Five Basics for Inventory Management Success
Without warehouses and inventory, a successful supply chain cannot exist. The warehouse must be efficient to be an equally successful part of the supply chain. This is where warehouse inventory management enters the picture. In addition, you run the risk of having the wrong quantity, a disconnected database, and incorrect product identification. If these barriers seem too familiar, we've compiled a list of five tips to help you improve your inventory management system and achieve your most successful supply chain management. ABC Classification A warehouse can have thousands to thousands of parts, so you'll need a clear and simple classification system to stay organized. Some warehouses prefer the "ABC classification" method of selective inventory control. This means that parts of inventory are classified based on their financial value and documentation requirements. For example, item "A" has the highest value and needs to be handled with care, while...