Optimize inventory levels through demand forecasting and cycle counting. Implement a first-in-first-out (FIFO) system to minimize obsolescence and ensure timely restocking of critical parts. Utilize data analytics to identify trends and opportunities for cost reduction. Regularly review and update inventory policies to meet evolving business needs.
Type: Fill Checklist
Define Inventory Management Policy In this step, the company establishes a clear policy for managing its inventory. This involves determining what types of products to stock, how much to stock, and when to restock. The inventory management policy should take into account factors such as lead time, demand variability, and storage capacity. It also outlines the procedures for receiving, storing, and issuing inventory items, as well as the process for handling returns, defects, and obsolescence. This step ensures that all stakeholders are aware of their roles and responsibilities in managing the company's inventory. The policy should be reviewed and updated regularly to reflect changes in business conditions or operations.
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