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Supporting processes are initiated to maintain the Inventory in a state, that is fit-for-intended-use and documented information is written, approved and stored to provide objective documented evidence of the actions during the entire system life cycle.

[Read book] Rightsizing Inventory (Resource Management) [PDF] Online

Succesful Inventory Management is therefore the base for Quality Management. Sustainable Inventory Management is one of the most important parts of running a business effectively and perhaps one of the sole reasons for Quality Management.

If the business does not have an inventory, the business has nothing to sell. To do this, the business must establish effective processes that can contribute to the strategic direction. Inventory Management is the process of introducing and maintaining an inventory for operational usage in the Organization or releasing new innovative products to the market. Duplication of systems should be avoided.

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Note: The Inventory Management should be at the level of systems that support business processes. The combination of processes will serve as an optimal way to keep the Inventory list up-to-date. Introducing a common harmonized way of documenting and maintaining the inventory also reduces the risk of spending unnecessary resources on sustaining a complex system landscape.

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Questions such as the following, can easily be justified:. Inventory Management is important in any type of business but is unfortunately not in focus in most companies.

The level of expected documentation is higher and the sequence of events getting there, are important. Listing all the regulated inventories is a must.

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It gets complicated further when hundreds of thousands of finished goods for sale or thousands of parts for assembly are warehoused across multiple locations. With all of these complications to consider, inventory control and management amounts to walking a fine line between meeting customer needs and stocking the least amount of inventory possible. If you are running a small or midsized enterprise, you should also learn about an ERP solution that fits your needs. Sage ERP X3 is designed specifically for midsized companies , delivering all the benefits of robust ERP solutions while remaining simple, flexible and scalable.


Rightsizing Inventory (Resource Management) - PDF Free Download

The latest version of this cost-effective end-to-end ERP, Version 7 , allows companies to gain immediate visibility of inventory to ensure compliance with customer and regulatory mandates, and optimize inventory levels. February 24, Inventory Management Software for SMEs Inventory management software is now readily available for small and medium sized businesses. Improve Inventory Management with Warehouse and Inventory Software Systems Inventory is usually one of the biggest numbers on their balance sheet, making effective inventory control and management is a vital function to help insure the continued success of distribution and manufacturing and companies.

Physical Processes of Inventory Management Ongoing receiving, movement, stocking, and overall physical control of inventories.