Manual purchasing is a drag, especially repetitive manual purchasing. Not only is it tedious, but it devours valuable time you could spend on other more pressing matters. Vendor managed inventory (VMI) programs can streamline the tedious purchasing process for small class-c parts like fasteners by automatically replenishing stock so you never have to place a new order anytime inventory runs low. This has the added benefit of saving time and money on purchasing orders that can be invested elsewhere in the business.
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.