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Different departments roles in achieving effective inventory management
Deciding what products you should stock in each branch or warehouse
Ranking products by cost of goods sold, activity and profitability
Differences in maintaining items with recurring and sporadic usage
Elements of an accurate forecast
Considerations for stocking new products
How to properly calculate the accuracy of your demand forecasts
The different “elements of a good demand forecast
How different patterns of usage require different forecasting formulas
Characteristics of products that cannot be forecast
How to utilize information from the market, salespeople and customers in developing an accurate demand forecast
Minimum Quantities
Maximum Quantities
Anticipated Lead Times
Order/Review Cycles
Safety Stock Quantities
Economic Order Quantities
Developing a unique list of stocked products for each location
The advantages and disadvantages of replenishing a branch location's stock:
Directly from a vendor
As needed from a central warehouse or distribution center
Splitting a single shipment between several warehouses or stores
How often should you replenish stock in a branch location?
Maintaining common safety stock quantities to serve the needs of several warehouses or stores
Turnover
Fill Rate/Customer Service
Turn/Earn Index
Gross Margin Return on Investment
Percentages of Outdated Stock, Excess Inventory and Non Moving Products
Tying together sales, inventory and operations management
Setting incremental and ultimate inventory related goals
Comparing your results to other firms in your industry
Making sure all employees realize the cost of bad inventory control
Ensuring that all material movement is properly recorded
Creating your inventory related policies and procedures guide
Identifying and preventing pilferage and other inventory abuse
The advantages of cycle counting – Counting part of your inventory every day
Conducting a successful full physical inventory