Inventory management
Effective inventory management is crucial for maintaining a steady supply chain for our main customer, f.i. meeting customer demands and maximizing profitability.
1. Inventory Control:
It involves monitoring stock levels, ordering new items, and maintaining an optimal balance between supply and demand.
2. Demand Forecasting:
Predicting future demand for products based on historical data, market trends, and other factors to avoid overstocking or understocking.
3. Reorder Point:
Determining the minimum inventory level at which new orders should be placed to avoid stockouts during lead time.
4. Safety Stock:
Keeping extra inventory as a buffer to handle unexpected fluctuations in demand or delays in supply.
5. ABC Analysis:
Classifying items based on their value and usage to prioritize management efforts and allocate resources effectively.
6. Inventory Tracking Systems:
Utilizing software and technology to monitor stock levels, movement, and other relevant data.
