The larger an organization grows, the greater is the type and quantity of inventory that it needs to manage. While a small business can make do with simple inventory control methods like the eyeball method, perpetual inventory method or the brown bag method, such simple techniques are less than adequate for medium to large manufactures.
Manufacturing organizations have a large chunk of their capital – 50%-70% – tied up in inventory
In this whitepaper, we will delve into the
- Conditions that necessitate the setting up of a formal and well-defined method of managing manufacturing inventory
- Glance at the major challenges that crop up
- Delineate and explain the different techniques of inventory management for manufacturing companies
- Explore the role of software in the inventory management process
- Highlight the challenges that need to be tackled for getting building or buying the ideal inventory management software.