Too much inventory wastes your money. Basically inventory is your money just sitting around doing nothing but collecting dust. There are many ways to address the minimizing of inventory, however they all come down to a basic premise - understand your market demand and your customer trends. It is not wise to just wildly product product or order product for the rainy day without some thought behind your reasoning. This is true also not only in business but in daily life. Understand your key products to be produced. What are the key process components that are critical to keep up with market demand. Keep track of order trends using statistical analysis techniques, some of which are basic and I can implement a system for you to easily implement and understand. Having just any spare part on hand is not cost effective either. Understand your downtime trends and critical to quality characteristics and components. For more helpful advice - give me a call. Follow my link to my website.
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