Tag - Inventory Management and Work in Progress

Do you think your business is free of inventory? Think again. Inventory management applies to all businesses – retail; service and manufacturing. Too much stock affects your Profit. Alternatively, not enough stock will have the same affect when your customers go to competitors. Another area is Work in Progress. Too much stock sitting at any stages of your production line will tie up money. Then it will affect your Profit. Learn how to reduce the damage with inventory management and Local Optima. This will improve the efficiency of your production line. Are your costs too high? One way to reduce these costs is by reducing your inventory costs.

Inventory Re-order Management for Profit and Productivity

A good Inventory Management System can dramatically improve the profitability of the business by streamlining production.  This applies to not only a manufacturing business but any business that has a workflow process.

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How to Manage Local Optima Problem

It is a very widely held belief in business that each station in a production line should be working as hard as it can in order to maximise its efficiency. This might be a car assembly line or an accountant's office processing tax returns using several different stages in the accounting...

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Importance of Small Batches Tool

There are merits to reducing the size of the batches you manufacture and/or hold in stock at any point in time.  This might sound counter-intuitive because of the oft-quoted 'economies of scale' and the time cost of pulling down tool set-ups and changing them to manufacture another project.  But, in...

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How Kanban Improves Work Flow

Kanbans are a tool for structuring how work flows into the work-in-progress queues so that workers do not get overloaded and can use their time most effectively. Kanbans, and variations on them, are widely used in software projects (e.g. Scrum and Agile) and manufacturing (e.g. Lean and Six Sigma). Blue...

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Cost of Over and Under Stocking

In a manufacturing or retail environment, having too much inventory of products your customers don't want and/or too little inventory on hand of what products your customers do want will cost you money and, consequently, profit.  Many service businesses also have inventory even if it is items like stationary incidental...

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