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What are the most common inventory management systems used in manufacturing?

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Inventory management is the process of planning, organizing, and controlling the flow of materials and goods from the point of origin to the point of consumption. It is essential for manufacturing businesses to optimize their inventory levels, reduce costs, and meet customer demand. In this article, we will explore the most common inventory management systems used in manufacturing and how they can improve your inventory turnover ratio.

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奥哈钱德拉巴努

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1 Periodic system

A periodic system is a simple and traditional method of inventory management that involves counting and recording the inventory at fixed intervals, such as weekly, monthly, or quarterly. The advantage of this system is that it does not require sophisticated software or hardware, and it can be easily implemented by small businesses. The disadvantage is that it does not provide real-time information on the inventory status, and it can lead to stockouts, overstocking, or inaccurate data.

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奥哈钱德拉巴努

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An advantage of the periodic system is its simplicity and cost-effectiveness for small businesses. A disadvantage is that it can lead to stockouts due to less frequent monitoring of inventory levels.

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2 Perpetual system

A perpetual system is a modern and automated method of inventory management that involves tracking and updating the inventory continuously, using barcode scanners, RFID tags, or other technologies. The advantage of this system is that it provides accurate and timely information on the inventory level, location, and movement, and it can help to prevent inventory errors, theft, or loss. The disadvantage is that it requires more investment in equipment, software, and training, and it can be more complex to maintain and troubleshoot.

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奥哈钱德拉巴努

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A perpetual system can be enhanced with RFID technology, allowing for real-time tracking of inventory as items move through the supply chain.

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3 ABC system

An ABC system is a strategic method of inventory management that involves categorizing the inventory items based on their value, demand, and frequency of use. The items are classified into three groups: A, B, and C. A items are the most valuable and important, and they require the most attention and control. B items are the moderately valuable and important, and they require a moderate level of attention and control. C items are the least valuable and important, and they require the least attention and control. The advantage of this system is that it helps to optimize the inventory resources, reduce waste, and prioritize the inventory activities. The disadvantage is that it requires constant analysis and evaluation of the inventory items and their criteria.

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奥哈钱德拉巴努

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Classification: A Items: The top 10-20% of items that account for about 70-80% of the total inventory value are classified as A items. B Items: The next 20-30% of items that represent about 15-25% of the inventory value are classified as B items. C Items: The remaining 50-70% of items that account for only 5-10% of the inventory value are classified as C items. These could be low-cost fasteners or packaging materials that are used in large quantities but have a low cost per unit. The reorder levels for A items are set to ensure high service levels.B Items have less frequent monitoring and C Items are ordered in bulk and are often reviewed.

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4 Just-in-time system

A just-in-time (JIT) system is a lean method of inventory management that involves minimizing the inventory level and ordering the materials and goods only when they are needed for production or delivery. The advantage of this system is that it reduces the inventory holding costs, frees up space and cash flow, and eliminates obsolete or excess inventory. The disadvantage is that it requires a high level of coordination and collaboration with the suppliers and customers, and it exposes the business to the risk of supply chain disruptions or demand fluctuations.

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5 Economic order quantity system

An economic order quantity (EOQ) system is a mathematical method of inventory management that involves calculating the optimal order quantity and frequency that minimizes the total inventory costs, including ordering costs, holding costs, and shortage costs. The advantage of this system is that it helps to balance the trade-off between ordering too much or too little inventory, and it can improve the inventory turnover ratio. The disadvantage is that it assumes a constant and known demand and lead time, and it does not account for other factors such as discounts, seasonality, or quality.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Faezeh Rezaie

Research and Development Lead at Mehr petrochemical co.
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The choice of system depends on factors like the size of the business, industry requirements, scalability, and integration capabilities. SAP ERP is eidely used for enterprise resource planning, SAP offers robust inventory management capabilities. WMS (Warehouse Management Systems): Various WMS solutions focus on optimizing warehouse operations, including inventory control as well.

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What are the most common inventory management systems used in manufacturing?

1

2

3

4

5

6

1 Periodic system

2 Perpetual system

3 ABC system

4 Just-in-time system

5 Economic order quantity system

6 Here’s what else to consider

Inventory Management

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What are the most common inventory management systems used in manufacturing?

1

2

3

4

5

6

1 Periodic system

2 Perpetual system

3 ABC system

4 Just-in-time system

5 Economic order quantity system

6 Here’s what else to consider

Inventory Management

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