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This workflow template illustrates the analysis of the historical inventory's use of patterns to determine if changes to inventory standards are required and the comparison of current inventory levels (maintenance) versus established reorder points (and subsequent materials purchasing and approval, if needed). Purchase and download this template in PDF, Visio and PowerPoint formats. You can customize it to fit your own organization, or simply use it to better understand the Inventory Standards & Maintenance process.Download a Free Sample of this Workflow Template
What is Inventory Standards & Maintenance?
Inventory Standards & Maintenance is a process that involves the analysis of the historical inventory's use of patterns to determine if changes to inventory standards are required and the comparison of current inventory levels (maintenance) versus established reorder points (and subsequent materials purchasing and approval, if needed). This process includes historical inventory usage review, transactional analysis (this analysis determines whether a number of orders are forming a trend or not), adjustments in inventory levels (if required), evaluation of materials requiring manual reordering (inventory management decides whether to approve or deny manual reorders), purchase order submission, reception or ordered materials and their subsequent invoices, invoice matching and resolution (should invoices not match) and invoice payment.
Which KPIs, or metrics, are typically used to measure this process?
The following metrics are typically involved in the Inventory Standards & Maintenance process:
Which employees and/or departments are involved in this process?
The following parties are typically involved in the Inventory Standards & Maintenance process:
What is the purpose of these workflow templates?
Broken business processes pervade companies, large and small. Manual workarounds, downtime, errors and other waste is thought of as "the cost of doing business." Use our workflow templates as a starting point to document your own processes. Customize them to fit your business and add "call outs" for improvement opportunities.
How are these workflow templates created?
These workflow templates are the product of over 20 years of hands-on management consulting experience, as well as research performed by the OpsDog team. All of our workflows are mapped using the BPMN 2.0 specification.
How do I download a workflow template?
Simply click the "add to cart" button and follow the process to purchase and download this workflow template. You can use any major credit card, or a PayPal account, to pay. After you have completed the purchase, you will receive a link to immediately download the document in PDF, Visio and PowerPoint formats. If you aren't a registered OpsDog user yet, create a free account! New users get $20 off of their first purchase.