Inventory management is a holistic and logical methodology for handling both raw materials and finished products. It encompasses several manufacturing SMBs processes such as tracking stock levels, planning production schedules, and liaising with vendors.
Raw material inventory management represents a vital stage in the successful supervision of any manufacturing company’s supply chain. Without it, the overall productivity and profitability of your businesses would likely plummet. You can’t manufacture shiny new goods without raw materials, after all.
Later stages of the inventory management process include organizing finished goods and (depending on your product offering) works in progress.
Contemporary manufacturing represents a complex and diverse sector, so many small to mid-sized business (SMB) owners have trouble getting to grips with inventory management. If you’re new to the world of stock counting and supply chains or are simply looking to hone your existing processes, we’ve put together a handy guide to inventory management below.Continue reading “5 Inventory Management Tips for Manufacturing SMBs!”