Inventory Management

Effective inventory management will lead to an increase in revenue, lower handling and storage costs, and better customer experience by providing your customers with the products they need in the most efficient and effective manner.

Keeping an updated inventory movement and records as well as management of obsolete stock can result in an inaccurate inventory. The lack of visibility of data and stock information can also result in making inaccurate business decisions that may affect daily operations.

 

Objectives of Programme

  • Improve efficiency and effectiveness of inventory management processes (replenishment, stock-taking, returns etc.)
  • Reduce costs due to non-value added processes, handling, storage and shrinkage

 

Scope and Deliverables

  • Application of Lean techniques to increase productivity of inventory management processes:
  • Plot value stream to identify and map the processes involved in inventory management
  • Identify wastes and areas for improvement
  • Redesign processes
  • Set-up and deployment of an inventory management system to better track and monitor inventory. Depending on the size, complexity and nature of the retail operations, an inventory management system could range from an integrated Point-of-Sales system, to a barcode-based system, to a RFID-based solution developed by A*STAR
  • Coaching of employees throughout the project; and training on Lean techniques and use of the recommended inventory management system.

 

 The Outcome

  • Reduce costs of excess inventory and shrinkage
  • Reduce non-value added processes
  • Reduce time taken to track and monitor inventory
  • Improve accuracy of tracking inventory
  • Increase efficiency in use of manpower reduce costs of excess inventory and shrinkage
  • Reduce non-value added processes
  • Reduce time taken to track and monitor inventory
  • Improve accuracy of tracking inventory
  • Increase efficiency in use of manpower

Talk to us to find out how you can improve business and operation efficiency through various methods including process re-design or through technology adoptions and trainings.