Inventory management is a process that has strategically be followed while getting profoundly involved with manufacturers and vendors. However, almost all companies have already been pursuing this method to get the most comprehensive report of existing as well as required inventory; but with new premeditated IMS companies find more detailed description of their stock.
Strategic IMS involves the close discussion with suppliers to identify the useful activities that can strengthen the delivery of final inventory.
In addition to this, many other activities can also be determined and performed in tandem to expedite the inventory supply process and to offer litheness to the procedure of delivering the end product.
Many average companies regard themselves as successful, but this success is vague if customers do not need the product when it is needed the most.
A focused inventory/ERP/Billing/Quote management system throws light on the following aspects:
The basics of IMS including importance of inventory, types of inventory and manufacturing strategies.
Forecasting the inventory requirement & “Black Fox Forecasting”.
How forecasting system can be benefitted with human inputs.
Calculation of Safety stock, lead time and cycle of orders.
Assess the different sections of your website in order to establish the enhancement required.
Normal distribution model.
Negative Variability effects.
Order cost & Carrying Cost.
Lot sizes and quantities to order.
Determining the maximum retail price (MRP) of the product.
Planning bills, Phantom bills, super and modular bills.
Distinction between Analysis and management.
Analysis of out-of-stock situation.
Calculation of Gross Margin Return on Inventory Investment (GMROII).
Identification of Obsolete Inventory and Monitor excess.
Measuring forecast error .
The insights of Inventory Management system provide the clear picture of business to a company owner. With all comprehensive study and reports of aforementioned facets of inventory management, an enterprise can save lot of time and funds on stock management and ordering the stock.