12 Steps to Achieving Effective Inventory Management - Part 3
Published: June 29, 2015
Part 3 - Calculating Accurate Forecasts and Maintaining Replenishment Parameters to Achieve Customer Service and Investment Goals
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 third session will focus on how to calculate accurate forecasts and maintain replenishment parameters to achieve customer service and investment goals
During this session he will cover how to:
• Step #7 - Determine the best forecast method for each item with recurring usage. Examine the six elements of an accurate forecast
• Step #8 - Set safety stock quantities for each item to ensure that your company achieves the desired level of customer service while minimizing the total inventory investment
• Step #9 - Calculate replenishment parameters for each item with recurring usage based on the forecast and safety stock quantities maintain accurate lead times and effectively handle items with sporadic usage.
We’ll also discuss how key technology solutions from Microsoft Dynamics offers a complete set of inventory management, manufacturing and purchasing capabilities that helps move inventory to the right place, at the right time, at the right cost.
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