuring a positive customer experience throughout the shopping process. Effective retail store operations are critical for a store's success and competitiveness.
Vendor managed inventory
VMI is an inventory management strategy where the manufacturer monitors and manages inventory levels at the distributor/retailer. It shifts decision making responsibility upstream to better support integrated supply chain objectives. Typical benefits include lower inventory costs and better planning for manufacturers and fewer stockouts and optimal product mixes for retailers. Key success factors include top management commitment, effective information systems, trust between partners, and competent forecasting abilities.
Merchandise management
This document provides an overview of merchandising management. It defines merchandising as planning the marketing, promotion, and sale of retail products. The key components of merchandising management are determining the appropriate product assortment, price, range of products, and store layout. Merchandisers must consider customer demands and trends to effectively buy and display merchandise. The roles of merchandisers and buyers include planning purchases, selecting vendors, pricing products, and ensuring adequate inventory levels.
Introduction to Vendor Management Inventory
What is Supply Chain Management ? Integrating Management and information technology to flourish performance.
What Is Vendor Managed Inventory ?
1. Vendor Managed Inventory or VMI is a process where the vendor creates orders for their customers based on demand information that they receive from the customer. 2. VMI involves collaboration between suppliers and their customers which changes the traditional ordering process.
Schematic Diagram of VMI
WHY USE VMI ?
VMI removes the need for the customers to have significant safety stock. Lower inventories for the customer can lead to significant cost savings.
The customer can make profit from reduced purchasing costs. As the vendor receives data so the customer don’t need to produce purchasing costs ever.
Moreover, the need for purchase order corrections and reconciliation is removed which further reduces purchasing costs.
DUAL BENEFITS (both Supplier and Customer) 1. Less data errors and the overall speed of processing is increased. 2. Having aim to provide better service to the end consumer. 3. Purchase orders are generated on predefined basis. 4. Relation between suppliers and customers are getting strong enough.
Customer Benefits
1. A decrease in stockouts and a decrease in inventory levels. 2. Planning and ordering cost will be decreased. 3. Overall service level is elevated. 4. The customer is more focused in providing great service.
Suppliers Benefits
1. A reduction in customer ordering errors. 2. Promotions can be easily promoted to inventory plans. 3. Customers' point of sell data makes forecasting easier. 4. Philosophy to customer’s stock levels helps to identify priorities.
Comparison between VMI & RMI
Vendor Managed Inventory(VMI)
1. Vendor stocks the resources in suppliers premises. 2. Vendor is solely responsible for the stock availability. 3. VMI focuses on collaboration and share information between trading partners. 4. It is termed as a model of family business.
Retail Managed Inventory (RMI)
1. Supplier stocks the resources in buyer’s premises. 2. Retailer is solely responsible for the stock availability. 3. RMI always focused on improving forecasting. 4. It is termed as business model of business.
Supply Chain in Retail management
This document provides an overview of information systems and supply chain management in retail organizations. It discusses key aspects of the retail supply chain including information flows at points of sale, data warehousing, electronic data interchange (EDI), logistics of merchandise flow from vendors to distribution centers to stores, and coordination between retailers and vendors. Efficient supply chain management can improve sales, profit margins, and lower operating costs through coordinated planning and reduced inventory levels.
Merchandise management
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This document provides an overview of stores and materials management. It defines what a storehouse is and discusses the key functions and objectives of stores management, including efficient materials planning, purchasing, inventory control, quality assurance and maintaining good supplier relationships. It outlines the responsibilities of stores managers, such as maintaining low inventory levels while providing good service, identification and inspection of materials, issuing materials to users, and stock control. The duties of storekeepers are also summarized, like receiving, storing and issuing materials, and maintaining records. Finally, some common store documents like bin cards and store ledgers are described.
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This document discusses various aspects of retail operations management. It covers components of retail operations including store operations, business development, planning, logistics, and management information systems. It also discusses components of store operations such as administration, visual merchandising, IT, HR, security, and merchandising. Additionally, it outlines different types of retail store formats including department stores, discount stores, specialty stores, outlet stores, supermarkets, and shopping malls. Key aspects of store operations management include customer service, inventory availability, in-store processes, staff planning, and staff motivation. Retail KPIs that are discussed include sales per square foot, sales per employee, inventory shrinkage, average transaction size, items per ticket,
Final+retail+stores+operations
The document discusses various operational aspects of retail stores. It provides details of staff members and their roll numbers. It then outlines key areas of retail operations like customer service, retail processes, staffing, floor management, administration and supply chain management. Several store operating parameters are defined to evaluate daily operations like customer transactions, stocks, space, and employees. Metrics for each parameter like sales per transaction, inventory turnover, sales per square foot are also described. The document also discusses checkout management systems, use of RFID technology and benefits, challenges of RFID implementation. Store administration functions like licenses required, cleanliness, safety norms are also covered.
8. stores management
This document discusses material management and inventory in manufacturing. It covers key aspects like the purpose of inventory, types of inventory, reasons for holding inventory, and functions of the stores department. The document compares high and low inventory levels and discusses approaches to stores location, recording material, issuing material, and centralized vs decentralized storing. The overall aim is to ensure smooth material flow and quality control to reduce costs and meet production needs.
Inventory Management
The document discusses key concepts in inventory management including controls, planning models, costs, and classification. It aims to achieve customer service while keeping inventory costs reasonable. Economic order quantity (EOQ) and minimum/maximum models help determine order sizes by balancing holding and ordering costs. Safety stock hedges against uncertain demand or lead times. ABC classification divides inventory into categories based on annual value to focus controls.
Design of supply chain networks
The document discusses various options for designing supply chain networks and their characteristics. It describes manufacturer storage with direct shipping, in-transit merging, distributor storage with package carrier delivery, distributor storage with last-mile delivery, manufacturer/distributor storage with customer pickup, retail storage with customer pickup, and local storage at consumer pickup sites. For each option, it summarizes the performance characteristics in terms of cost factors like inventory, transportation, and facilities as well as service factors like response time, product variety, and customer experience.
Inventory management
Inventory management involves tracking and controlling a company's stock of raw materials, work-in-progress, and finished goods. Effective inventory management requires balancing inventory investment with customer service levels. Key aspects of inventory management include classifying inventory using techniques like ABC analysis, planning inventory needs using models like MRP, and controlling inventory through periodic or perpetual counting systems. The overall goal is meeting customer demand while minimizing total inventory costs.
Retail Merchandising Planning
This document summarizes the key aspects of retail merchandise planning. It discusses analyzing customer needs and wants, developing sales forecasts, determining merchandise requirements, open-to-buy planning, and assortment planning. The key steps in planning include developing a sales forecast based on past data and market analysis, determining inventory needs to meet the forecast, using open-to-buy to control purchasing, and selecting the appropriate breadth and depth of product assortment for the target audience. The goal of merchandise planning is to have the right products available at the right time to maximize sales and profits.
Retail merchandising
Merchandising involves acquiring goods and making them available to customers at the right times, prices and quantities to meet retailer goals. A merchandising philosophy guides product decisions based on the target market, competitors, and trends. Effective merchandising requires planning assortments, inventory levels, pricing, and more to sell the right products profitably. Retailers must determine their merchandising strategy in terms of brand offerings, product breadth and depth to meet customer needs within budget.
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The Complete Inventory Management Guide for Retailers
Inventory management keeps many retailers up at night, and for good reason: staying on top of your store’s stock levels is a balancing act that can make or break your sales and customer satisfaction.
So how can you can get stock levels just right in your store?
From picking the right solution and entering your products, to tracking stock levels and automating parts of the process, we have you covered with tips and examples to help you win at inventory management - whether you’re choosing your inventory software for the first time, or you want to improve and optimize an existing system.
Inventory management
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The document discusses inventory control, which involves maintaining desired inventory levels to balance economic and production needs. It describes different types of inventory like raw materials, work in progress, and finished goods. Effective inventory control requires planning inventory levels, ordering, receiving, storing, and recording inventory. Key aspects of inventory control include determining maximum and minimum inventory levels, reorder points, and economic order quantities.
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The document discusses Walmart's inventory management strategies. It describes how Walmart invested heavily in IT systems to track sales and inventory across stores (paragraph 1). It implemented a satellite communication system to facilitate information sharing as it rapidly expanded (paragraph 2). Walmart was able to reduce unproductive inventory by empowering stores to manage their own stocks and making timely price adjustments (paragraph 4). The document then outlines how Walmart used handheld computers and a voice picking system in warehouses to efficiently manage ordering and replenishment (paragraphs 5-8).
Inventory control & management
This document discusses inventory control and management. It defines inventory as physical resources held for sale or transformation, and inventory systems as policies that monitor levels and determine replenishment needs. Reasons for holding inventory include stabilizing production, taking advantage of discounts, and meeting demand during replenishment periods. The objectives of inventory control are to track inventory levels of the right quality and quantity. Costs associated with inventory include purchase, capital, ordering, carrying, and shortage costs. Decisions around inventory planning include determining order quantities and timing.
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Retail management involves overseeing the business activities involved in selling goods and services to consumers. Key issues retailers must address include serving customers profitably while standing out competitively. Retailers act as an intermediary between manufacturers, wholesalers, and consumers by sorting products and facilitating transactions. Developing a retail strategy that focuses on customers, coordinates efforts, is value-driven and goal-oriented is important for success. Retail institutions can be classified as either store-based using a mix of strategies or nonstore-based using nontraditional approaches like direct marketing.
Inventory system
This document describes an inventory management system created for Anglo French Textiles. The system tracks inventory for two modules: cotton inventory and yarn inventory. It allows users to purchase raw materials, add new items, track issues and daily expenses, and view reports. The proposed system automates these processes for improved accuracy, security, and ease-of-use compared to the previous manual FoxPro system. It is built using Visual Basic 6.0 for the front end, Oracle 9i for the back end database, and designed to run on Windows XP hardware.
Inventory management tools and techniques retail
The document discusses various concepts related to inventory management. It defines inventory as stock of goods and explains that inventory includes raw materials, work in progress, and finished goods in a manufacturing context. It also discusses determining economic order quantities by balancing ordering and carrying costs. Other concepts covered include ABC analysis for classifying inventory, just-in-time manufacturing, inventory turnover ratios, and stock keeping units. The overall purpose of inventory management is to avoid overstocking or understocking.
Stock Management at Big Bazaar
This document summarizes a study on stock management at Big Bazaar retail stores. The objective of the study is to analyze how stock moves from vendors to customers and to understand warehouse and shrinkage management. It describes Big Bazaar's supply chain process, including procurement from central distribution centers and local vendors. Stocks are managed using an automated replenishment system. The document also discusses inventory management, damage/defective stock handling, and factors that influence effective stock management on store floors.
inventory management ppt
This document discusses inventory management concepts including reorder point, order quantity, lead time, demand rate, carrying costs, and ordering costs. The optimal order quantity is derived as Qopt = √(2CoD/Cc) where Co is the ordering cost, D is annual demand, and Cc is the annual carrying cost per unit. The reorder point is calculated as R = dL + zσdL where d is the average daily demand, L is the lead time, σd is the standard deviation of daily demand, and z corresponds to the desired service level. Safety stock, which is added to the reorder point, is calculated as zσdL.
Inventory Management
- Inventory constitutes a significant part of current assets for many companies, often around 60% of current assets. Effective inventory management is important to avoid unnecessary costs and ensure profitability.
- There are different types of inventory including raw materials, work in progress, and finished goods. The objectives of inventory management are to maintain optimal inventory levels for smooth operations while minimizing costs.
- An optimum inventory level balances ordering costs, carrying costs, and stock-out costs. Both over-investment and under-investment in inventory can be dangerous for a company. Effective inventory management tracks inventory levels and determines when and how much to order.
Inventory management
This document discusses inventory management. It defines inventory as materials obtained in advance of need that are held until used or sold. There are different types of inventories like raw materials, work in progress, spare parts, and finished goods. Inventory valuation involves determining inventory quantities and assigning values. Holding inventory incurs costs like storage, ordering, shortages. The objectives of inventory control are to ensure smooth operations while minimizing costs and risks through techniques like determining economic order quantities and stock levels.
Process of Inventory management & control
The document discusses the process of inventory management and control. It involves four key steps: 1) determining optimum inventory levels and adjusting them regularly, 2) determining the appropriate level of control needed, 3) planning and designing the inventory control system, and 4) planning the inventory control organization. The document also discusses determining optimum inventory levels by balancing inventory carrying costs with ordering costs to minimize stockouts. It describes classifying inventory into A, B, and C categories based on value and quantity to determine the appropriate level of control for each. Finally, it discusses two approaches to planning inventory systems: the fixed order quantity system and the fixed order periodic system.
Inventory management system
This document outlines the requirements for an inventory management system for a general store. It includes four key user roles: administrator, salesperson, sales manager, and inventory manager. The administrator can add/edit/delete user accounts and product inventory. Salespeople can view inventory levels, search for products, generate bills, cancel bills, return unsatisfactory items, and notify managers. Sales managers oversee exceptions and the inventory manager replenishes stock levels based on salesperson notifications. Data flow diagrams and entity relationship diagrams are also included to design the system's architecture and database structure.
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Managing stock levels is important for businesses to meet customer demand without excess costs. Businesses must balance holding enough stock of raw materials, work in progress, and finished goods to fulfill orders while avoiding costs of overstock like storage fees and opportunity costs of capital tied up in inventory. An effective stock control system tracks inventory levels and automatically reorders items when they dip below minimum thresholds to maintain adequate supply without surpluses.
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Managing stock levels is important for businesses to meet demand and avoid disruptions to production and sales. Businesses must plan carefully to ensure they have the right quality and quantity of raw materials, work in progress, finished goods, and consumables available at the right time. While sufficient stock is needed, businesses also aim to avoid holding too much stock due to costs of storage, financing, damage, and obsolescence. An effective stock control system monitors stock levels and triggers reorders when inventory drops below minimum thresholds.
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Inventory control involves tracking inventory levels to ensure adequate supply to meet demand and avoid shortages or overstocking. It can be periodic, involving manual counts at set intervals, or perpetual, using automated systems like barcodes or RFID to continuously track inventory levels. Effective inventory control provides benefits like quality control, organizational control of inventory, and accurate accounting of assets.
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This document discusses inventory management and control. It defines key terms like inventory, materials, components, work-in-process, and finished goods. It describes the roles of sales forecasting, production forecasting, and material requirements planning in inventory management. It also discusses inventory control methods, objectives of inventory control, advantages of inventory control, costs of inventory, and important techniques for inventory management like ABC analysis and VED analysis. The overall purpose of inventory management and control is to ensure the right inventory levels are maintained to meet production needs and customer demand.
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Web_Based_Inventory_with_Point_of_Sale_System_PROPOSAL_PRESENTATION_1.pptx.pdf
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Inventory control techniques include ABC analysis, economic order quantity (EOQ), perpetual inventory system, review of slow and non-moving items, input-output ratio analysis, and setting various inventory levels. EOQ determines the optimal order quantity to minimize total inventory costs. Perpetual inventory involves continuously updating inventory records as items are received or used to prevent closing down for stocktaking. Input-output ratio analysis examines the relationship between raw materials used and final outputs. Setting inventory levels such as maximum, minimum, reorder helps maintain appropriate stock levels.
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3:国家专业人才认证中心颁发入库证书
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Retail Inventory Management
- 1. RETAIL INVENTORY MANAGEMENT PROCESS YAVUZ ANIL TEMUÇİN
- 2. • Managing stock as a retailer is a vital task. • Stock management grows more and more complicated with the increase of sales volume and diversification of product assortments. • Effective and efficient stock management methods are critical to reach an optimum level in terms of stock quantity. STOCK MANAGEMENT
- 3. POINTS TO CONSIDER CONTROL AND TRACK SYSTEM AND DESIGN DOCUMENTATION REPORTING COORDINATION PRECAUTION FLEXIBILITY ANALYSIS AND METHODS
- 4. CONTROL AND TRACK - Hold stocks. - Hold products in the store for the customers. In this case the stock accuary is very important. - Decrease to the minimum all problems and inventorize periodically. - Orders should be followed up and physical stocks should be confirmed.
- 5. SYSTEM AND DESIGN - Stock layout can be changed for campaign and discount situations which gain quickness, that stock turnover raises. - Active construction should be established and whole stores should take action. In this situation the optimum layout should be arranged. - New technologies provides lots of new tools which are “RFID” can check your stock accuary instantly.
- 6. - Shelf system for products should be arranged and whole users should use it. - Product stocks can be constituted like locational which can be feeded. - Stocktaking should be done with handled terminal. - Overstock or under stock situations, automatical transfer system can be constituted, in this way you can do delivery plan and stock feeding according to store sales. - Stock status and order situations should be defined transparently. SYSTEM AND DESIGN
- 7. DOCUMENTATION - Documentation must be very efficient. Goods entrance and issue must be controlled according to the procedures. - Delete jobs which are based on experience only, and turned them into systematic tasks. - Stock accuary must be synchronized with system. System mistakes should be detected, and resolved. - Procedures for cancels and returns should be defined. - Job descriptions should be fixed.
- 8. - Reports should be done for whole products category. - The company should have efficient database and access to updated knowledge about products. - Data should be valid, and the updates should be automatic REPORTING
- 9. COORDINATION - Products which are sold rapidly and slowly should be analysed very well. - Stock and order management should coordinate together. - Amount of stock in the sales field and in the warehouse should be balanced. - Warehouse of store feeding place should be updated and should support sales.
- 10. PRECAUTION - Amount of safety stock should be arranged for the unexpected times. - Seasonal products should be defined so precaution for the future will be more efficient. - Supplier products should be counted and controlled for the compliance to the set specifications in order to prevent likely errors.
- 11. - New products should register immediately and without errors. - Whole employees should enter same door and check their bags. - Check garbages to prevent steal product from trash. - Alarm system should be updated. - Sample products should be registered. - Prevent illegal sales. PRECAUTION (THEFT)
- 12. FLEXIBILITY - Stock control system can be different for each stores. So product Portfolio can be arranged for each stores too. The most important thing is stock accuary and respond in time. - Hot sellers quantity should be raised. The layout should be arranged for outbound speed. - Technology products should have life time. - Company should give fast reaction when shock times come.
- 13. ANALYSIS AND METHODS - Priorities should be chosen. - You should find a solution for orders. When will you order or How much will you order? - Stocks should be tracked all the time and these two construction should be synchronised. - Stock management method should be optimum for the company.
- 14. PRE-ORDER LEVEL - The amount of stock is known. When the stock comes some level company should give an order again. - This pre-order level takes a value between a minimum and a maximum limit. But this method can not be used for all products. Because in real life the demand is independent and is affected from lots of variables. - Also campaigns and discounts can not give possibility to use this method constantly. Generally it can be useful, but for different situations can be implementable various methods.
- 15. - This analysis, examine the past values and help predict the future . - It is always useful to forecast stochastic process. - Ultimately the real datas are used to help find value which is the nearest to future value. - AR-MA, ARIMA, ARCH, VECM, GRANGER and GARCH these models can be used to predict the future. TIME SERIES ANALYSIS
- 16. TIME SERIES ANALYSIS Amount of Stock Demand Scope Volume (m3) Amount of Delivery Costs These variables can predict the nearest value for future. After results, future plans can be constituted.
- 17. ABC ANALYSIS - ABC analysis is an inventory categorization technique which prioritise products. - Holding valuable products will raise stock costs. These products should be controlled frequently. If quantity raises, control products will raise too. - ABC analysis sorts and categorize products with sales values. In this way the control point will be arranged. - ABC analysis can be used for delivery quantity and frequency.
- 18. REGRESSION ANALYSIS - Regression analysis can be used to find a relationship. - Regression model should be established with suitable variables. - After analysis results which gives constants that will forecast future values.
- 19. • It can be used for annual stock raising. • Stock costs ratio can be predicted. • Factors which are affecting amount of stocks can be formulize with logical constants. • After measured past values dimensions and delivery quantities that can help to create future plans. REGRESSION ANALYSIS
- 20. YAVUZ ANIL TEMUÇİN THANK YOU!