12 Steps to Achieving Effective Inventory Management - Part 2
Published: May 28, 2015
The goal of effective inventory management is to “meet or exceed customers’ expectations of product availability with the amount of each item that will maximize net profits.” This goal cannot be achieved by waving a magic wand or wishful thinking. The three essential elements for achieving this objective are:
- Best practice policies and procedures
- Software that provides the tools necessary to maximize the productivity and profitability of your investment in stock inventory
- The knowledge to effectively use your system
Join leading inventory management expert, Jon Schreibfeder, for a 4-part webinar series as he explores how to combine these three elements that will allow your company to achieve this goal.
This second session focused on how to maintain accurate lead times and effectively handle items with sporadic usage.
During this session we covered how to:
• Step #3 - Verify that the lead times for all items to be stocked are set to the longest normally anticipated lead time
• Step #4 - Separate products to be stocked into items with sporadic usage and those with recurring usage
• Step #5 - Determine the average sales or usage quantity for each item with sporadic usage
• Step #6 - Set minimum and maximum stock quantities for items with sporadic usage based on a multiple of the normal quantity sold or used in one transaction
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