Knowing what’s in your inventory is critical to production, forecasting and maintaining steady growth in your manufacturing business. When it goes to the road of chaos or inaccurate statistics, you not only impact the inventory, you put the outcome of your business at risk.
Now, to really nail down your inventory management, many manufacturers incorporate advanced discrete manufacturing principles to keep things ship-shape. What do these do for your inventory? Consider these three main points of mixing ADM with your own inventory management practices.
Advanced Discrete Manufacturing and Inventory
Quality data– When it comes to data, there’s a saying, “Junk in; junk out.” If you have data that’s compromised or lacks quality, you will get abysmal results with your inventory management. It’s not just important to have an accurate look of your inventory; you need to have consistency and quality data. With advanced discrete manufacturing, you do more with less and this helps you consolidate your data into quality statics that never steer you wrong when it comes to your inventory and what it will do for your production schedule.
Communication – Sure, you’ve heard it many times before, but it’s true: communication is key to many things and that includes your inventory. That includes accuracy, data quality (from the above point) and how everyone in your organization stays informed. When you have an informed staff, you can take care of issues that come up, forecasting for the future or answering questions when it comes to your inventory. Again, advanced discrete manufacturing helps you consolidate your communication strategy and get more personnel on the same page with tight and precise communications. Then, you can get the right data to those who really need it.
Efficiency – Ok, so we’ve covered some key points, but to really manage inventory, you need some efficiency. Yes, it’s key and without it things go south, quickly! Again, with advanced discrete manufacturing, efficiency is built-in. With the ability to do more with less, you can more efficiently manage your inventory and your whole operation, which means more business and additions to your bottom-line.
Manufacturing is an evolving industry and for those not fully embracing change, they will most likely get left behind. That includes inventory management and how different things can impact it. When you bring in advanced discrete manufacturing practices, you get quality data, communication and efficiency to your inventory management.