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Defining the Value of a Standardized Master Catalog of Materials Management Data

Measuring Inventory Cost – Last week, I laid out the three key cost factors that should be included to accurately measure your total cost of inventory management baseline. The first key facter, which I’ll talk about today, is inventory cost.

 This week’s blog will continue our discussion of determining total cost of inventory management. Previously we identified three key cost factors to measure prior to the launch of any significant Inventory management strategy. To refresh your memory, they are: Inventory Cost Process Cost Procurement Cost This week we will look more closely at procurement costs.

In this economy, businesses are looking for new ways to improve efficiencies and save money over the long haul.  For many businesses, inventory management (particularly spare parts inventory) is one of the last bastions of opportunity. Dan Floen, President, Professional Materials Management (PM2) www.pm2online-com-bx5y.dfwwd.mysecurepage.net In these tough economic times, the pressure on businesses has never been

Process Cost – Last week we explored factors to consider when measuring inventory costs, so this week we will look more closely at factors affecting the measurement of inventory process costs.