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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.
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....
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.