Post by account_disabled on Feb 21, 2024 22:46:59 GMT -8
stock policy All processes related to storage must be included in the inventory policy. All! Yes, your inventory policy must offer parameters for all of your company's storage operations. Minimum, maximum stock, suppliers for each item, storage location... all of this must be defined. How do I set up my company's stock policy? No matter how detailed a company's inventory policy is, its preparation is within everyone's reach. Check out the step by step we prepared for you to make yours: 1. Make the stock ABC curve stock policy The first step of the stock policy is collecting data on the current storage situation. The inventory policy should be aimed at maintaining the strengths and correcting the weaknesses of your inventory. Therefore, the first step must be to collect information that reveals the current storage situation. One of the most important indicators is the inventory ABC curve . It is a tool to identify which small group of products brings the greatest return in sales – yes, all companies have it.
It is very important that this information is included in the stock policy, so that the entire team is aware of which items are strategic and, consequently, should be monitored more closely. 2. Analyze sales reports to identify trends Lebanon Mobile Number List However, the inventory ABC curve is not the only valuable information you can take from a sales report: it also allows you to identify trends over time. For example: if you always have an increase in demand in the months before Christmas, you can include a note about this in your stock policy, so that seasonal orders are reinforced. 3. Map strategic suppliers for each input stock policy Value suppliers who do good work. Unfortunately, not all suppliers care about doing a good job and delighting their customers. If you have partners who constantly exceed expectations, value them! It is essential that your list of suppliers is included in your inventory policy.
Now, it is also interesting to create a sort of ranking, depending on the quality of the service provided. This way, at the time of replacement, the entire team will know the best option, which must be activated first. 4. Set minimum and maximum stocks Minimum and maximum stocks are very important parameters for any stock control: when it is too low, there may be a loss of sales due to lack of goods. When it is too high, it increases costs excessively and brings no return. Therefore, the correct calculation of both is very important. Also, keep in mind that not all of your employees are familiar with the terms of inventory management. Therefore, it is necessary to make it clear that minimum stock = the time has come to order – preferably with one of the strategic suppliers that you defined in the previous step. Likewise, it is important to create an action plan to put into practice in the event that, even with all controls, the maximum quantity of a commodity is exceeded.
It is very important that this information is included in the stock policy, so that the entire team is aware of which items are strategic and, consequently, should be monitored more closely. 2. Analyze sales reports to identify trends Lebanon Mobile Number List However, the inventory ABC curve is not the only valuable information you can take from a sales report: it also allows you to identify trends over time. For example: if you always have an increase in demand in the months before Christmas, you can include a note about this in your stock policy, so that seasonal orders are reinforced. 3. Map strategic suppliers for each input stock policy Value suppliers who do good work. Unfortunately, not all suppliers care about doing a good job and delighting their customers. If you have partners who constantly exceed expectations, value them! It is essential that your list of suppliers is included in your inventory policy.
Now, it is also interesting to create a sort of ranking, depending on the quality of the service provided. This way, at the time of replacement, the entire team will know the best option, which must be activated first. 4. Set minimum and maximum stocks Minimum and maximum stocks are very important parameters for any stock control: when it is too low, there may be a loss of sales due to lack of goods. When it is too high, it increases costs excessively and brings no return. Therefore, the correct calculation of both is very important. Also, keep in mind that not all of your employees are familiar with the terms of inventory management. Therefore, it is necessary to make it clear that minimum stock = the time has come to order – preferably with one of the strategic suppliers that you defined in the previous step. Likewise, it is important to create an action plan to put into practice in the event that, even with all controls, the maximum quantity of a commodity is exceeded.