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Category Archives: Excess Stock

Excess-Inventory-Management

Excess Inventory Management is Lot easier than before!

Excess Inventory is one of the important issues that 80% of the manufacturing industry facing is excess inventory. There are so many questions that whirl around the minds of the industrial experts, How to handle it? How to reduce excess inventory? How to liquidate it? How to avoid keeping excess stocks? How to manage the inventory? These are the main questions every industry is confusing with its excess inventory stocks.

Here are some of the solution and tips for inventory management, reducing excess inventory and lot more

5 Steps to Reduce Excess Inventory

  • Analyze the demand variability
  • Detailed Forecasting
  • Lead Time Management
  • Using of Inventory Control Methods
  • Liquidating Obsolete Stocks

Analyze the Demand Variability
Demand variability is one of the most important challenges every industry is facing where it starts with customer needs. Analyzing demand variability is between manufacturers and different tier companies. If the customer demand is satisfied directly through the tier 1 suppliers its easy to predict and say how the demand is, but due to the business model we are dealing with right now where aggregators, dealers, tier 2 & tier 3 suppliers are playing the part of the consumers, analyzing demand variability gets tougher and tougher.
There it is very essential to keep track of the whole supply chain right from the producer to the consumer.

Detailed Forecasting
Very optimistic forecasting may be one of the reasons for the overstock of items without detailed customer demand analysis. Different forecasting techniques, standards, and detailed information for the need of the products can be implemented to reduce the excess inventory.

Lead Time Management
Sometimes it can be supplier lead time or manufacturer lead time, either way, it is one major issue that should be taken care of. Too much lead time will increase the carrying costs of inventory. Solutions for lead time should have Consolidated Domestic suppliers, maintaining order frequency, and much more.

Using of Inventory Management methods
Keeping products in the warehouse in organized manners, maintaining the order and deliver status, tracking of material purchasing, annual forecasting report are some of the steps taken by every industry for better inventory management. Apart from these there some analysis techniques used to control/manage excess inventory stocks.

Some of the analysis methods are ABC Analysis method, VED Analysis, Economic order quantity model, FSN Analysis Etc,… Using these inventory management methods, industries must operate upon avoiding these unnecessary risks.

Liquidating Obsolete Stock
Though industries try hard sometimes unexpected changes in market demand, technology changes, and a current situation like COVID-19 can lead to over and excess of stocks in inventory/Warehouse.
To solve these problems facing by industries some online liquidating companies like Goospares.com help with the process of liquidating, excess and unused inventory by simple steps that benefit every industry in many ways. Instead of scraping or keeping warehouse nasty with excess stocks these inventory liquidations will gain some profit for those obsolete spare parts.

Above are the simple steps that can help to over the pressure of excess stocks in the warehouse which is affecting the bottom line of each industry. Many industry’s ROI can also be reduced because of these excess or obsolete inventory.

Mro procurement to excess inventory

How MRO procurement can be A Hidden Excess Inventory

What is MRO MRO Purchasing or Maintenance, Repair, and Operation is essential for a successful business. Every Industries production and delivery of products depends on how we maintain the machinery/equipment. MRO Role in Every industry Machinery/Equipment in every industry had to maintain properly for good production and profitability of the organizations. In today’s competitive world … Continue reading How MRO procurement can be A Hidden Excess Inventory

Management errors and its fixes

Top 10 Warehouse Management Errors and its Fixes

Warehouse errors can be easily fixed, but it will take some effort to fix the solutions. Common warehouse errors can ultimately add extra costs, impair workflow and cause other interruptions to prevent your process from operating at optimal levels. If your warehouse is free from these issues, however, it is good to note and remain … Continue reading Top 10 Warehouse Management Errors and its Fixes

covid 19

Are industries doing well in managing COVID 19?

Corona virus (COVID-19) is, first and foremost, a pandemic crisis affecting hundreds of millions of people worldwide. This also has a major impact on the global economy, affecting most companies – from the viewpoint of revenue, operations, clients, and employees. Services that risk life, health or personal safety are also affected. One thing is obvious … Continue reading Are industries doing well in managing COVID 19?

Why should you sell or buy industrial products with Goospares?

As INDIA has transformed itself in this digital age, industrial shopping today has become user-friendly enabling transactions like never before. Online shopping helps understand buyer trends and making more and more adapting to this behaviour constantly. Goospares helps connect thousands of buyers, sellers and suppliers. Most consumer and manufacturing products are produced and sold in … Continue reading Why should you sell or buy industrial products with Goospares?

How do businesses profit by Sustainable Manufacturing?

Sustainable manufacturing can be described as a framework that combines product and process design issues with production, planning and control issues.  It is done in such a way that environmental waste flows can be detected, quantified, evaluated and controlled with the goal of positively influencing the environmental impact to that of the Earth’s self-recovery capacity. … Continue reading How do businesses profit by Sustainable Manufacturing?

obsolete mro spare parts

What’s up with your obsolete MRO spare parts?

When the product is at the end of life cycle, it becomes obsolete.  Or it applies to products that weren’t used for a long period of time, which can also be termed as ‘unused spares’. Obsolescence of spare parts is a major concern for industries that affect most of the equipment.. The industry is facing … Continue reading What’s up with your obsolete MRO spare parts?

Lists of Industrial spares that are common to every other industry.

Maximizing the efficiency and safety of industrial manufacturing equipment depends a great deal on high-quality industrial spares products. Some of the spares are listed out here 1. Clutches Industrial clutches connect the two rotating shafts so that they can be spin, locked or decoupled at the same time. It helps to spin or stop any … Continue reading Lists of Industrial spares that are common to every other industry.