Best Practices in Inventory Management

84369 Words May 17th, 2011 338 Pages
Best Practice in Inventory Management

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Best Practice in Inventory Management
Second edition Tony Wild

OXFORD AMSTERDAM BOSTON LONDON NEW YORK PARIS SAN DIEGO SAN FRANCISCO SINGAPORE SYDNEY TOKYO

Butterworth-Heinemann An imprint of Elsevier Science Linacre House, Jordan Hill, Oxford OX2 8DP 225 Wildwood Avenue, Woburn, MA 01801-2041 First published by John Wiley & Sons 1997 Second edition published by Elsevier Science Ltd 2002 Copyright © 2002, Elsevier Science Ltd. All rights reserved
No part of this publication may be reproduced in any material form (including photocopying or storing in any medium by electronic means and whether or not transiently or incidentally to some other use of
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This book is aimed at showing how good inventory control can be used in practice. It is a result of working continuously on inventory control with a large number of companies over many years. It contains the distilled techniques which have been tried out and proven to work. This book contains two main ingredients, namely: the basics of inventory management as covered in the Institute of Operations Management (IOM) Diploma syllabus the application of these techniques to real inventory management. The applications are what really count, since the knowledge is not at all interesting without application. The experience of the author has been to use the basics to provide powerful changes in inventory and profitability. In several cases millions of pounds of inventory value have been saved and in others customer service has been greatly improved. The topics here have been tried, tested and approved. They are all a matter of common sense, but which piece of common sense to use in a particular situation is a matter that needs deeper understanding.

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P R E FAC E

The book is a driver’s manual for Inventory Controllers. It covers the working of the engine (how inventory control techniques work) how to use the controls (what the techniques do and how to manage them), and how to get the best out of the vehicle (how to optimize inventory). Understand the text and it will show the way to guaranteed improved inventory control,
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