This video is brought to you by Logistics Bureau - Management Consultants, who reduce costs and improve service for organisations Worldwide. If you need any assistance on any of the topics on this channel, just visit us at: www.logisticsbureau.com/
Mal, you made an excellent video! Inventory management is a critical component of any organization, and you described the fundamental principles clearly and concisely. Thank you for sharing your expertise and ideas on this crucial subject!
Thanks , but what is the best way to kanage inventory in construction field when you have thousand of products in different specs with no cleared schedule or controling ? Consruction are difficult to apply this strategies to it , there is any soluotion?
A stock or inventory control system is the mechanism through which a company manages the efficient movement and storage of its goods, flow of information and resources that arise from this. By having a stock control system to manage your stock you will meet two important decision factors: the classification of inventory and reliability records, which mean that is important to know how much you have in your stock as ability to identify each of the products you handle in your company.
If you want to keep your stock levels accurate then every step of the inventory management process needs to be as accurate as possible too. You can’t rely on old information and estimates and expect a precise end result. Keep up to date with timely inventory checks. This will help build up an accurate picture of your stock holdings so that you can plan your ordering and logistics more correctly. Leaving it too long between inventory checks means you’re working off old information that might not be accurate any more. We recommend fortnightly inventory checks, as these often work best. Your sales forecasts need to be accurate too. Working with flat monthly information means you’re not taking into account seasonal fluctuations - remember, holidays, festivals and even the weather can affect monthly sales. And don’t just work off last year’s figures: it’s lazy, and there may have been events that created spikes last year that won’t apply this year. Make sure your calculations and projections are also up-to-date. Demand can change on a monthly basis, so if an item was in demand six months ago and you’re still trying to meet that demand, rethink whether you need to stockpile that item. If you sell on multiple channels, don’t just look at your central inventory: assess each store individually. Order your stock to meet their specific needs, allocating stock to where it will actually sell, instead of forcing it upon all your stores. Take this decentralised approach further by communicating between stores so they can meet each other’s inventory needs. When a store needs an item, regular updates between stores to identify surplus stock that might be building up and potential sales opportunities work well, rather than hastily made phone calls. You can also use this approach when it comes to your logistics. You could try improving production lag by sending complete items straight to store without going via warehouse or holding. Or try identifying regional patterns so you can store certain items closer to the locations where they’re most popular to reduce replenishment time. Examine at the patterns to see where you can implement solutions on a local level. You also need to pull back and take in the whole view of your inventory. If you have both warehouses and stores, for example, don’t just take your warehouse stock as your inventory, include what’s held in your stores too. You should also consider items currently in production and transit when looking at your figures.
This video is brought to you by Logistics Bureau - Management Consultants, who reduce costs and improve service for organisations Worldwide.
If you need any assistance on any of the topics on this channel, just visit us at: www.logisticsbureau.com/
Mal, you made an excellent video! Inventory management is a critical component of any organization, and you described the fundamental principles clearly and concisely. Thank you for sharing your expertise and ideas on this crucial subject!
Glad it was helpful!
Learn a lot. Wonderful explanation.
Glad you found it helpful.
Great video with clear and concise explanation.
I highly requested you make tutorial video for material inventory and hotel booking software
Inventory maybe, Hotels. not so sure ........
Thanks , but what is the best way to kanage inventory in construction field when you have thousand of products in different specs with no cleared schedule or controling ? Consruction are difficult to apply this strategies to it , there is any soluotion?
I would like to see a topic on cost control relative to the chnages in the market.
A stock or inventory control system is the mechanism through which a company manages the efficient movement and storage of its goods, flow of information and resources that arise from this.
By having a stock control system to manage your stock you will meet two important decision factors: the classification of inventory and reliability records, which mean that is important to know how much you have in your stock as ability to identify each of the products you handle in your company.
Brilliant and quite wonderful explanation.
thanks for the best lesson , you explain so clear and easyunderstand
Very concise and informative one!
If you want to keep your stock levels accurate then every step of the inventory management process needs to be as accurate as possible too. You can’t rely on old information and estimates and expect a precise end result.
Keep up to date with timely inventory checks. This will help build up an accurate picture of your stock holdings so that you can plan your ordering and logistics more correctly. Leaving it too long between inventory checks means you’re working off old information that might not be accurate any more. We recommend fortnightly inventory checks, as these often work best.
Your sales forecasts need to be accurate too. Working with flat monthly information means you’re not taking into account seasonal fluctuations - remember, holidays, festivals and even the weather can affect monthly sales. And don’t just work off last year’s figures: it’s lazy, and there may have been events that created spikes last year that won’t apply this year.
Make sure your calculations and projections are also up-to-date. Demand can change on a monthly basis, so if an item was in demand six months ago and you’re still trying to meet that demand, rethink whether you need to stockpile that item.
If you sell on multiple channels, don’t just look at your central inventory: assess each store individually. Order your stock to meet their specific needs, allocating stock to where it will actually sell, instead of forcing it upon all your stores. Take this decentralised approach further by communicating between stores so they can meet each other’s inventory needs. When a store needs an item, regular updates between stores to identify surplus stock that might be building up and potential sales opportunities work well, rather than hastily made phone calls.
You can also use this approach when it comes to your logistics. You could try improving production lag by sending complete items straight to store without going via warehouse or holding. Or try identifying regional patterns so you can store certain items closer to the locations where they’re most popular to reduce replenishment time. Examine at the patterns to see where you can implement solutions on a local level.
You also need to pull back and take in the whole view of your inventory. If you have both warehouses and stores, for example, don’t just take your warehouse stock as your inventory, include what’s held in your stores too. You should also consider items currently in production and transit when looking at your figures.
simply the best...
very interesting video thanks
Useful for my report writing ...........
Very good
interesting video and very informative
ok video. Thanks for information.
where are you from?
thank you this was very informative
great video
great video. Thank you
unbelievable JEFFF
Well explained sir :)
Thanks very clear
some sweet info here
Good
Thanks
Sydney Australia
thanks you
Glad you found it useful.
10
thanks for the best lesson , you explain so clear and easy understand
Useful for my report writing ...........