Your company has given you the task of reducing inventory by 25% without negatively impacting customer...
Your company has given you the task of reducing inventory by 25% without negatively impacting customer service. What actions would you take to accomplish this task?
Please include references. Thanks.
Homework Answers
The suggestions that should be given to such a company are following:
1. The company should reduce wastage, thereby implementing a strict check on the same.
2. The company should identify it's inventory on the basis of Pareto and try to reduce the items which have high cost.
3. The company should identify processes which reduces movement thereby increasing efficiency.
4. The company should distinctively adopt policies such as employee of the month etc to motivate employees who help towards the motive of less wastage.
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