Here's how you can advance your career by creatively managing inventory.

Based on my extensive experince in setting up and streamlining inventory managment processes: 1. Strive to automate each step in the inventory managment cycle to improve accuracy, turn around time and create visibility and predictability for the customers. 2. Also, periodic enhancement of automation processes and softwares is also very important to align them effectively with changing market requirements viz, tracking performance of new products, near expiry products to reduce write offs, compliance with applicable regulations related taxes, quality guidelines & cost reduction initiatives.

In coming time we have to shift from manual process to automate process Selection of suitable software as many company suffer lot after implementation of Automate system.as there team cannot operate Selection of Suitable team very critical Point. and team.shpuld be CFT . Extensive training of team and test on automate system It's better to run both systems automate system and manual system for six months to 8 months to implement the automate system effectively .

In my opinion, I'd like to mention few points. 1. Familiarizing with the latest inventory management softwares are inevitable and mandatory, but the person has to dig more about those as well as required to be aware about the updates and latest trends in the market in order to sustain. 2. Adaptability is not an easy task, the person who is dealing with the inventory must know the complete concepts and most of the scenarios which he/she is dealing with. Then only the adaptation becomes possible. Other wise it consumes lot of time.

if there is one outstanding thing I've learned from my years of experience Is Keep it simple! The more complex a system becomes, the easier it is to make mistakes and the longer it takes to correct them!

Regarding MRO inventory we can say the technology is very important since we are managing in some industries more than 50000 items, so to have accuracy in the data and the information needed to manage it you need to have ERP or at least a computerized tool Since you are building your systems in a separate tables and link between them as the data modeling to let any change in minor data reflecting in all modules. I disagree with to replace people with technology, we can re use the staff in smart way to achieve the aim with our goal. I have seen how it easy to activate Min-Max option in manage common items in any organization in a simple way

Analyzing data also helps with customer satisfaction, checking trends to evaluate customers preferences and improve on processes that are not customer friendly can also keep the sales high and help meet targets and help with retention

Small efforts give big results. Developing skills in data analytics allows you to identify patterns, predict future sales, and adjust your strategy accordingly. This analytical prowess can lead to significant cost savings for your company and demonstrates your ability to contribute to its financial health, positioning you as a valuable asset.

No operation moves or should move forward on anything without understanding your environment first. Data allows your operation to make informed decisions to avoid doubling your workload at a later date in the sense of fixing mistakes that could have been identified internally through your entity’s data, or metrics. Data is the life blood of your operation and if you do not understand it, it will eventually cost your operation time, money, and talent.

Most important thing to having a accurate inventory is to have the least amount people involved that can affect it. Accountability is everything! I know people don't like that word now a days and just want to point fingers but it's the most important trait that we can have.

Performance Reviews: Conduct regular performance reviews to give constructive feedback and discuss areas for improvement. Analysis of fill rate.

Disagree to some extent as most of the projects are time sensitive. If we depend on such principle of lean inventory we will not be able to finish and handover such projects. Often material is short in the market due to multiple factors thus in such situations this kind of management doesnt work.

We have been supporting some clients in the JIT condition. It is true that using the JIT method, the company will benefit with lesser inventory and thus save cost. But this process will need a team to monitor the inventory very closely in order for this to work seamlessly. Once there is a hiccup along the line, the chain reaction will happen and might even be a line stopper. The support from vendor is really critical. Thus a 2-way support is important. As the saying goes, have each other's back...

Implementing a Lean approach in inventory management involves streamlining processes to reduce waste and improve efficiency. For example, a company might adopt practices such as Kanban, where inventory levels are closely monitored and replenished only when needed, thus minimizing excess stock. By eliminating overproduction and reducing inventory holding costs, the company can operate more efficiently and respond more quickly to customer demand, ultimately improving profitability and customer satisfaction.

Adotar uma abordagem just-in-time ajuda a minimizar o excesso de estoque e reduzir custos. Trabalhando estreitamente com fornecedores, você garante entregas rápidas e eficientes, demonstrando habilidades avan?adas de coordena??o e planejamento.

A constru??o dos relacionamento com clientes internos ou parceiros de negócios na área de compras! Importante entender a "dor" do cliente é como ter o mapa do tesouro. Se ligar nas necessidades específicas e mergulhar nas solu??es é o segredo para construir la?os que v?o além da transa??o, é gerar valores ao negócio. Nada de ser só um comprador, bora ser parceiro de jornada! Oferecer n?o só uma aquisi??o com saving, mas insights que fazem a diferen?a. E claro, transparência é a cola desse relacionamento. Comunica??o aberta, prazos claros, e juntos construímos uma história de sucesso.

Fostering relationships in inventory management is crucial for collaboration and efficiency. For instance, building strong partnerships with suppliers can lead to better communication and reliability in fulfilling orders. Additionally, nurturing relationships with internal teams, such as sales and operations, ensures alignment in forecasting and demand planning, ultimately optimizing inventory levels and customer satisfaction. Regular communication, transparency, and trust are key to cultivating these relationships, leading to smoother operations and improved performance.

Collaborate with key suppliers to manage your inventory levels. This allows suppliers to automatically replenish stock based on pre-determined triggers, reducing stockouts and workload for your team.

Implementar canais de comunica??o claros e eficientes garante que todos na equipe estejam alinhados com os objetivos e processos de gerenciamento de inventário. Realizar reuni?es regulares ajuda a resolver problemas rapidamente e a manter todos informados.

Now you know what you need for inventory, do you have vendors in place? It is always wise to find multiple vendors that provide the product you're looking for, as you can compare their offerings against one and other. ? Get your vendors to compete in a healthy way. This does not always mean that the cheapest option is the best, remember to look at the bigger picture as to not get through the quarter, but to get through the year.

siempre eh dicho que debemos seguir las normas y hacer que nuestros proveedores sigan nuestras normas, y viceversa; en la cuestión de inventarios es totalmente necesario el llevar un procedimiento estricto y un control detallado de nuestra área, asi podemos ahorrar dineros, tiempos, espacios y aveces prevenciones de contratiempos en entregas o falta de stock; seguir un procedimiento, normas al pie de la letra es imperativo en esta área. Que para mi opinión, inventarios y almacén , son la medula espinal de una empresa.

With a solid process in place, from ordering to distribution, have the operations outlined and ensure staff are following. Maintain records as needed, be it physical or virtual documents, and ensure these are (e)filed in a way that upon request, key team members would be able to find the documents being requested.

Maintaining compliance in inventory management is essential to avoid legal issues and ensure ethical practices. For example, adhering to industry regulations regarding storage and handling of certain products is crucial to prevent fines or penalties. Implementing robust inventory tracking systems can help ensure accurate record-keeping for regulatory purposes. Moreover, staying informed about changes in regulations and proactively adjusting processes accordingly demonstrates a commitment to compliance and ethical business practices. Regular audits and internal checks can further ensure adherence to compliance standards, promoting trust with stakeholders and safeguarding the reputation of the business.

Reflecting and adapting are key aspects of effective inventory management to stay responsive to changing demands and improve processes over time. For instance, regularly reviewing past performance metrics can provide insights into areas for improvement, such as identifying trends in demand fluctuations or inefficiencies in inventory turnover. By analyzing this data, businesses can adapt their strategies, such as adjusting reorder points or refining forecasting methods, to better align with customer needs and market conditions. Additionally, seeking feedback from stakeholders, including customers and internal teams, can offer valuable perspectives for refining inventory management practices.

It is cruitial to adapt changes by updating skills with latest technologies including AI, Automation and latest inventory management software. Today tech has made customer more sensitive to Time, Cost, Quality and Features. Meeting customer demand is possible only on embracing new technology, tools and skills for advance inventory management which will also enable you, to track inventory, doing analysis, finding trends, forecasting demand and realtime dashboard / Scorecards reports. On the basis of these tools, you can refelect yourself by making batter strategies to keep lean inventory, handle inventory challenges, controlling cost, meeting demand, and satisfying customers by makeing right decision at right time.

Adapt, improvise, overcome! Do not just read these words, understand the meaning of each and then how to actually execute in the moment. I have been involved with organizations that embrace this meaning and we were unstoppable. On the other hand I have been involved with organizations who say these terms but fail to properly adapt to change for whatever reason. Time stops for nobody, so if your operation wants to stay current and profitable, it must continuously evolve. Always honestly reflect after each executed operation. It is vital to understand what went right and what went wrong; before, during, and after each event to better understand how to make informed decisions for the next move.

Monitor and track key inventory metrics like inventory turnover, carrying costs, and fill rates. Present reports to management, highlighting areas of improvement and the positive impact of your initiatives.

I've had success by ensuring a regular cadence of reviewing system parameters like supplier master data, lead times, MOQs, and EOQs. It's crucial to maximize the use of current platforms rather than constantly switching to new ones with shiny features. Often, businesses change systems before fully maturing their use, forgetting the fundamentals and repeating the cycle.

Think strategically and solve problems. Drive cost savings and improve efficiency. Embrace new technologies and innovate. Communicate effectively and lead teams.

All major stake has been mentioned by the author. Inventory procurement is just merely based on planning. And micro planning based forecast given by mktg and demand planning . Excess inventory generated on failure of demand, market fluctuations or other criticalities. Some of the best solutions are : Produce and store as strategic inventory. Discuss with R&D whether alternative use of inputs . If group companies ask them whether it is useful. Ask supplier whether they can accept the return. Start a trading unit and start selling by finding customers. It depends how the material is. Hope it may help some of you . But many experienced are aware about such things but it may help for freshers

hay que tener en cuenta 3 procesos importantes para mantener un inventario activo y eficaz, que es objetivo, funcionalidad y medición. tener un objetivo claro de lo que necesito hacer en mi inventario para que sea funcional al 100%; tiene que ser funcional, en el sentido de que mi procedimiento para mi objetivo sea realista, amigable pero sobre todo FUNCIONAL para mi empresa; y medición, que debemos implementar KPI′S para poder saber si todo este proceso, va de acuerdo con las necesidades de la empresa, si es adaptable a las necesidades, si es eficaz, servible. esto es lo que pienso yo, y es lo que aplico yo en mi empresa.

Implementar práticas sustentáveis de gerenciamento de inventário n?o só reduz custos, mas também apoia a responsabilidade ambiental. Promover o uso de embalagens recicláveis e a redu??o de resíduos demonstra lideran?a e inova??o na gest?o de inventário.

i have a simple formula , Always keep checking(AKC), you have to keep taking inventory to make sure it is accurate. Even though technology has advanced we still need humans to verify , what Technology or AI has done.