Additional policies and techniques
Since the company lacks adequate knowledge on BOM, I as the inventory control manager of Wheeled Coach I would initiate the use labeling as a technique of inventory management. This technique will ensure that all inventories are labeled and this will ease the replaced of any replenished stock. On completion of the inventory check, reconciliation process will be easy and hence accuracy in transactions. I would also introduce the use of inventory management software which will assist the company to track inventory records.
This software will assist in cataloguing all inventory information like cost, location in the warehouse and the quantity at hand (Kum-Khiong. Y. et. al 2003). The inventory details to be entered into the system will include the inventory name and its code. This software will also ensure that all the inventory information are held or stored safely. To be able to control its total costs, Wheeled Company need to cut down the costs of purchases. As an inventory control manager I would initiate a policy of buying goods in bulk.
Buying goods in attracts quantity discount and cash discount is the only way the company can reduce the cost of purchases (Kum-Khiong. Y. et. al 2003). By doing this
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Y. et. al 2003). I also would introduce a training program for all employees of the company as by doing this knowledge and skills on the use of the software will be instilled in them and this will enhance the accuracy of all the transactions in the company. During this training session the employees will be trained on how enter inventory details like product name and product code into the system and hence labeling will act as a back up of the management software (Shapiro, J. , & Wagner, S. 2009).
I would also engage talks with the company vendors or suppliers about giving the company quantity and cash discounts after every purchase. Through this the company will be able to purchase its inventories at a reduced price. Reference Perkins, D. (2010). ABC Inventory Control to Boost Profit and Carve Out Tax-Free Cash. Business Owner, 34(1), 4. http://proquest. umi. com/pqdweb? did=1962613081&sid=4&Fmt=2&clientId=29 40& T=309&VName=PQD Retrieved July 15, 2010, 2010, from ABI/INFORM Global. (Document ID: 1962613081). Shapiro, J. , & Wagner, S. (2009).
STRATEGIC INVENTORY OPTIMIZATION.
Journal of Business Logistics, 30(2), 161-X. http://proquest. umi. com/pqdweb? did=1882439091&sid=1&Fmt=4&clientId=29 40&RQT=309&VName=PQD Retrieved July 15, 2010 from ABI/INFORM Global. (Document ID: 1882439091). Kum-Khiong Yang, Robert A Ruben, & Scott Webster. (2003). MANAGING VENDOR INVENTORY IN A DUAL LEVEL DISTRIBUTION SYSTEM. Journal of Business Logistics, 24(2), 91108. http://proquest. umi. com/pqdweb? did=503494791&sid=4&Fmt=4&clientId=294 0&RQT=309&VName=PQD Retrieved May 15, 2010, from ABI/INFORM Global. (Document ID: 503494791).