Better inventory management translates directly into better cash
flow for businesses. However, in order to successfully manage
inventory, businesses must strike a balance between customer demand
and the amount of inventory they keep. Hands-On Inventory
Management demonstrates principles key to developing an inventory
management process, which will meet customer needs while keeping
inventory costs at a level reasonable enough to produce a profit.
The text explains basic inventory principles, calculations, and
techniques using real-world examples. Different operational
situations require different inventory planning and replenishment
approaches; hence, this book emphasizes the prerequisites needed
for success in a number of different industries. These
prerequisites include top management support, a clear definition of
responsibilities and alignment of goals throughout the company, as
well as uncomplicated item identification. The author stresses the
importance of accurate recordkeeping and delineates the most common
causes of inaccurate records. He provides solutions to mitigate
these causes and demonstrates how businesses can develop and
administer a cycle counting program that will lead to a more
well-managed physical inventory. Using a building-block approach,
Hands-On Inventory Management gives a clear view of what steps must
be taken to strike a profitable balance between customer demand and
inventory.
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