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Basic need is to set the re-order level and monitor to FIFO accounting system
Inventory is very important why if you have no control in your inventory stocks will be flooded in your area and the end you will become over stocks turn overs will be slows you need to identify good inventory or what are saleable stocks you should have or kept to help you achieved your sales target.
I agree with the answers above, however one approach I take is consulting with my account customers and request an expected usage of the product to gain a further insite of expected turnover. Recently a cutomer had been ordering a small amount and it was only by a customer visit that we were made aware that they would be aggressively promoting this item in the future.
One of the right method of inventory control is to link your sourcing to the consumption of the product. based on the leadtime for procure, arrive at a safety stock and ensure that all replenishment is done based on the consumption only.
As per my experience being inventory audit clerk this question is to answer by a sales manager but for my opinion, we provide procedures and a form known as Ics, for them to follow and use. Because sales is the prioority of the management, big volume of delivery equivalent to more sales. Pocedres are proper filling of documents such delivery receipt etc., ics is to be filled up accurately and you will come up to good incentives......big volume of delivery mores sales less inventory turn over....its always happened during sale events...our product before are jag, lee, tribal, von dutch and candies garments.....
Hello
The other friends has mentioned unseful points about it. i think it is a good idea if take a look at the financial statements of your company and check the trends like inventory turnover ratio.
Dear I belive you need to follow the cycle to inventory movement by fixing Inventory classification - ABC / VED / HML analysis following PARETO 's (80:20 ) rule . Fixing Inventory levels for each SKU as
Maximum Level , Re-order Level , Minimum Level and Safety Stocks . You need to monitor Inventory turnover by even keep a track of the " INVENTORY AGEING REPORT " from warehouse to find out where to concentrate and action for movement .
Else if you any unable to manage inventory on your own , the option of VMI ( VENDOR MANAGEMENT INVENTORY ) cycle can be opted which is relase the crisis of Inventory holding and working capital cycle
Hello Umar,
Your question of how to control inventory, can be explained very widely. It can be explained as Imran has answered. If so, I do mostly agree with Imran. To improve inventory turnover, in common you can say that the height of your stock level is an important factor. Keep it as low as possible and arrange low replenisment quantities. Let your suppliers supply more often but in lower quantities. Only of course when this is possible. It depends of what kind of products/materials you do have in stock. If you keep your stock level low, your inventory turnover will raise and your invested capital will be as low as possible. Try to make an agreement with your main supplier to introduce consignment stock. You will have availability for your customers, but you are not the owner at that moment. It will become your ownership when you sell it to your customer, or after an agreed termin (at my place it is after6 months). Every company has also slow movers. These items are mostly necessary (e.g. as a service item, because your client buys a pakket of material) but will slow down your turnover. Try to look for a cooperation with a 'competitor' and try to share these slow movers with him. Or talk to your supplier. Go for a win-win situation!! Another point is to have a sharp look at your stock items. Are there items which do not bring anything to your result? Try to liquidate them.
I hope you can do something with my answer.
Best regards,
Leon Kloor
Please go for Material resource planning. Fix Minimum, maximum and reorder level for all commodities as per production consumption. minimum level will be critical stock situation, once stock reach to reorder levle enable system to raise requisition. It can be very well controlled if you are having SAP system otherwise you can control it manually by close monitoring.
