The 5 P’s of Inventory Shrinkage
Inventory shrinkage is a term used to describe the loss of inventory. It is the difference between the physical count of inventory stock and the recorded quantity. Categorised as inventory waste, the four major types of inventory shrinkage are shop-lifting, theft by employees, clerical errors and supplier fraud. Placement Shoplifting is the leading ... Read More
October 10, 2018 inventory control, inventory management, inventory management software, inventory stock, waste reduction5 Myths of Inventory Control
Inventory can account for a substantial chunk of your business’ assets. Therefore, optimal inventory management is crucial to a business’ ongoing success. It is important for entrepreneurs to understand inventory control and inventory myths and misconceptions. 1. Start the business first Inventory control is important for the success of any bus ... Read More
October 3, 2018 inventory control, inventory management software, waste reductionHow Can Inventory Management Lessen the Impact of Food Industry Waste?
The food industry is known to be one of the largest producers of waste which makes it a good time to discuss how waste is generated and ways to keep it at a minimum using inventory management can facilitate waste control. The scale of food waste 1.9 million tonnes of commercial food waste is discarded […] ... Read More
September 24, 2018 food manufacturing, inventory control, waste reductionInventory Waste: 5 Areas for Improvement
Toyota’s model of production caused ripples throughout the manufacturing world when their introduced lean manufacturing and total quality management into their business. They identified two components of lean manufacturing that must be understood, these being Muda (waste) and Kaizen (continuous improvement). The lean manufacturing model also ... Read More
September 4, 2018 inventory control, waste reductionReduce Inventory Waste with a Lean Operation
As the world shifts towards a sustainably viable means of producing and distributing, companies dealing with inventory are increasingly pressured to limit their inventory waste. Creating a more efficient manufacturing and distribution process doesn’t just benefit the environment; keeping lost profit to a minimum and improving business image are b ... Read More
August 24, 2018 inventory management, lean inventory practices, waste reduction3 Essential Strategies to Prevent Inventory Waste
Every piece of inventory your business holds has a physical cost associated with it as well as less obvious costs. These costs also include transportation and movement of this inventory, the storing space required, the use of containers and packaging, the administration of tracking inventory, the cost of damages, losses and writing inventory off th ... Read More
August 21, 2018 inventory control, lean inventory practices, waste reduction5 Major Types of Inventory Waste Your Business Needs to Know to Cut Costs
Inventory waste is considered one of the seven major wastes in lean manufacturing and does not just encompass damaged or obsolete inventory stock. Types of inventory waste can be defined as any production activity that uses resources but does not add any value for the customer. As a consequence, these wastes add to the cost […] ... Read More
August 21, 2018 inventory management, lean inventory, waste reduction5 Types of Inventory Waste That Are Costing You Money
The types of inventory waste found in a business are not solely limited to damaged or outdated stock. Waste can be encountered in any activity that uses resources without adding any value for the end user. Instead, it increases cost, either to the manufacturer or to the consumer. Waste is a key area where businesses […] ... Read More
August 11, 2018 inventory control, inventory cost, inventory stock, waste reductionBetter Coffee Roasting with a Lean Approach
Lean manufacturing began to gain ground around the 1990s with Henry Ford and it has caught on quickly ever since. A lean production approach focuses on systematically reducing any non-value adding or wasteful activities, to increase efficiency, productivity and employee morale. Implementing lean manufacturing processes can be an excellent way to im ... Read More
November 7, 2017 coffee roasters, lean manufacturing, waste reductionInventory Management and the Bottom Line
Lean inventory involves minimizing excess stock; using more efficient processes to manage inventory and production are crucial to reduce waste. ... Read More
January 13, 2017 business automation, business forecasting, inventory management, sales support, waste reduction