inventory control

Minimizing poor use of the company’s working assets can be accomplished through improved inventory turn-rate, cost control, efficient purchasing practices, inventory cycle-counting, recorded issuances against actual equipment and work orders, secured access, and staffed coverage. Minimizing stocking or squirreling of parts can go a long way to ensure best use of inventory dollars.It has always been difficult to forecast what inventory you need to stock, when you will need it,and in what quantity. The goal is to stock the lowest level of inventory possible but have the parts readily available when they are needed. Forecasting for many is just a wild guess but the best-in-class plants are reviewing past inventory records to determine item activity, min/max levels, supplier contracts, and options for vendor-managed inventory. There are many software packages available that can greatly assist in forecasting inventory needs. Improving your inventory management practices can convert your storeroom investment from a liability to a highly valued asset.

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