Controlling Inventory Quantities

In a recent post, Costing, & Inventory Control, we talked about costing and the interaction of base inventory control. Today let’s talk about additional controls you have per item when buying or manufacturing either a subassembly or a finished good.

When purchasing raw materials or manufacturing items, you can utilize item information to indicate controls such as: effective date of the item, the primary buyer and planner for the item at a given facility, order replenishment quantities at a given facility, purchasing lead times per vendor at a given facility, the average quantity for this raw material, the ability to link associated diagrams and/or videos to an item for viewing on the production floor, the ability to indicate if an item has a standard shrinkage percentage and last but not least indicating alternate Items that can be used as substitutes if you are unable to meet specific demand for raw materials or subassemblies that are required for the manufacture or a specific item

MRP Consulting can help you understand these controls and how they might apply to your processes. If you want further insight, in our next post we will focus on the manufacturing processes of controlling your Inventory with Bills of Materials and Routings. Until then…

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