For most manufacturers, inventory management plays a big role in how effectively they run their business. But when it comes to managing inventory, most manufacturers fall short.
That is why Global Shop Solutions put together a whitepaper that explored the 10 Must Do's for Small-to Medium-Sized Manufacturers to give them insight into what industry leaders are doing to get and stay on top of their inventory.
Adam Grabowski, director of marketing, collected different ideas about inventory management into this one paper. “After speaking with many manufacturing owners and many subject matter experts,” wrote Grabowski, “the ‘different’ is their business is choosing to live and die by the following 10 inventory must do’s with the help of ERP software.”
Global Shop Solutions’ Top Ten Must Do’s
1 Clear out the inventory garbage
Process your inventory correctly and consistently with no exceptions.
2 Regulate your inventory counts
Physical inventory or cycle counts should be performed on a regular basis and produce accurate numbers.
3 Evaluate unused inventory
Obsolete inventory or low-turn inventory should be evaluated on a regular basis, not just once a year.
4 Know your business’ trends
Keeping your inventory labeled is an important step in controlling your inventory between physical inventories.
5 Research your vendor’s competition
Your vendors win when you get lazy. So, pick-up sales calls from other vendors.
6 Automate as much as possible
If job costing is a full-time job, then you probably have inventory issues.
7 Record your inventory flow
As inventory is consumed or shipped, it needs to be recorded.
8 Listen to your business with ERP
Move beyond “hearing” with your fully integrated ERP system with MRP functionality and “listen.”
9 Correct employee mistakes immediately
In manufacturing, loose lips don’t sink ships. They save them.
10 Ask questions
Don’t guess how to do it – ask someone.
To learn more about the 10 Inventory Must Do’s for small- to medium-sized manufacturers, call 800-364-5958 or visit www.globalshopsolutions.com.