Question

Which technique brings inventory and cash requirment drastically down?

Answer 1

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Inventory cost is defined as the cost of holding goods in stock. If you’re looking for a way to reduce your inventory cost, chances are you’re stocking too much inventory. Too much on-hand inventory increases your storage costs—thus your cost of goods sold—and ties up liquid cash.

Here are three ways to reclaim that cash and reduce your inventory cost:

Know Your Up-to-Date Inventory Levels

Keeping tack of your inventory levels is the most straightforward way to prevent overstocking inventory and, as a result, reduce inventory cost. Although a spreadsheet-based inventory management system might give you a general idea of how much inventory you have at a given point in time, solutions like Wasp’s Software and Inventory Management systems, help keep that information automatically up-to-date; allowing small businesses to make quick, strategic decisions about how much inventory to have on-hand.

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Answer 2

The JIT techniques bring inventory and cash requirement drastically down.

Explanation:

• Just-in-Time (JIT) is a Japanese management philosophy and was first developed by Taiichi Ohno for Toyota.  

• The main objective of Just-in-time is to reduce the time within the processes of the production system and also bring down the response time from the customers and the suppliers, with reducing the levels of inventory and cutting down on the costs.  

• It helps to bring down the holding of stock and reduce lead times by days, weeks or hours. The process of production is done with the idea of reducing waste.  

Learn more about JIT techniques

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