π‘°π’π’—π’†π’π’•π’π’“π’š – 𝑩𝒍𝒐𝒐𝒅 𝒐𝒇 π‘Άπ’“π’ˆπ’‚π’π’Šπ’”π’‚π’•π’Šπ’π’

Let’s continue our journey in decoding the inventory terms and its management which till date always remained behind those walls of the warehouses and away from the understanding of the common public.

Let’s continue where we left yesterday

π‘°π’π’—π’†π’π’•π’π’“π’š 𝒗𝒔. π‘ͺπ’šπ’„π’π’† π‘ͺπ’π’–π’π’•π’Šπ’π’ˆ – β€œTaking inventory” is the process of physically counting all stock, once a year in most cases. Cycle counting is the practice of counting a selected set of stock more often. Cycle counting serves as an important means of checks and balances to ensure the amount of inventory represented in the inventory management system is what you have on the shelf.

A cycle counting best practice is to count specific SKUs regularly and integrate it into the daily tasks of warehouse staff. We may determine different standards for different types of inventory, such as performing a cycle count of top-moving SKUs or higher-value items.

π‘«π’†π’Žπ’‚π’π’… π‘·π’π’‚π’π’π’Šπ’π’ˆ 𝒂𝒏𝒅 π‘°π’π’—π’†π’π’•π’π’“π’š π‘΄π’‚π’π’‚π’ˆπ’†π’Žπ’†π’π’• – Demand planning is an important part of successful inventory management. It is the process of determining how much of each item you anticipate selling, and when. Once demand is determined, inventory management follows the flow of goods from the supplier through production and ultimately fulfilling customer orders.

π‘―π’π’˜ 𝑰𝒔 π‘°π’π’—π’†π’π’•π’π’“π’š π‘΄π’‚π’π’‚π’ˆπ’†π’Žπ’†π’π’• π‘«π’Šπ’‡π’‡π’†π’“π’†π’π’• π‘­π’“π’π’Ž 𝑢𝒕𝒉𝒆𝒓 𝑷𝒓𝒐𝒄𝒆𝒔𝒔𝒆𝒔? – People sometimes confuse inventory management with related practices. Inventory management controls all stock within a company. Supply chain management manages the process from supplier to delivering the product to the customer. Warehouse management is a part of inventory control and focuses on stock in a specific location.

~ Inventory Management vs. Inventory Control: inventory control is a part of the overall inventory management process. Inventory control manages the movement of items within the warehouse.

~ Inventory Management vs. Inventory Optimization: Inventory optimization is the process of using inventory in the most efficient way, and as a result minimizing the dollars spent on stock and storing those items.

~ Inventory Management vs. Order Management: Inventory management is responsible for ordering and tracking stock as it arrives at the warehouse. Order management is the process of receiving and tracking customer orders. Software often combines both tasks.

We shall continue discussing these differences in tomorrow’s post and till then a shout out to all the readers to keep an eye on any of such needs wherein our end-to-end consulting byΒ Synergeze Consultants Private LimitedΒ may play a role in fulfilling the need and refer them to us. We are just a click away

#gccoachΒ #synergezeΒ #inventory

Small businesses at times seems to be ignoring many a thing, by just treating them as one more jargon in this new age of super complicated words and synonyms. Process Re-Engineering can be a game changer to businesses, as it can perform miracles on a failing or stagnant company and open new doors for a company on steady path of growth. However, the process is tricky and needs some pain-killers to supress the pain of change and pain of tearing down what we are used to and feel comfortable with. If ignoring this was a mistake, the next big mistake could be to settle for a cheap and basic process re-engineering tool in absence of an expert guidance. It could be that you tried saving a cent and lost a dollar. We atΒ Synergeze Consultants Private Limited, help businesses to implement the changes in an ongoing manner without effecting the current operations in any way and yet delivering the desired results. To learn more about our standardised approach which is customized for every single business please reach out to us. If you wish to be more profitable and save on all forms of costs – Your destination is our name – Synergeze Consultants Private Limited.
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