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What are the most effective ways to handle inventory shortages, excesses, and damages?

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Inventory management is a crucial aspect of manufacturing operations, as it affects the quality, efficiency, and profitability of the production process. However, inventory issues such as shortages, excesses, and damages can disrupt the workflow and cause customer dissatisfaction, waste, and losses. How can you handle these challenges effectively and prevent them from recurring? Here are some tips to help you optimize your inventory management techniques.

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Biswash Lamichhane

Inventory Manager
Terrence (Terry) Walmsley - MLSCM-DipBus-DipMgt-AssocDipEng

Consultant, Published Author, Course Designer, Owner iA-Inventory Academy and GetAirPal, Consultative GM, VP Sales…

1 Assess the root causes

The first step to handle inventory problems is to identify and analyze the root causes that led to them. For example, you may have inaccurate demand forecasts, inefficient ordering systems, poor quality control, or inadequate storage conditions. By using tools such as root cause analysis, Pareto charts, or fishbone diagrams, you can pinpoint the main factors that contribute to inventory discrepancies and prioritize the areas that need improvement.

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Biswash Lamichhane

Inventory Manager
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Mismanagement’s consequences are dire, resulting in financial losses from obsolete products or reputational damage due to stockouts. Effective inventory management involves not just quantities but also efficient space utilization within warehouses. Techniques like FIFO (First-In, First-Out) and demand-based organization, coupled with regular audits, maintain an organized inventory system. To navigate these challenges, businesses adopt advanced solutions like ERP (Enterprise Resource Planning) and SAP systems. ERP integrates diverse business processes, enhancing efficiency, while SAP’s specialized modules automate tasks and offer insights.

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Biswash Lamichhane

Inventory Manager
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Inventory management is the linchpin of business success, wielding substantial influence over profitability and operational efficiency. At its core, inventory encompasses all materials a business holds for resale, from raw materials to finished goods. The delicate balance in inventory levels is precarious. Excess inventory, often due to overestimated demand or erroneous forecasts, ties up capital and escalates holding costs. Conversely, insufficient inventory caused by inaccurate predictions or supplier issues leads to stockouts, impacting customer satisfaction and revenues.

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Terrence (Terry) Walmsley - MLSCM-DipBus-DipMgt-AssocDipEng

Consultant, Published Author, Course Designer, Owner iA-Inventory Academy and GetAirPal, Consultative GM, VP Sales A/Asia AI-IDP
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inventory Management can be easy, the trick is in knowing how. Master Data is the brains to the function, if the data is accurate, maintained and reviewed regularly, then the brain will perform for you. In addition, just the one report is needed from your ERP/MRP/WMS. Import this into excel and 'PIVOT' and Filter to your heart's content. So that you don't get bogged down with all anomalies, set variance levels and investigate those that fall outside the levels. Adjust these levels over time as your CI practices have been fine tuned. The ia-inventoryacademy.com offers courses, workshops and informative blogs to assist you with this...

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2 Implement corrective actions

The next step is to implement corrective actions that address the specific causes of inventory issues. For example, if you have inventory shortages, you may need to adjust your safety stock levels, reorder points, or lead times to ensure you have enough inventory to meet customer demand. If you have inventory excesses, you may need to reduce your order quantities, negotiate with suppliers, or sell off excess inventory at discounted prices. If you have inventory damages, you may need to improve your quality inspection, packaging, or handling procedures to prevent defects or spoilage.

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Terrence (Terry) Walmsley - MLSCM-DipBus-DipMgt-AssocDipEng

Consultant, Published Author, Course Designer, Owner iA-Inventory Academy and GetAirPal, Consultative GM, VP Sales A/Asia AI-IDP
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Whatever measures that you decide to use to correct the issues, remember, train it out 3 times and communicate it to the line workers. Also, make the changes in both your Standard Operating Procedures and Position Descriptions. Monitor changes over the next month for impact and remeasure and adjust your benchmark. The ia-inventoryacademy.com offers courses, workshops and informative blogs to assist you with this...

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3 Monitor and evaluate the results

The final step is to monitor and evaluate the results of your corrective actions and measure their impact on your inventory performance. For example, you can use key performance indicators (KPIs) such as inventory turnover, fill rate, or shrinkage to track how well you are managing your inventory levels, availability, and accuracy. You can also use feedback from customers, suppliers, or employees to assess how your inventory management affects your service quality, relationships, and morale. By reviewing the data and feedback regularly, you can identify any gaps or opportunities for further improvement.

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Terrence (Terry) Walmsley - MLSCM-DipBus-DipMgt-AssocDipEng

Consultant, Published Author, Course Designer, Owner iA-Inventory Academy and GetAirPal, Consultative GM, VP Sales A/Asia AI-IDP
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KPIs are the new measures of Industrial Engineering. The metrics are what comprises the process or function. They need to be trained and understood by staff. Set variation levels for the KPIs and investigate those that don't meet requirements. Adjust to a realistic figure if it can't be achieved. Measure and remeasure periodically for CI benefits and target assignments. The ia-inventoryacademy.com offers courses, workshops and informative blogs to assist you with this...

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4 Adopt preventive measures

To prevent inventory problems from happening again, you need to adopt preventive measures that enhance your inventory management capabilities and practices. For example, you can use inventory management software, barcode scanners, or RFID tags to automate and streamline your inventory tracking, ordering, and reporting processes. You can also use forecasting methods, inventory optimization models, or lean manufacturing principles to align your inventory planning and production with customer demand and reduce waste. You can also use training, incentives, or audits to ensure your inventory management standards and policies are followed consistently and correctly.

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Terrence (Terry) Walmsley - MLSCM-DipBus-DipMgt-AssocDipEng

Consultant, Published Author, Course Designer, Owner iA-Inventory Academy and GetAirPal, Consultative GM, VP Sales A/Asia AI-IDP
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Set performance indicators for inventory functions and set levels of acceptance. AI and automation over time will reduce the human error. To reduce the chance of human error, train and communicate the issues to staff. The ia-inventoryacademy.com offers courses, workshops and informative blogs to assist you with this...

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5 Communicate and collaborate

Another important factor for effective inventory management is communication and collaboration among all the stakeholders involved in the inventory process. For example, you need to communicate clearly and frequently with your suppliers, customers, and internal teams about your inventory expectations, requirements, and status. You also need to collaborate with them to resolve any issues, share best practices, and seek feedback. By fostering a culture of communication and collaboration, you can improve your inventory visibility, coordination, and responsiveness.

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6 Learn and innovate

Finally, you need to learn and innovate continuously to keep up with the changing demands and challenges of inventory management. For example, you need to learn from your inventory successes and failures and apply the lessons to your future decisions and actions. You also need to innovate your inventory processes, systems, and technologies to enhance your efficiency, flexibility, and competitiveness. By embracing a mindset of learning and innovation, you can stay ahead of the curve and adapt to the dynamic inventory environment.

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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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What are the most effective ways to handle inventory shortages, excesses, and damages?

1

2

3

4

5

6

7

1 Assess the root causes

2 Implement corrective actions

3 Monitor and evaluate the results

4 Adopt preventive measures

5 Communicate and collaborate

6 Learn and innovate

7 Here’s what else to consider

Manufacturing Operations

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What are the most effective ways to handle inventory shortages, excesses, and damages?

1

2

3

4

5

6

7

1 Assess the root causes

2 Implement corrective actions

3 Monitor and evaluate the results

4 Adopt preventive measures

5 Communicate and collaborate

6 Learn and innovate

7 Here’s what else to consider

Manufacturing Operations

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