Inventory Best Practices

Best practices can be anything that increases the existing level of efficiency, such as switching to blanket purchase orders, signatures stamps, and procurement cards to streamline the accounts payable function. It can also lead to improved levels of reporting for use by other parts of the company such as activity-based costing, target costing, or direct costing reports in the costing function. By implementing the best practices you'll learn in the new edition, a company can greatly improve its level of efficiency information reporting, which fits nicely into the requirements of most strategic plan. 

New material will include: Distinguishing between different types of distressed merchandise for disposal purposes; Improving partner relationships to reduce the total landed cost of an inventory item; Shift some outsourced production to local suppliers to cover last minute replenishment issues; Warehouse reduction analysis; Component profiling to reduce inventory levels; Relocate suppliers on-site; Demand forecast sharing with suppliers; MRO inventory reduction systems; Product footprint analysis on pallets; Review of limited shelf-life items; Modify the safety stock calculation; Sequence incoming supplier parts to match the production line; Reverse logistics.