Inventory represents money tied up in the warehouses or work in progress until the inventory leaves the company as finished products or components purchased by customers.
Inventory represents money tied up in the warehouses or work in progress until the inventory leaves the company as finished products or components purchased by customers.
In manufacturing companies, it is estimated that about 60% of the cost is related to inventory. Inventories are normally stored in various warehouses or distribution centres in disparate locations locally and globally.
While there have been various initiatives like vendor managed inventory (VMI), JIT, etc., that have been practiced by organizations to reduce the cost of managing inventory and serving customers effectively, organizations are constantly looking for ways to reduce their investment in inventory.
Efficient inventory management is the process of ensuring that materials are available for consumption or usage when it is actually needed. It usually involves controlling the inflow of materials in the right quantity, not too much or not too little.
In a competitive environment, companies that operate on low profit margins, poor inventory management can seriously affect the business. The challenge is not to reduce inventory to bare minimum, so as to reduce costs or to buffer plenty of stocks to satisfy all demands, but to have optimum amount to achieve the competitive priorities of businesses efficiently.
Thus, new, and effective techniques need to be adopted to reduce overall costs of holding and ordering inventories and at the same time satisfy customer’s inventory needs.
Key Benefits:
When you're trying to build and maintain a positive, productive workforce, training is one of the linchpins to successful results. And when it comes to employee training, you need to look no further than IPA-Institute of Professional Advancement.
IPA, Malaysia’s premier training provider since 1991 specializes in easy-to-access and convenient training programs tailor-made to suit your needs and interests, and our hands-on approach to training means that our programs are actionable, practical and easily adopted and adapted by your employees!
This course will enable supply chain professionals to understand how to improve the operations of any warehouse by implementing lean operating processes, by intelligently managing inventory, and by establishing a performance management program that ensures continuous improvement. An effective wareh...
Warehouse and Inventory Management training is offered by Delston Strategy Consultants. In order to extend our business as a training provider and to be more focus on providing excellent in-house and public training services.
This module provides introduction to the concept of warehouse management. The module introduces the student to the principles relevant to the design of storage and handling facilities with reference to purpose of the facility, growth forecast for the facility, sizing the warehouse, operations and w...
Warehouse Safety Management Training Training is offered by Safety Tech Consultancy.
Effective Warehouse Management course is offered by Iconic Training Solutions for all skill level. We run technical and non-technical training courses mainly for the companies in Malaysia where our main focus is to ensure our participants achieve their learning objectives.
© 2024 coursetakers.com All Rights Reserved. Terms and Conditions of use | Privacy Policy