unit 4

• Inventory management is a technique of controlling, storing, and keeping track of inventory items
• Inventory management is a technique of controlling, storing, and keeping track of your inventory items. Inventory management is an essential component of supply chain management
• Inventory management regulates all operations from the moment an item enters the store until it is dispatched
• Steps in Inventory Management Process:

  • Product is delivered to your facility
  • Product is inspected, sorted, and stored
  • Inventory levels are monitored
  • Customer orders are placed
  • Customer orders are approved
  • Products are taken from stock
  • Inventory levels are updated
  • Stock levels trigger reordering
• The 4 types of inventory management are:

  • Raw Materials
  • Works-In-Process
  • Maintenance, Repair and Operations (MRO)
  • Finished Goods
• The 3 major inventory management techniques are:

  • Pull strategy
  • Push strategy
  • Just in time (JIT) strategy
• Inventory management helps companies identify which and how much stock to order at what time
• Inventory management techniques and best practices for small businesses:

  • Fine-tune your forecasting
  • Use the FIFO approach (first in, first out)
  • Identify low-turn stock
  • Audit your stock
  • Use cloud-based inventory management software
  • Track your stock levels at all times
  • Reduce equipment repair times
• Inventory management procedures for start-ups and SMBs:

  • Prioritize location and accessibility
  • Mind the floor plan and layout
  • Optimize your inventory
  • Get rid of unneeded stock
  • Set a cycle count schedule
  • Check stock quickly after delivery
  • Label all products in your inventory
  • Be mindful of expiration dates
• The 5 objectives of inventory management are:

  • Material Availability
  • Better Level of Customer Service
  • Keeping Wastage and Losses to a Minimum
  • Maintaining Sufficient Stock
  • Cost-Effective Storage
• The five key principles of inventory management are:

  • Demand forecasting
  • Warehouse flow
  • Inventory turns/stock rotation
  • Cycle counting
  • Process auditing
• 5 Key Elements of Inventory Management:

  • Track your activity
  • Daily counts
  • Manage out-of-stock products
  • Clear description
  • Organized work environment
• Benefits of an Efficient Inventory Management Plan:

  • Improved Accuracy of Inventory Orders
  • Improved Warehouse Organization
  • Improved Warehouse Productivity
  • Save Time and Money
  • Improved Customer Retention and Engagement
• Reducing Work in Progress (WIP) is important for achieving lean manufacturing

  • Reducing WIP leads to smoother workflow, greater liquidity, and improved production performance
• Accurate inventory control helps balance supply and demand

  • Overstocking can lead to excess inventory or unnecessary costs
  • Inventory control ensures optimal stock levels for individual products
• Inventory control is part of inventory management

  • Inventory control focuses on operations level tasks like warehouse management and real-time inventory tracking
• The importance of inventory control:

  • Maintain Accuracy
  • Helps You Measure Changes
  • Predict downstream purchasing activities
  • Adjust upstream ordering, manufacturing, and deliveries
• Sports facilities can include training centers, gymnasiums, stadiums, sports federations, and universities

  • Sports facilities host various activities, tournaments, and training sessions
• Sports equipment management involves organizing, monitoring, and reporting on equipment used by sports facilities

  • Sports equipment managers handle procurement, maintenance, and disposal of sports gear
  • Ensuring equipment meets safety requirements is crucial to avoid athlete accidents
• Reserve equipment in advance for consecutive events

  • Booking equipment in advance helps avoid conflicts and ensures availability
  • Availability calendar helps track equipment status and plan reservations efficiently
• Early Years Physical Activity Facilitator teaches age-appropriate physical activities to children up to 8 years old

  • Works in play schools, day care centers, apartments, and clubs
  • Aims to build fundamental skills and fitness in young children