Hi guys, Welcome to the Advanced Video Search Engine, and you are watching 4 EASY Steps to Inventory Improvement + An Easy Diagnostic. That video is uploaded by Supply Chain Secrets at 2022-02-22T01:27:11-08:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [jxH1oEGP-iE]
| Name | 4 EASY Steps to Inventory Improvement + An Easy Diagnostic |
| Video Uploader | Video From Supply Chain Secrets |
| Upload Date | This Video Uploaded At 22-02-2022 09:27:11 |
| Video Discription | Managing inventory effectively can be a constant struggle for most organisations. So here is a simple 4 Step process to check your inventory health….and improve it! 👉 If you need some HELP fixing your Inventory, this is one of 8 health checks Melanie has developed. More details here: https://www.logisticsbureau.com/supply-chain-analytics/ TIMESTAMPS (in case you want to skip) 👇 0:00 Intro Step 1: ASSESS YOUR CURRENT INVENTORY 0:48 Check Your Product Availability 1:25 Strategic ABC Segmentation 2:11 Review Excess and Obsolete Stock 3:09 Step 2: MAKE A PLAN FOR EVERY SKU AND DOCUMENT IT! 4:07 Step 3: REVIEW KPIs 4:57 Step 4: SELECT THE RIGHT SOFTWARE 6:22 Summary 6:48 Outro 🟨 Don't forget 🟨 to SUBSCRIBE. New Supply Chain videos every Wednesday. AND 🙋 Do Please comment with your thoughts, suggestions and any questions --------------------------------------------------------------------------------------------------------------------------------------------------------- Effective inventory management can be challenging, as businesses often grapple with the following common problems: 1. **Excessive Stock**: Overstocking is a substantial issue, trapping capital and heightening risks related to damage and obsolescence. Mastering the delicate balance between inventory levels and anticipated demand is key to avoiding this predicament. 2. **Stockouts**: The flip side of overstocking is the challenge of stockouts. These situations represent missed sales and can damage relationships with customers. Quick response strategies and safety stock management can help mitigate this risk. 3. **Demand Forecasting Inaccuracies**: In a fluctuating market, maintaining accuracy in demand forecasting is a formidable challenge. Misestimations can lead to either overstocking or stockouts, underscoring the importance of robust forecasting methods. 4. **Inadequate Real-Time Visibility**: Many organizations lack a real-time, granular view of their inventory status. This deficiency can lead to inaccurate data and a slowed response to market changes, making system upgrades essential. 5. **Operational Inefficiencies**: Arising from outdated inventory management systems, manual processes, or lack of integration, operational inefficiencies can cost time and money. Addressing these issues requires strategic system enhancement and process refinement. Surmounting these obstacles requires strategic foresight, a willingness to leverage technology, and a commitment to continuous process improvement. By addressing these concerns, businesses can optimize their operations, boosting customer satisfaction and their bottom line. #inventory #inventorymanagement #workingcapital jxH1oEGP-iE |
| Category | Education |
| Tags | Inventory Improvement | Inventory management Inventory check Inventory health Inventory audit Inventory check | Inventory check | Inventory health | Inventory audit | 4 Steps to inventory Improvement | inventory management techniques | inventory management | managing inventory | supply chain secrets inventory | improving inventory | reduce inventory | reducing inventory | special techniques of inventory management | reduce inventory | how to reduce inventory in manufacturing |
