Inventory Standards & Maintenance
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 &
Related KPIs : Cycle Time: Material Stocking, Frequency of Inventory Audits, Inventory Turns
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.
Download a Sample Inventory Standards & Maintenance
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This workflow template illustrates the analysis of inventory levels and subsequent restocking or replenishment (if needed). Purchase and download this template in PDF, Visio and PowerPoint f...
Type : Workflow Template
Process Participants : Inventory Analyst, Logistics Manager, Logistics Specialist