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How can you apply inventory control principles to non-manufacturing industries?

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Inventory control is the process of managing the quantity, quality, location, and cost of materials and products in a business. It is usually associated with manufacturing industries, where raw materials, work-in-progress, and finished goods need to be tracked and optimized. However, inventory control principles can also be applied to non-manufacturing industries, such as services, retail, hospitality, and health care. In this article, you will learn how to use inventory control techniques to improve your efficiency, customer satisfaction, and profitability in any industry.

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Junaid Khan MBA, CSCP, CSCM, SCFS

Supply Chain Professional | Procurement Specialist | Strategic Inventory Management | Warehouse Management | Material…
Junaid Iqbal

Supply Chain Expert | Production Planning | Material Ordering | Inventory & Demand Management | ERP
Mohammad Zohaib Shaikh

Demand Planning Analyst - House of Habib |Ex-KIA - LMC | Ex Yamaha Motors | Ex-PPL | Ex-PSO

1 Define your inventory

The first step to apply inventory control principles is to define what constitutes your inventory. In non-manufacturing industries, inventory can include physical items, such as supplies, equipment, tools, and spare parts, as well as intangible assets, such as information, data, knowledge, and skills. You need to identify what types of inventory you have, where they are stored, how they are used, and how they are valued. This will help you to measure your inventory levels, costs, and turnover.

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Junaid Khan MBA, CSCP, CSCM, SCFS

Supply Chain Professional | Procurement Specialist | Strategic Inventory Management | Warehouse Management | Material Management| Transforming Operations, Logistic
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Inventory control principles can be applied in non-manufacturing industries by focusing on demand forecasting, safety stock management, ABC analysis, nurturing supplier relationships, implementing efficient ordering policies, integrating technology for better tracking, conducting regular cycle counting, and optimizing lead time management. These strategies help streamline operations, reduce carrying costs, and ensure products are available when needed, ultimately enhancing overall inventory control in sectors like retail and services.

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Thiago Halinson de Moura e Silva

Supply Chain | Suprimentos | Compras | Logistica | Planejamento
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é o processo mais importante da empresa. Definir os materiais que ser?o inventariários é incluí-los em um controle que pode: Aumenta a disponibilidade de um servi?o, reduzir custos com compra desnecessária de materiais, pode ajudar no dimensionamento de área necessária para estoque. Uma vez identificado os materiais a serem inventariádos será possível criar parametros de medi??o tais como: Giro, Classifica??o (Curva A,B,C), obsoletos, materiais com vida útil próximo do vencimento, descarte, reparo dentre outros. Após classificar seu estoque será necessário segregar materiais que n?o far?o parte da contagem e definir o cronograma temporal (semestral, Anual, Bianual, etc.) para realiza??o do Inventário geral.

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Thiago Lentsck
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Planejamento: O planejamento é essencial para o controle de estoque eficaz. Isso inclui a previs?o da demanda de produtos e servi?os, bem como a defini??o dos níveis de estoque necessários para atender a essa demanda. Implementa??o: O planejamento deve ser implementado por meio de um sistema de controle de estoque eficaz. Esse sistema deve incluir procedimentos para receber, armazenar, movimentar e controlar os estoques. Monitoramento: O sistema de controle de estoque deve ser monitorado regularmente para garantir que esteja funcionando conforme o planejado. Isso inclui a análise de dados de estoque para identificar quaisquer problemas potenciais.

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Reiner Kirsten

Operations/customer Service Consultant, retired
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Non manufacturing entities can hardly understand the systemic approaches, but need guidance from sales back to all aspects of inventory Every item in inventory is the consequence of an item demand and it’s availability relative to the items replenish lead-time from the items source Professional processes can be explained when to non-manufacturing have understood the basis as noted above

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2 Classify your inventory

The second step to apply inventory control principles is to classify your inventory according to its importance, demand, and value. One common method is to use the ABC analysis, which divides inventory into three categories: A items are the most valuable and critical, B items are moderately valuable and important, and C items are the least valuable and essential. By classifying your inventory, you can prioritize your resources, attention, and actions to manage each category differently.

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Junaid Iqbal

Supply Chain Expert | Production Planning | Material Ordering | Inventory & Demand Management | ERP
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Every sector has to define its own method of ABC Analysis, e.g., for Retail Industry, Categorize products based on their importance, and focus more attention on high-value items. for Health Care Industry, Prioritize medical supplies based on criticality and usage frequency and expiry dates.

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3 Optimize your inventory

The third step to apply inventory control principles is to optimize your inventory by finding the right balance between supply and demand. You need to forecast your demand based on historical data, market trends, customer preferences, and seasonal variations. You also need to monitor your supply based on availability, lead time, quality, and reliability. You can use various inventory models, such as economic order quantity, reorder point, safety stock, and service level, to determine how much and when to order or replenish your inventory.

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Mohammad Zohaib Shaikh

Demand Planning Analyst - House of Habib |Ex-KIA - LMC | Ex Yamaha Motors | Ex-PPL | Ex-PSO
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Non-manufacturing industries can use the ABC analysis method to categorize their inventories based on the value and frequency of demand. although proper demand forecasting techniques, such as historical data analysis or market research, can help non-manufacturing industries estimate future demand accurately which may optimize their inventory levels and avoid excess or shortage situations, safety stock is also a factor to control the inventory, even non-manufacturing industries can determine the appropriate level of safety stock to prevent stock out and maintain customer satisfaction.

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Junaid Iqbal

Supply Chain Expert | Production Planning | Material Ordering | Inventory & Demand Management | ERP
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its important to gather data to Predict peak seasons and adjust inventory levels accordingly to meet demand. Minimize waste by closely monitoring perishable goods and adjusting orders accordingly. Maintain good relationships with suppliers to ensure timely and accurate deliveries.

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4 Control your inventory

The fourth step to apply inventory control principles is to control your inventory by implementing policies, procedures, and systems to track, record, and verify your inventory transactions. You need to use accurate and timely data to measure your inventory performance, such as inventory turnover ratio, inventory carrying cost, inventory accuracy, and inventory shrinkage. You also need to conduct regular audits, inspections, and reviews to identify and correct any errors, discrepancies, or inefficiencies in your inventory management.

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Junaid Iqbal

Supply Chain Expert | Production Planning | Material Ordering | Inventory & Demand Management | ERP
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its important to have the Supply Chain Visibility, Have a clear view of the supply chain to anticipate disruptions and ensure timely service delivery. Maintain a safety stock of critical resources to handle unexpected demand or delays. Use inventory management software to streamline processes and enhance visibility

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5 Improve your inventory

The fifth step to apply inventory control principles is to improve your inventory by seeking continuous improvement and innovation. You need to analyze your inventory data and performance indicators to identify your strengths, weaknesses, opportunities, and threats. You also need to benchmark your inventory practices against industry standards and best practices. You can use various tools and techniques, such as lean, six sigma, kaizen, and 5S, to eliminate waste, reduce variation, enhance quality, and increase productivity in your inventory management.

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6 Benefit from your inventory

The sixth and final step to apply inventory control principles is to benefit from your inventory by leveraging it to create value for your customers, stakeholders, and yourself. You can use your inventory to improve your customer service, satisfaction, and loyalty by delivering the right products or services at the right time, place, and price. You can also use your inventory to reduce your costs, increase your revenue, and improve your profitability by optimizing your inventory efficiency, effectiveness, and utilization. Moreover, you can use your inventory to enhance your skills, knowledge, and career development by learning and applying inventory control principles in any industry.

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7 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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How can you apply inventory control principles to non-manufacturing industries?

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1 Define your inventory

2 Classify your inventory

3 Optimize your inventory

4 Control your inventory

5 Improve your inventory

6 Benefit from your inventory

7 Here’s what else to consider

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