Скачать или смотреть What is Inventory Control

Inventory control, also known as inventory management, is a critical aspect of operations for any organization that deals with physical goods.

It involves overseeing and managing the ordering, storage, and use of components that a company uses in the production of the items it sells.

It also includes managing the quantity of finished products available for sale.



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✏️ Transcript

🌍 *Introduction*

Inventory control, also known as inventory management, is a crucial aspect of operations for any organization handling physical goods.

It involves overseeing and managing the ordering, storage, and utilization of components used in production and maintaining adequate stock levels of finished products.



🔄 *The Goal of Inventory Control*

The primary objective is to ensure that a company maintains optimal stock levels to meet customer demand while minimizing the cost of holding inventory.

Balancing stock levels is vital since both excess inventory and stockouts can negatively impact profitability.



📊 *Challenges of Excess and Insufficient Inventory*

Excess inventory ties up capital and increases costs for storage, insurance, and potential obsolescence.

Conversely, insufficient inventory leads to lost sales, customer dissatisfaction, and potential damage to the company's reputation.



👥 *Key Activities in Inventory Control*

Inventory control involves setting reorder points, determining order quantities, conducting regular inventory counts, and analyzing supplier performance.

It also includes deciding on inventory valuation methods, such as First-In-First-Out (FIFO) or Last-In-First-Out (LIFO).



📊 *The Role of Forecasting and Supplier Relations*

Effective inventory control requires accurate demand forecasting, influenced by market trends, seasonality, and promotional activities.

Strong relationships with suppliers ensure reliable and timely inventory delivery.



🌟 *Inventory Control in Lean Manufacturing*

In lean manufacturing, inventory control focuses on reducing waste and enhancing efficiency.

This includes minimizing stock levels, improving inventory turnover, and implementing just-in-time delivery to reduce holding costs.



💪 *Conclusion*

Inventory control is a fundamental part of operations management, ensuring efficient and cost-effective business processes.

A strategic approach and careful management optimize inventory levels and meet customer demand effectively.

#LeanManufacturing #InventoryManagement #OperationsEfficiency



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