Hi Laurence, Mc Kevin Garcia here. Glad to watch or discover your videos, this is very educational and needs to be promoted as well. I'm here to introduce myself as a person who worked at a food retail supermarket before. Inventory is quite tasking if not organized and well planned by the management. Crack on!
Good topic, It is true in all senses like they say " Too much is too bad" Whether it is eating food, working out, etc but the key to setting up too much inventory is maintaining a max buffer and threshold. Use case 1: ( Retail inventory - Non-persihable) There should be an extensive study done in understanding if the unit cost in the current market is the best value for money at that stage. In that case, hitting the max buffers always pays off understanding the inflation in the current market. Use case 2: ( Retail Inventory - Perishable) Major checks is if the inventory hoarded has an expiry or not.Always a bad idea in maxing out inventory since market conditions always fluctuate. Understand the need of the hour, know your customer, use analytics, anticipate and use your gut feeling to replenish the stock in your inventory. Use case 3: ( Restaurant Operations) Considering wastage as the bigger challenge, understanding the kitchen's warehouse set-up is really important. I would consider all the use case 2 scenarios: Would work on recipe mapping on an item, analyse how each day brings the footprint. And would definitely recommend planning out for atleast 2-3 months depending on Refrigeration, and the organization of dry space availability. I would close on the use case not adding consumer & component products, each scenario defers and accurate planning and understanding the needs would in the best way help any organization and move towards profitability, which ideally is the end goal. Apologies for the typos if any
Hopefully you see this. So I work for a medical device company and lately they’ve been ordering a lot of the same parts. So we have 5 pallets of 1 part,maybe 1 pallet gets pulled a week but they keep ordering 4 pallets of the same part every week. I have 2 rows of just 1 part. Dating back to 2022. Nobody says anything but we have to have 99% put away within 24 hours. I’m running out of space to keep it neat but boss wants me to just put away whenever then come on saturdays to fix it. Makes no sense. Plus they wanna add 2 more warehouses in our warehouse plus a small clean room. We also have parts that have serial numbers that need label on each board which takes a lot of time. Any suggestions to get through to the bosses?
This sounds crazy indeed! The financial and operational consequences of blind, out-of-control ordering of excess parts on this scale should be more than obvious to any management. If they refuse to listen, I "would" have said that it will quickly become obvious to them when they see they now to buy even more warehouse space which is a sudden, especially obvious cost - but that doesnt seem to have triggered any alarms at all. It almost makes me wonder if there are some "crossed" motivations. Maybe someone "wants" to be a more important manager and is looking for a reason to expand the empire, or maybe the decision makers are just too far removed from the money spenders - in which case you may have some luck by showing the ultimate money spenders the scale and absurdity of the situation (although that could make you very unpopular with the distracted / blind / alternatively-incentivized managers....
You're very welcome! I'm thrilled to hear that you find the content helpful and that you're enjoying the channel. Your kind words and support mean a lot to me. I'll do my best to keep providing valuable and engaging content for you and all my subscribers. If you have any specific topics or questions you'd like to see covered in future videos, feel free to comment down below. Thank you again for being a part of our community, and I look forward to sharing more knowledge with you. Happy learning, and have a fantastic day!
@@LaurenceGartside actually i do have a question what is the best way to push inventory during a stagflation like what techniques tactics strategies have worked in the past to push a lot of inventory during a stagflation if i might ask
Hi Laurence, Mc Kevin Garcia here. Glad to watch or discover your videos, this is very educational and needs to be promoted as well. I'm here to introduce myself as a person who worked at a food retail supermarket before. Inventory is quite tasking if not organized and well planned by the management. Crack on!
Lovely to meet you Kevin:) Thank you for your comment.
Good topic, It is true in all senses like they say " Too much is too bad" Whether it is eating food, working out, etc but the key to setting up too much inventory is maintaining a max buffer and threshold.
Use case 1: ( Retail inventory - Non-persihable)
There should be an extensive study done in understanding if the unit cost in the current market is the best value for money at that stage. In that case, hitting the max buffers always pays off understanding the inflation in the current market.
Use case 2: ( Retail Inventory - Perishable)
Major checks is if the inventory hoarded has an expiry or not.Always a bad idea in maxing out inventory since market conditions always fluctuate.
Understand the need of the hour, know your customer, use analytics, anticipate and use your gut feeling to replenish the stock in your inventory.
Use case 3: ( Restaurant Operations)
Considering wastage as the bigger challenge, understanding the kitchen's warehouse set-up is really important.
I would consider all the use case 2 scenarios: Would work on recipe mapping on an item, analyse how each day brings the footprint. And would definitely recommend planning out for atleast 2-3 months depending on Refrigeration, and the organization of dry space availability.
I would close on the use case not adding consumer & component products, each scenario defers and accurate planning and understanding the needs would in the best way help any organization and move towards profitability, which ideally is the end goal.
Apologies for the typos if any
Thank you Evan for your expanding on all those use cases of yours :)
Hopefully you see this. So I work for a medical device company and lately they’ve been ordering a lot of the same parts. So we have 5 pallets of 1 part,maybe 1 pallet gets pulled a week but they keep ordering 4 pallets of the same part every week. I have 2 rows of just 1 part. Dating back to 2022. Nobody says anything but we have to have 99% put away within 24 hours. I’m running out of space to keep it neat but boss wants me to just put away whenever then come on saturdays to fix it. Makes no sense. Plus they wanna add 2 more warehouses in our warehouse plus a small clean room. We also have parts that have serial numbers that need label on each board which takes a lot of time. Any suggestions to get through to the bosses?
This sounds crazy indeed! The financial and operational consequences of blind, out-of-control ordering of excess parts on this scale should be more than obvious to any management. If they refuse to listen, I "would" have said that it will quickly become obvious to them when they see they now to buy even more warehouse space which is a sudden, especially obvious cost - but that doesnt seem to have triggered any alarms at all. It almost makes me wonder if there are some "crossed" motivations. Maybe someone "wants" to be a more important manager and is looking for a reason to expand the empire, or maybe the decision makers are just too far removed from the money spenders - in which case you may have some luck by showing the ultimate money spenders the scale and absurdity of the situation (although that could make you very unpopular with the distracted / blind / alternatively-incentivized managers....
Thank you for this it is extremely helpful thanks keep it up love your channel
You're very welcome! I'm thrilled to hear that you find the content helpful and that you're enjoying the channel. Your kind words and support mean a lot to me. I'll do my best to keep providing valuable and engaging content for you and all my subscribers. If you have any specific topics or questions you'd like to see covered in future videos, feel free to comment down below. Thank you again for being a part of our community, and I look forward to sharing more knowledge with you. Happy learning, and have a fantastic day!
@@LaurenceGartside actually i do have a question what is the best way to push inventory during a stagflation like what techniques tactics strategies have worked in the past to push a lot of inventory during a stagflation if i might ask