About the Topic:
Inventory management in manufacturing is a systematic approach to not overstock and avoid stock out situations.
In business terms, inventory management means the right stock, at the right levels, in the right place, at the right time, and at the right cost as well as price.
Excess inventory is a waste as it ties up the working capital, takes valuable space and there is a risk of obsolescence
Supply chain management is the design and management of seamless, value-added process across organizational boundaries to meet the real needs of the end customer
Contents of the Topic:
- Why inventory is a waste? Definition, examples, examples, and solution to reduce and eliminate waste
- The ability to make more profitable business decisions.
- Challenges in manufacturing
- Two types of inventory management system Two bin system, and fixed time variable quantity system
- How to flow inventory and create a supermarket
- What are the ill effects of inventory?
- Push vs. pull in SCM
- What are the Non-value adding activities from material planning to production?
- Know when items are received, picked, packed, shipped, kitted, manufactured, etc.
- How to Improve customer response time
- Elements of SCM
Benefits of the Topic:
- Greater cost-savings.
- Avoidance of stock-outs and excess stock.
- Better product visibility in the event of a recall.
- Increased Information Transparency.
- Improved Delivery Performance.
- Increased Employee Efficiency.
- Accurate Planning.
- Increased Customer Loyalty.
- Increased Inventory Turnover
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