Next Level Purchasing Association
Inventory refers to items that are being stored temporarily because they are not ready to be moved elsewhere. Inventory Control focuses on the Regulation and Flow of raw materials, supplies, work in progress (WIP) and finished goods through a Value Stream.
Inventory Control is underpinned by:
1.) Ensuring ABC Classification.
- Items should be about 80% of total items in stock
- Items should be about 15% of total items in stock
- Items should be no more than about 5%
2.) Avoiding product spoilage.
3.) Ensuring theft of items
4.) Ensuring efficient Inventory Turns
An efficient, effective, and collaborative value stream is a lethal strategic weapon capable of pushing aside all competition. Walmart is a profound testament to this fact, as its value streams are slim, trim, flexible, agile, and formidable.
For more info check this: https://www.nextlevelpurchasing.com/procurement-training/courses/inventory-management-and-control
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Next Level Purchasing Association
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