The key to establishing a successful ABC classification system is trusting its design and following a few best practices. Below are a few tips and considerations related to ABC analysis.
8 Step ABC Inventory Analysis & Classification Process (Part 2 of 3: 8-Step ABC Classification) GalleryClass C Components, Inventory Management, Lean Manufacturing, Supply Chain, Vendor Managed Inventory (VMI)
While the concept of ABC classification is a simple one, classifying large, complex inventories can seem needlessly tedious and overwhelming. Fortunately, while classifying your inventory the first time, can feel like a lot of work with little return, the payoff us exponential when you consider that it forms the foundation of streamlined inventory management and material flow otherwise achievable. Once you’ve committed to conducting an ABC analysis of your inventory, follow the steps....
8 Step ABC Inventory Analysis and Classification Process (Part 1 of 3: ABC Class Definitions) GalleryClass C Components, Inventory Management, Lean Manufacturing, Supply Chain, Vendor Managed Inventory (VMI)
ABC classification is a simple and powerful inventory management tool that plays a vital role in inventory control and material flow planning. It empowers lean manufacturers to improve the efficiency of the inventory replenishment schedule. It is a straightforward task, and if you want to implement Kanban, it’s an essential prerequisite.
Lean manufacturing can help original equipment manufacturers (OEMs) reduce waste, save money and enhance their operations, but it's important to have a thorough understanding of the principles of this strategy to ensure you can execute it properly.
To successfully move toward lean manufacturing, it's essential to have a solid plan in place and clear goals to aim for.
Lean manufacturing is here to stay, and original equipment manufacturers (OEMs) that want to keep up with the competition will need to stay on top of the many tools and methods, such as value stream mapping, to keep their factories running efficiently and smoothly.
Staying on top of the latest industry trends is an effective way to keep original equipment manufacturers (OEMs) at the forefront of the competition, and this is especially true when it comes to technology.
Keeping everything operational and running efficiently is challenging enough, but when you're bogged down with dozens of different tasks and processes to worry about, it's difficult to give your full attention to any one aspect of the production process.
When it comes to lean manufacturing, one of the areas original equipment manufacturers (OEMs) should not overlook is productivity.
Let's look at a few examples of how the Pareto Principle could be applied to OEM operations.