Operations & Supply Chain Management: Forecasting & Demand Planning

[@Hawkfeet]

Thanks for the video
I have a question
What is the best way to do inventory in a big store in your opinion
Close the doors and do it or continue the operations while recording inventory movement?

[@The_Business_Doctor]

Hi there,
That’s a great question. The days of closing the doors for inventory are pretty much gone and is very much a holdover from the days where we didn’t have live perpetual inventory systems.
The disruption to sales by shutting down doesn’t make sense anymore so companies now use cycle counting where inventory is counted on a regular basis (sometimes daily in some operations I have seen) where certain inventory classes and items are randomly selected for counting. Over the course of a year all the inventory would end up being counted but instead of all at one, regularly in smaller chunks over the year. Cycle counting is also approved by auditors and allows for more frequent counting of high value items.
Hope this helps!

[@champboehm7863]

Thanks, man. I'm going to try and become a supply chain manager.

[@The_Business_Doctor]

Go for it!

[@infamousprince88]

Great video - curious if there are resources (books, courses, videos) for further learning?
Thanks

[@The_Business_Doctor]

Hi Joshua,
I'm glad you like the video. I have a series of videos that have been used in courses I've taught and there are many good Operations Management books available, depending on where you are. Amazon would likely be the best source for that.

[@sistersjuan]

Very comprehensive. Thanks!

[@The_Business_Doctor]

You’re welcome!

[@ninobach7456]

concise and on point

[@The_Business_Doctor]

Thanks!

[@akanjirosetta7573]

Pure gold, thank you!

[@The_Business_Doctor]

Thanks!

[@furqanmughalvlogs2774]

Genius

[@The_Business_Doctor]

Thanks!

[@SkivdeVisser]

Absolute gold.

[@The_Business_Doctor]

Glad you found it helpful!