Getting the right inventory in the right quantity at the right time is critical to your business success. Calculating the right level of inventory is a science, not guesswork or gut feel. The aim is to ensure that you have the products you need in stock in the right quantities when your customers need them. At the same time you need to minimise excess and obsolete stock that can weigh down your balance sheet, fill up your warehouse and lead to huge future write offs.
In this Lean minute Video, TXM UK Senior Lean Consultant, Tim Scurlock explains the principles behind getting your inventory right. This video was shot at Hazchem Safety in Brackley.