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 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.
Without proper supply chain management strategies in place, any other efforts to enhance production efficiency and product quality will be significantly hampered.
When original equipment manufacturers (OEMs) leverage the right supply chain management software, they can reap a slew of benefits. But choosing the perfect system can sometimes seem a monumental task.
In this episode of our supply inefficiency series, we want to talk about the costs associated with errors.
Today, we're going to discuss the many ways freight costs can add up.
In this episode, we will look at carrying costs.