8. Inventory Control
Pareto ABCDE Classification of Inventory
Forecasting systems are one of the most important parts of the supply chain. This can determine the nervousness or volatility of the supply chain system. This is also an area in which companies can cut waste in the logistics network. It is all about lowering the logistics and supply chain costs.
Inventory management is the process of controlling inventory with the fewest people and the least amount of inventory. Maintaining an optimum inventory is the most important aspect of inventory management. Implementing the techniques necessary to maintain an optimum inventory can equal massive company-wide savings.
ABC analysis is a technique used to prioritize inventory by its relative importance. ...