Inventory Training
Description
Vocal Characteristics
Language
EnglishVoice Age
Middle Aged (35-54)Accents
North American (General)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
Hi, I'm incurred. The inventory guru and I will be your instructor today. The distribution now Supply Chain Network strives to meet our customers dynamic demand while also mitigating risk and waste. We integrate the flow of materials and information to be available at the right place. Right time, right, cost right quantity and quality to fulfill our customer priority One promise In our first training video inventory 101 we learned about how the materials management team leverages all pieces of the D now network to keep inventory strength. If you have no watched inventory 101 we recommend washing it first before continuing. You can easily find it on the workday learning tab by searching for inventory 101 Okay, it's time to get started. In this video, I will go over three basic concepts. First, establishing a high level overview of inventory settings, including minimum reorder and maximum stock quantities. Second, understanding how men Max stock levels are determined and the calculations that occur behind the scenes and finally helping you develop best practices to maintain accurate information In our TRP system, every inventory management decision you make affects margin and your ability to run a successful operation. We understand that sometimes unexpected problems do pop up and can interrupt the supply chain. But the more we work together to mitigate risk in waste, the better you can manage your margin. Understand the basics of Min Max stock levels. We first need to discuss why you would put settings on an item in the first place. We begin by evaluating the customer's request and denounce capacity to manage their request. You would expect to have continuous demand with a reputable customer for an item that could be used across the organization as well. Let's have a good relationship with the denial managed vendor who supplies that item. Once we receive customers commitment, it is time to decide how many you should have on the shelf. A new customer request came in okay, 200 lines. It looks like we have most of these items. Luckily, with our settings, I know what's in stock. Let's take a look at one of these items With six months of historical sales where the Min Max levels are at 15 and 25 in this request, they want 19 which is in line with our settings. We can fulfill this request. The maximum stock level is shown on the top line. This value is the maximum quantity you should have for this item. I can also see the minimum stock level, also known as the Reorder point, which is represented by the bottom line. This value is seen as the minimum quantity that can be safely held to cover expected customer needs. This axes a reorder point, which triggers restocking actions to the max level at the branch. Having the right min max settings helps us mitigate inventory stock outs. The cost of inventory stock counts often expands further than we think it can take the form of los cells lost customer trust lost margin and the list goes on. Part of our responsibility is Dino employees is to provide the customer service excellence. Having the right materials when our customers need it starts with understanding what they need in the first place. Once the correct Min Max stock levels are put into play, the real magic happens over nine. Our e. R P system utilizes inventory settings toe automatically fill material when and where it is needed. If what's happening on the ground does not match the information in the system. We cannot determine when an item needs to be reordered, which ultimately causes the inventory replenishment process to be delayed. One way you can help is by receiving and shipping items in a timely manner and by entering orders into the system as they're received. It is important for us to have a solid internal relationship so we can have the correct information. And when there is a drastic increase or decrease in demand for new projects or building in the funnel, that would be a good time to mention it to your local inventory specialist or contact the materials management team to adjust those values accordingly. Well, that's it for now. I hope this video helps you understand the importance of having the correct inventory settings and the steps you can take to impact the timeliness of our inventory replenishment process. Make sure to check out our other materials management videos to dive deeper into how details materials management team helps you fill our customer priority. One promise