Kaushalya Chathubashini Ranasinghe’s Post

Explore the principles of FIFO (First In, First Out) inventory management in this comprehensive guide. Learn how this method enhances efficiency, reduces waste, and optimizes stock rotation for businesses of all sizes. . . . #FIFO #FirstInFirstOut #InventoryManagement #Inventory Control #TheFinoPartners

A warehouse inventory list is a comprehensive document that details the stock levels of items stored within a warehouse. It serves as a record of physical inventory, enabling businesses to track the quantity, location, and status of each item. Maintaining an accurate warehouse inventory list is crucial for efficient inventory management. #inventory #list #warehouse

How Can You Improve Inventory Management with Warehouse Shelving?

How Can You Improve Inventory Management with Warehouse Shelving?

Today is all about Just In Time (JIT) inventory. JIT is keeping as little inventory on hand as possible. You know this will be needed, but if planned correctly you can be more efficient and improve your budget. There are two different uses for JIT in the Supply Chain world, one is for Direct Inventory and the other is for Indirect Inventory. When this is applied in Direct Inventory, a manufacturer is bringing in raw goods or materials needed to produce a product. In many cases there are several steps to the process of creating a finished good. JIT tells you to only bring in the materials "Just In Time" for that production run. So, if I need to powder coat a steel frame in the 4th step of a 5-step process to build a table, I would not want to receive the powder coat paint until steps 1-3 were completed. The trick is not to hold up production by having to wait on that inventory. Working with your suppliers is crucial to make sure you will not put a manufacturing line idle by having to wait for inventory needed in production. When done right, JIT in direct inventory can save an operation a lot of time and money. When we think about JIT on the Indirect Inventory side this again is inventory that will be purchased at some point. I typically work with my customers on using this strategy with high bulk, fast moving items or items around Preventative Maintenance (PM). A PM is a scheduled check of an asset to make certain all parts are functioning, and certain items are replaced. Think of an oil change in your car or when you replace the air filter in your furnace at home. Speaking of air filters, this is one consistent problem I see with many customers. There are very few suppliers/distributors that can collaborate with customers around delivering air filters on a JIT schedule due to conflicting aspects of the HVAC market. Fortunately, I have been able to do it for many customer locations. To do this successfully, you must plot out an entire year’s schedule. Create a parts list by asset or building and know lead times on all products. Finally, have a supplier who can sort, pack and deliver kitted air filters close to the day the filter PMs are scheduled while having the remaining inventory stored for the next PM.  This process saves so much time, space and labor. Unfortunately, too many people focus on the piece price of air filters and waste money trying to manage the inventory. Below shows an example of a JIT air filter PM kit. Do you have a JIT strategy in place? Are you in contact with those suppliers to understand lead times and disruptions? Do you have an alternative plan in place with secondary suppliers? Will your suppliers or distributors work with you on kitting and delivering inventory on your production or PM schedule?

Effective warehouse inventory management is essential for maintaining high operational efficiency and reducing costs. More than just allocating space, it requires a thoughtful approach to where and how items are placed, considering their usage rates, demand, and safety requirements. This article explores optimal strategies for organizing warehouse inventory, focusing on the placement of fast and slow movers and the importance of weight distribution in your storage setup. https://lnkd.in/g5pgNCuD

Learn how to optimize your warehouse network for product variety with HCO Innovations. Discover effective strategies to enhance your inventory management.

Do you know the useful techniques to manage and control inventory? Find out more from Ms. Suzie Chee Li Fong. 1. Just-In-Time (JIT) inventory 2. ABC Inventory Analysis 3. Economic Order Quantity Model 4. Safety Stock Inventory 5. First-In-First-Out (FIFO) 6. Cycle Counting 7. Three-Bin Replenishment System 🔗: https://vist.ly/wg75 #sipmm #supplychain #supplychainmanagement #supplychainrisk #supplychaindisruption #logisticsandprocurement #inventory #manufacturing #warehouse

The majority of warehouse managers prioritize effective inventory management and increasing warehouse productivity. If you fit into one of these categories, these suggestions will help you improve inventory control and efficient warehouse management. https://hubs.la/Q02RLTjT0

Avoid shutting down operations for days to manage inventory. Break audits into smaller portions using cycle counting. Learn strategies to achieve near-perfect inventory accuracy. #Warehouse #Inventory #InventoryAudit #AuditAccuracy #InventoryAccuracy #CycleCounting