Every day, businesses invest thousands of dollars on inventory! If
these businesses do not have these 4 KEY components: People ★ Processes ★ Procedures ★Technology, in place to manage this
investment, how will that impact their company?
On
Thursday, October 8, 2015, I’ll be presenting a FREE seminar on “The
Fundamentals of Inventory Management”.
This seminar will be held at Forsyth Tech’s Small Business
Center 525 Vine Street Winston-Salem ,
North Carolina 27101
Please
follow this link to register: Forsyth Tech Small Business Center
This seminar will outline all of the fundamentals necessary to
keep your operations organized, productive and therefore profitable.
The topics that will be discussed are:
Shipping/Receiving
Departments
Inventory Management and therefore Accuracy begins at the backdoor
(your receiving area). If product arrives incorrectly and received as such, it
will be WRONG all throughout. At some
point the error, whatever that may be, could be found but by the time it is,
it’s generally way to late to fix it.
Warehousing
After the product has been received correctly, these items must be
stored. All items must have their own “home” within your warehouse/storeroom.
These bins, shelves, cabinets and even floor locations must be clearly marked.
Think of it this way, if I were to visit your facility and you asked me to find
something, how long would it take me? Another important part of your warehouse
is how it’s organized. The old saying, “work smart not hard” definitely applies
here. Group similar items, by supplier, by equipment, by usage
Warehouse Security
Limit access to your warehouse to those who are directly
responsible for managing it. An OPEN warehouse is prone to “issues”.
Physical Inventory vs.
Cycle Counting
Yearly PI’s are very time consuming, often requires a business to
shut down entirely or just certain departments. PI’s are also not going to help
you identity and resolve inventory issues. It’s difficult if not impossible to
accurately fix an error that occurred in January when you conduct the PI at the
end of the year. After a PI is completed, most inventories remain accurate for
30 days.
Policies and
Procedures
It’s very important to have your Warehouse and Inventory Policies
documented. This will have everyone literally on the same page. You can’t have
all members of your team “doing their own thing”
Stock items vs.
Non-Stock items (Spot Buys)
Stock items are tracked in your Warehouse Management System (WMS),
Spot Buy items and generally NOT place in your WMS. However, a simple database
can be created to track these purchases. Learn how to create such a database.
Warehouse Management
Systems
There are literally TONS of options available to you. From Pen/Paper, Excel, Access, Free, Low Cost
options, internal systems in your company, industry specific.
If you’re looking for a WMS, learn which questions you must answer
before you begin looking.
So, if you or someone on your team would like to learn more on
how to maintain an accurate and cost efficient Inventory, please contact me at joecrews@jitsolutionsgroup.com
or 336-624-6847.
Registration is
required due to limited seating. So please follow this link:
About Joe Crews aka Inventory Joe
& JIT Solutions Group, LLC
In 2006 I
formed what has now grown to become JIT Solutions Group. Our goal is to educate businesses of sizes
and in all industries on how to manage an Accurate & Cost Efficient
Inventory. We are based in Winston-Salem , North
Carolina
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If you have
any questions or would like more information about our services, please visit, www.jitsolutionsgroup.com or Connect with me here on LinkedIn
