Are You Struggling to Keep Your Inventory Under Control?
Inventory has a major impact on Profit and Cash Flow. Learn how to Improve Inventory Management for your business by clicking on the links to articles below.
Do You Think Inventory Doesn't Apply To You?
Are you a service industry? Then inventory still applies. Look at stationery as one example. Explore the articles below and improve inventory management
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Choices to Improve Inventory Management
WIP = Work in Progress. Improve inventory management and increase Profits. This can be done by reducing inventory costs; managing Work in Progress; balancing stock to customer demand. Learn about the dangers of over and under stocking.
Have you been in business for a while? Then some of your products will have become obsolete. Use Merchandise Planning to work out which products to keep. Therefore, reducing your costs and increasing Profits. Direct link to Skills Modules are available at this link.
Improvement to inventory management systems is extremely important. Learn about management accounting; 80/20 and inventory management; TOC Drum, Buffer, Rope Optimisation. Then have some fun with a dice game to simulate Profit. Direct link to Courses are available at this link.
Learn about the tools available to monitor and improve inventory management systems. Click on the heading above. This covers performance ratios; measuring work flow; inventory pricing; under and over stock and more. Go to the article “Critical Financials for Business Explained” for Inventory Turns and Days Inventory. These are key monitoring tools. To monitor waste in your inventory go to the articles listed under “Waste Reduction in Business (Muda)”. Direct link to Courses & Skills Modules are available at this link.
Increase your productivity and sales by 16 times. Sound too goo to be true? Then read on and find out how. The 80/20 Principle literally means that 80 percent of what you achieve in your job comes from 20 percent of the time spent. Also, this can be applied to all aspects of what you do. Click the link above and see the example.
The Skills Module, Theory of Constraints (TOC), is an important optimising technique to improve the work flow through the constraint in your business. This is true of many businesses, not just manufacturing. TOC needs to become an ingrained habit.
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