Continuous renewal in inventory management
Keywords:
Companies, Inventories, Services, TechniquesAbstract
An important decision facing manufacturing companies, particularly small and medium-sized enterprises (SMEs), whether a new company or an established company, is the selection of inventory management techniques or systems, in order to maintain an optimal level of their products and measure the effectiveness of the production departments in the allocation and transformation of raw materials into semi-finished or finished products. Therefore, it plans and reviews the different organizational, economic and financial alternatives that allow it to select the feasible control methods according to the inventory that is kept in stock, to minimize long-term costs and achieve the highest productivity.
An inadequate stock of inventories does not allow the company to offer the level of services that its customers require and at the same time it is possible in some cases to stop the product cycle or make the facilities remain inactive or underutilized during some production periods.
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