Inventory Best Practices by Steven M. Bragg

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By Steven M. Bragg

The newest and most crucial details for top practices within the stock functionality. stock top Practices, moment version bargains the newest and most crucial details on complex concepts and methods to enhance at the accuracy of all ongoing inventories, configure a warehouse for maximum counting efficiencies, and more.: Explains the variation among kinds of distressed item for Read more...

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? most sensible practices should be whatever that raises the prevailing point of potency and will additionally bring about better degrees of reporting to be used via different components of the corporate reminiscent of activity-based Read more...

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A supplier rating system is the answer, since it allows a company to determine which suppliers it really wants to use, resulting in the direction of more purchase orders to those suppliers, giving them more volume and therefore more profits. By creating a rating system and making its results available to suppliers, there will be no question about problem areas that suppliers need to address. If the company also makes it clear that it intends to single-source components from suppliers, those suppliers wanting to increase their order volume from the company will use the supplier rating system as a competitive tool to hoist themselves above other suppliers and take away their business.

3 Avoid Designing Risky-Procurement Items into Products Some product components can be purchased only from suppliers having a monopoly or near-monopoly of the market, while other components can be obtained only from parts of the world having difficult legal, exchange rate, or political problems. In both cases, obtaining the items can be either very expensive or impossible. For these items, the purchasing staff typically responds by stockpiling large quantities or entering into long-term contracts with suppliers that are typically very favorable to the suppliers.

C02 02/05/2011 13:24:23 28 Page 28 / Inventory Best Practices The solution is material requirements planning (MRP), which has gradually evolved since the advent of computers into a sophisticated and reliable system for planning the purchase of parts (as well as a few other capabilities beyond the scope of this book). An MRP system multiplies the product quantities listed on the production schedule by the bill of materials for each item to produce a list of all component parts and subassemblies required for manufacture of the planned products.

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