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Managing many thousands of stocked items, provided by a network of suppliers and sent out to an extensive customer base is a difficult task. To help control such complexity, businesses can introduce models to discriminate between different stock items. They can then apply a level of control to each group,...Read more
Chinese New Year might seem like a long way off, but smart inventory managers will be starting to plan for this event very soon. The more prepared you are, the greater your ability to ensure that this annual supplier shutdown causes as little disruption as possible. In this post we...Read more
ABC classification is used by inventory management teams to help identify the most important stock items in their portfolio and ensure they focus on managing them above those less valuable. Using ABC classification, inventory is divided into three categories, A (most important), B (fairly important) and C (least important). An...Read more
In its simplest form, a bill of materials (BOM) is a list of components, parts or materials required to manufacture, assemble or repair a product. A BOM is often hierarchical, with the finished product at the top and sub-items below. In inventory management a BOM is critical to ensure the...Read more
As globalisation encourages supplier networks to extend across the world, the likelihood of supply chain disruption increases. Supply chain disruption is when events, sometimes planned, sometimes unpredictable, affect the supply of inventory. Often, if not dealt with effectively, it can make it challenging to fullfil orders on time and, as...Read more
Stock classification is an important part of effective inventory management. By grouping stock items based on their value to your business you can prioritise which items to stock/not stock and in what quantities. It can also help you focus you time, in terms of analysis, forecasting and ordering, to the...Read more