Inventory Management Solutions
You may not realize how much of a difference inventory management solutions can make. By utilizing a vendor-managed inventory system, your company will spend less on procurement. Likewise, fewer man-hours will be spent acquiring needed materials.
BIN Stocking
With BIN stocking, field reps use barcode scanners for auditing inventory on the job. In addition, they can see how inventory decisions are made, ensuring product availability.
Point of Use
Some vendors prefer monitoring inventory close to the source, as it improves efficiency. Nevertheless, it is crucial to pay attention to bin size, or you may replenish them too often.
Electronic Data Interchange
Electronic data interchange is a system that permits inventory management without employee involvement. Syncing the supplier’s info with strict parameters ensures constant replenishment.
Kanban
When pull signals are generated, this system supplies the components. Kanban items work as a visual cue, alerting workers of pulled inventory. Anytime a piece of Kanban inventory is used, a replenishment action occurs.
Camera
Setting up a camera near the stocking location can make it easier to track item use. Additionally, once a supplier notices items have left, they can order a replacement.
In-Plant Store
Sometimes, an in-plant system would work best, especially for high-volume items. If your company prefers active management, this solution could be for you.
Consignment
This method means the supplier holds inventory on-site but retains ownership. Until it moves out of consignment, it is considered to be their belongings.
