Question : 3. How to manage Inventory?

Question

Accepted Answer

Inventory management involves tracking and controlling the flow of goods in a warehouse to optimize efficiency and minimize costs.

Implement a robust inventory management system to track stock levels, orders, and deliveries.
Regularly conduct physical counts and reconcile them with the system records to identify discrepancies.
Categorize inventory based on factors like demand, value, and turnover rate to prioritize storage and retrieval.
Establish reorder points and safety stock levels to ensure timely replenishment and avoid stockouts.
Utilize technology like barcode scanners and RFID tags for accurate and efficient inventory tracking.
Analyze historical data and forecast demand to optimize inventory levels and avoid overstocking or understocking.
Implement proper storage techniques to maximize space utilization and minimize damage or spoilage.
Establish clear procedures for receiving, inspecting, and storing incoming inventory to maintain accuracy and quality.
Regularly review and update inventory policies and procedures to adapt to changing business needs and market trends.

Accepted Answer

for the inventory management we can impliment wms process and fallow 5s

we can do cycle count on each transition

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