28.6 C
Singapore
Tuesday, June 15, 2021
HomeProcurementFive Techniques for Managing Inventory in the Precision Industry

Five Techniques for Managing Inventory in the Precision Industry

Precision manufacturers require precise, fact-based intelligence to avoid costly delays and downtime. Maintaining safety stock is an essential part of capturing opportunistic sales, retaining business and making customers satisfied for businesses. One of the biggest and most important challenges many businesses will face is how to successfully manage and control their inventory. The common reason faced by the manufacturer is delay shipment which lack of proper planning for inventory stock control. The safety stock level is essential especially for those products with long delivery lead time.

Inventory management is managing of inventory and stock. As an element of supply chain management, inventory management simply refers to controlling and overseeing ordering inventory, storage of inventory, and controlling the amount of product for sale. For Precision Industry, this involves the overseeing and controlling of inventory such as product and raw material of the organization. The fundamental goal is to manage inventory at balanced levels at all times without ever having too much or too little product in stock.


The full content is only visible to SIPMM members

Already a member? Please Login to continue reading.


Chia Pei Ying, DPSM
Chia Pei Ying has substantive years of experience in the field of procurement and supply management, specifically in the precision manufacturing industry. She is a member of the Singapore Institute of Purchasing and Materials Management (SIPMM). Pei Ying completed Diploma in Procurement and Supply Management (DPSM) course on December 2018 at SIPMM Institute.
RELATED ARTICLES

Most Read