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Transcript of INVENTORY
What is INVENTORY?
Originates from the French word ‘Inventaire’ and a Latin word ‘Inventariom’ which implies a list of things found
“ an itemized list of goods or valuables”
Categories of Inventory
Reasons to Hold Inventory
Techniques in Inventory Management
BEST PRACTICES IN INVENTORY MANAGEMENT
What is Inventory Management?
INVENTORY MANAGEMENT SOFTWARE
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Inventory Related Problems
Too much of some product
Experiences stock outs of some products
Doesn’t know what is in stock
‘Ensure that you have the
right quantity of the right item in
the right location at the right time’
Finished Good Inventories
- Meeting Unexpected Demands
- Smoothing Seasonal Demands
- Taking Advantage Of Price Discounts
- Hedging Against Price Increase
- Getting Quality Discounts
The practice of planning, directing and controlling so that it contributes to the business’ profitability
“The art and science of managing to have the RIGHT PRODUCT, at the RIGHT TIME and PLACE, in exactly the RIGHT AMOUNT, at the BEST POSSIBLE PRICE”
a new arrival stocks are placed behind any existing stocks of such items.
must be specific to the type of business
a firm having a huge warehouse of merchandise must have an appropriate and clear labels
Can’t find the material in warehouse
Separate STOCK from stuff
FIRST IN, FIRST OUT
JUST IN TIME
- Buy materials only when needed
- Make and buy small quantities
- Balance flow through supply chain
- High reliability for supply, products and processes.
JUST IN TIME
a “PULL” system of production or material control
INVENTORY MANAGEMENT PERSONNEL
Inventory specialist manage all merchandise items that are on hand and in transit.
The key to Just in Time Systems is the ‘pull’ approach to controlling the manufacturing
To help you manage your inventory more easily.
Archon Systems Inc. is a privately owned and operated Small Business Software company, headquartered in Toronto, Canada.
What is inFlow Inventory?
Effects of STOCK OUT
899,741 users | 121 countries
is an inventory management system designed specifically for item-based businesses.
Tagle | Esquerra
ELIMINATE STOCK OUT
stock out is when an item that is to be used for a customer order or for a production order is not in stock when required.
Customers agrees to wait for the product
Customer back orders the item
Customers cancels the orders
Customers cancels the order, and is no
longer a customer
Speed and accuracy
SALES BENEFIT ANALYSIS
COST BENEFIT ANALYSIS
Projected expenses for 5 Years
inFlow Contact Information:
Monday to Friday (10am to 6pm)
Available during business Hours