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Using a clear, organized, and accessible building block approach to managing inventory, this volume offers complete coverage of the basic concepts, calculations, and techniques of inventory. These fundamental techniques, which can be easily applied to handle problems in the workplace, are used to demonstrate current concepts such as lean principles and continuous improvement. Numerous case studies from a variety of industries are provided to illustrate concepts. Additional topics presented include types of inventory, inventory transactions, bills of materials, planning and replenishment, storage and physical control, and supply chain management and technology.
Does inventory management sometimes feel like a waste of time? Learn how to maximize your inventory management process to use it as a tool for making important business decisions.
Effective inventory management can increase revenue, reduce costs, and improve cash flows. Endorsed by Institute of Operations Management and CILT, Inventory Management shows managers how to take control of their inventory system and ensure operations run smoothly. Looking beyond the complexity and theory of inventory management, Geoff Relph and Catherine Milner focus on the most important decisions managers need to make when managing inventory. They examine how inventory management should work, how to control it, and how to balance it, through their use of revolutionary k-curve methodology. They include case studies from various industries, looking at inventory management in diverse areas such as supermarkets and aerospace. Online resources include an appendix of figures, a chapter breakdown of figures and a bonus chapter about the supporting materials.
Inventory Analytics provides a comprehensive and accessible introduction to the theory and practice of inventory control – a significant research area central to supply chain planning. The book outlines the foundations of inventory systems and surveys prescriptive analytics models for deterministic inventory control. It further discusses predictive analytics techniques for demand forecasting in inventory control and also examines prescriptive analytics models for stochastic inventory control. Inventory Analytics is the first book of its kind to adopt a practicable, Python-driven approach to illustrating theories and concepts via computational examples, with each model covered in the book accompanied by its Python code. Originating as a collection of self-contained lectures, Inventory Analytics will be an indispensable resource for practitioners, researchers, teachers, and students alike.
Master and apply both the technical and behavioral skills you need to succeed in any inventory management role or function! Now, there’s an authoritative and comprehensive guide to best-practice inventory management in any organization. Authored by world-class experts in collaboration with the Council of Supply Chain Management Professionals (CSCMP), this text illuminates planning, organizing, controlling, directing, motivating and coordinating all the activities used to efficiently control product flow. The Definitive Guide to Inventory Management covers long-term strategic decisions; mid-term tactical decisions; and even short-term operational decisions. Topics discussed include: Basic inventory management goals, roles, concepts, purposes, and terminology Key inventory management elements, processes, and interactions Principles/strategies for establishing efficient and effective inventory flows Using technology in inventory planning and management New approaches to inventory reduction: postponement, vendor-managed inventories, cross-docking, and quick response systems Trade-offs between inventory and transportation costs, including carrying costs Requirements and challenges of global inventory management Best practices, metrics, and frameworks for assessing inventory management performance
Inventory is expensive and difficult to manage, and yet is an essential requirement for providing great service to customers. Inventory Management provides the tools to retain enough inventory to assure high levels of customer service, while avoiding excessive inventory levels that can absorb cash and generate losses. Topics covered include inventory policies, materials planning, purchasing and the supply chain, receiving, storage, shipping, production activities, record accuracy, warehousing efficiencies, measurements, and much more. This book covers a mix of classic and advanced management techniques to help the user maintain firm control over the mix and amount of inventory kept on hand.
Inventory management aids businesses in determining which goods to order and when to order it. It keeps track of merchandise from purchase to sale. The practise monitors and reacts to trends to guarantee that there is always enough stock to satisfy client orders and that shortages are detected early. Inventory becomes revenue if it is sold. Inventory ties up cash before it sells, despite the fact that it is reported as an asset on the balance sheet. As a result, having too much inventory costs money and lowers cash flow. Inventory turnover is one indicator of good inventory management. Inventory turnover is an accounting metric that shows how frequently stock is sold over time. A company does not want to have more inventory than it can sell. Deadstock, or unsold inventory, can result from low inventory turnover. What Is the Importance of Inventory Management? Inventory management is critical to a business's success since it ensures that there is never too much or too little goods on hand, reducing the danger of stockouts and erroneous records. Inventory tracking is required by the Securities and Exchange Commission (SEC) and the Sarbanes-Oxley (SOX) Act for public corporations. To demonstrate compliance, businesses must document their management practises. Inventory Management's Advantages Inventory management has two key advantages: it assures that you can fulfil incoming or open orders and it increases earnings. Inventory control also entails: Saves Money: Knowing stock trends allows you to know how much and where you have anything in stock, allowing you to make better use of what you have. This also allows you to hold less stock at each location (store, warehouse), as you can fulfil orders from anywhere – all of this lowers inventory costs and reduces the quantity of product that goes unsold before it becomes obsolete. Improves Cash Flow: Proper inventory management allows you to spend money on inventory that sells, allowing cash to flow freely throughout the company. Customers are satisfied: ensuring that customers obtain the things they desire without having to wait is an important part of building loyal customers.
Inventory is expensive and difficult to manage, and yet is an essential requirement for providing great service to customers. Inventory Management provides the tools to retain enough inventory to assure high levels of customer service, while avoiding excessive inventory levels that can absorb cash and generate losses. Topics covered include inventory policies, materials planning, purchasing and the supply chain, receiving, storage, shipping, production activities, record accuracy, warehousing efficiencies, measurements, and much more. This book covers a mix of classic and advanced management techniques to help the user maintain firm control over the mix and amount of inventory kept on hand.