We had to choose between quick delivery and keeping cost to a minimum. At first, we had to wait for the order to come and this took us more time to deliver and we ended up having to order small quantities every time.
Then, we started to order more products which concluded in costs going up. Having more products meant inventory cost has to increase.
Then, we started to order more products which concluded in costs going up. Having more products meant inventory cost has to increase.
The real problem here was " time consumption". The ordering/delivering process took long. Maybe we could use ICT to receive orders quickly and frequently via internet and a program which receive orders and sends the manufacturing orders accordingly. This way we can order quickly and we won’t have to keep anything in our inventory. This will keep the cost to a minimum.
Also intelligent forecasting tools can be employed to help make intelligent guesses as to how much of the products should be manufactured at a time thereby limiting the quantity of items in inventory to a minimum thus lowering costs.
The Excel Sheet Results
Also intelligent forecasting tools can be employed to help make intelligent guesses as to how much of the products should be manufactured at a time thereby limiting the quantity of items in inventory to a minimum thus lowering costs.
The Excel Sheet Results
No comments:
Post a Comment