BSC-133 First In First Out (FIFO) Inventory Management
Inventory is often one of the largest assets a business has. Therefore, it is crucial to manage it in a way that minimizes waste and maximizes profits. One popular inventory management system is First In, First Out (FIFO). This system assumes that the oldest items in stock are the first ones to be sold. Let’s take a closer look at how FIFO works and how you can use it in your own business.
First In, First Out (FIFO) is an inventory management method that ensures the oldest stock is used or sold first. This approach is crucial in industries where products have a limited shelf life, such as food, pharmaceuticals, and perishable goods, as it helps minimize waste and reduce the risk of obsolescence.
By consistently rotating inventory, businesses maintain product quality, enhance customer satisfaction, and optimize their storage space. FIFO also provides a clear and transparent system for tracking inventory costs, which is beneficial for accurate financial reporting and cost control.
First In, First Out (FIFO) is an inventory management method that ensures the oldest stock is used or sold first. This approach is crucial in industries where products have a limited shelf life, such as food, pharmaceuticals, and perishable goods, as it helps minimize waste and reduce the risk of obsolescence.
By consistently rotating inventory, businesses maintain product quality, enhance customer satisfaction, and optimize their storage space. FIFO also provides a clear and transparent system for tracking inventory costs, which is beneficial for accurate financial reporting and cost control.
By the end of the 1-day program, participants will be able to:
- Comprehend requirements for an effective Inventory Management
- Achieve enhanced Operational Efficiency within their work unit
- Gain proficiency in Queue Management Systems
- Plan Resource Allocation efficiently
- Adopt a working culture with improved decision-making abilities
- Section 1: Overview of FIFO Systems
- Section 2: Benefits of FIFO & Reporting Standards
- Section 3: FIFO Related Metrics & Calculations
- Section 4: FIFO System Implementation
This one-day FIFO Awareness program is designed for Production Managers, Executives and Engineers. It is also suitable for supporting teams from the Logistics, SCM & Quality departments.
This is a 1-day programme.
This course runs from 9:00am – 5:00pm with an hour for lunch and periodic short breaks.
This is an intensive session designed to include as much discussion as possible. Lunch and breaks provide an opportunity for further questioning and discussion with the instructors.
This course runs from 9:00am – 5:00pm with an hour for lunch and periodic short breaks.
This is an intensive session designed to include as much discussion as possible. Lunch and breaks provide an opportunity for further questioning and discussion with the instructors.
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