12 Steps to Achieving Effective Inventory Management - Part 4
Published: July 31, 2015
Part 4 - Meaningful Metrics to Measure Progress and Managing by Exception
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 final session will focus on how to develop meaningful metrics to measure progress and managing by exception.
During this session he will cover how to:
• Step #10 - Determine customer service, turnover and profitability goals
• Step #11 - Analyze possible unusual usage at the end of each month and adjust usage history as necessary to correct for activity that probably will not reoccur
• Step #12 - Measure progress each month in achieving predetermined goals
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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