What is Inventory Planning and Control ? Inventory planning and control are the activities associated with the inventory management. The management of the business needs to check the inventory as the inventory is the second largest expense in the business. Inventory planning comprises f predicting how much inventory is required to be in hand to … Read more
What is Scheduling ? Scheduling may be defined as the process of arranging the work associated with the manufacturing process with a view to (i) having the optimum output, and (ii) keeping a control over the entire process. As part of this process, the work is assigned to the plant with appropriate time-frame for each operation … Read more
What is Distribution Requirement Planning ? Distribution Requirement Planning (DRP) can be used for determining inventory required to be maintained at different stocking locations. It also makes sure that various supply sources are adequate for meeting the demand. This tool is essential for implementing Just-in-Time Production (JIT) and logistics system. It is a meaningful expansion of Manufacturing … Read more
What is Digital Asset Management ? Digital Asset Management (DAM) is a systematized approach to storing, organizing, retrieving, and distributing digital assets within an organization. These assets can encompass a wide range of digital files, including images, videos, documents, audio files, and more. The primary goal of DAM is to streamline the management process, ensuring … Read more
What is a Data Lake ? A data lake is a centralized repository that allows organizations to store all their structured and unstructured data at any scale. Unlike traditional data warehouses, which require data to be processed and structured before storage, a data lake accepts data in its raw format and applies structure only when … Read more
What is Order Fulfillment ? Order fulfillment is the process by which a company receives, processes, and delivers customer orders for products or services. It encompasses all the steps involved from the moment an order is placed until it reaches the customer’s hands. It encompasses various steps, including order processing, inventory management, picking and packing, … Read more
What is Third-party Logistics ? Third-party logistics (3PL) refers to the outsourcing of logistics and supply chain management functions to a specialized company that provides these services. Essentially, it involves a company hiring an external organization to handle aspects of its logistics operations such as warehousing, transportation, distribution, inventory management, and freight forwarding. 3PL providers … Read more
What is Master Production Schedule ? Master production schedule (MPS) is a statement which answers certain questions like what product to be made, what number to be manufactured and timing of conducting the production process. Basically, MPS refers to production plan. Under this, the total amount of the demand of plant including the demand with … Read more
What is Production Control ? The concept of production control refers to implementing the production plans and the schedules by aligning varied activities. It emphasizes on the fact that the actual performance and the budgeted performance are as per the underlying plans. To get the maximum benefit, the production control and the techniques involved under this … Read more
What is 5S House Keeping ? 5S is a Japanese philosophy and a way of organizing and managing the workspace and workflow with the intent to improve efficiency by eliminating waste improving flow and reducing process unreasonableness. It was made popular by Taiichi Ohno the designer of the Toyota Production System (TPS), and Shigeo Shingo, … Read more