material management

Action Plan for Inventory Optimization

Inventory Optimization has always been challenge for SMEs. The objective of this article is to suggest actionable steps for inventory optimization for SMEs. Steps mentioned in this article are prepared based on data analysed from various process industries. We will cover inventory optimization for discrete manufacturing in separate article. 1) Identify Consumption Pattern and Consumption Rate: Analyse your past consumption data of minimum 2 to 3 years consumption. Based on analysis of past data you should be able to segregate items into different consumption patterns. Few examples are: ...
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