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Inventory Controllers

 

Can You Profit From Improved Inventory Control?

Created by : Vijay Sharma, Logistics Manager, Reliance retail  | 08 20 2008 00:13:30 +0000
Industry : Retail Chain/LogisticsFunctional Area : Logistics & Supply Chain(Operations)
Keywords : Profit Inventory Control Improved
Activity:  420 views;  last activity : 07 06 2010 20:18:09 +0000
What does inventory mean to you? Does it mean after-hours projects, such as extra paperwork or heated conversations with your bookkeeper over cost vs. markup vs. profitability? If you answered "yes," inventory probably also means "piles of money" on the shelf. But what if no??
  
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Inventory control. If you're like most shop owners, that seems like a contradiction in terms. It doesn't have to though. You can control your inventory rather than the other way around. If gaining control of your inventory sounds like the impossible dream, it's not. My recommendation is to look into just-in-time inventory. This means that you order on a regular basis and purchase only when you need to replenish what has been sold since the last order. Just-in-time inventory means you must have short inventory order cycles and accurate tracking to determine what and how much inventory to stock. It is an attainable goal
By Vijay Sharma, Logistics Manager, Reliance retail  | 08 20 2008 00:13:30 +0000
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I think the best inventory is none at all. Inventory interferes with your productivity. How much time do you spend counting it, ordering and receiving it, tracking incorrect orders, stocking shelves and tracking returns? How much energy goes into protecting it? How often do you give something away?
By Sudhansu Jena, Logistics Manager, Target  | 08 20 2008 00:14:15 +0000
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