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TECH NEWSThe Uprising Effectiveness of Inventory Management

The Uprising Effectiveness of Inventory Management

The Uprising Effectiveness of Inventory Management.

The meaning of inventory goes like the stock of goods like raw materials, work progress, stores of finished goods, consumable goods, etc. Inventory in general terms means stock.

When you start a business, the stock that you store in your warehouse or store place is called the inventory of your business. From the raw materials that are unprepared to the finished goods, everything you store to sell in the market is the inventory.

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Inventory Management

This involves a process of

  • Planning
  • Organizing
  • Handling
  • Storing the required amount of inventory
  • Preparing costs
  • Making sure that the derived cost meets the demands of the consumers.

There are a few aspects that have to be stored in stock to avoid future loss. The customer’s demand is not predictable, so all of this has to be nearly estimated.

There are various techniques involved in the process of estimation. There are two widely used costs in the management process of inventory

  • Ordering cost
  • Carrying cost

Ordering Cost

Ordering cost is the amount that goes out of your hand while in the process of ordering. (Orders from the suppliers)

It consists of the shipment cost, raw materials, transport cost, labor cost, accounting cost, inspection cost, etc.

Carrying Cost

Carrying cost consists of the warehouse cost, holding cost, protection cost, rent, insurance, spoilage, and damages cost. The main thing that you need to do in inventory management is to maintain a balance between the ordering cost and the carrying cost.

The inventory takes up to 50% – 80% of the total current assets of the company or the business concern. Current assets of the business consist of the debtors, receivables, inventories, inventory occupied, etc. It aids the working capital management as well as production management.

Working capital maintains the short term funds and the liquidity of the business. Liquidity helps in the maintenance of the proper cash flow in the company. Whereas, production management, maintains the proper process of production. They have to be efficiently managed. They are a crucial part of a business organization.

During this process, the safety of the workers is very important. That’s where PPE management comes into play.

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What Is PPE?

It is the abbreviation for the meaning, PERSONAL PROTECTIVE EQUIPMENT. PPE protects you from the hazards that can occur in your workplace. The management of these goods is known as PPE inventory management.

The Protection process can be classified into many types like,

  • Head Protection
  • Skin Protection
  • Eye Protection
  • Legs Protection
  • Hand Protection
  • Face Protection
  • Respiratory  Protection

Head Protection

For head protection, the use of helmets, hard hats, bump caps, head accessories, guards etch will help to save your heads from falling materials or objects that might come swimming.

Hand Protection

For hand protection, usage of wrist cuffs, arm nets, work gloves, gauntlets, etc. can be used. These, safeguard our arms, hands, fingers, it’s very important to protect our hands. They ensure protection against sunburns on hands, heat, cold, burns, cuts, etc.

Eye And Face Protection

Every day, more than 600 laborers and workers suffer from injuries to the eyes and face worldwide. They include glasses for safety and goggles, Shields for eyes and face, Visors, Over specs, etc. They help you prevent the injuries that happen to one’s eyes and face.

Respiratory Protection

In areas that have a large number of gases, dust, power present, the workers will be affected by respiratory problems. During these times, breathing apparatus, face respirators, mask respirators, powered respirators are all needed.

Hearing Protection

An installation of Acoustic foam, noise barriers, noise meters, defenders, earplugs, etc. will help in the prevention of the harms that affect our ears of our hearing.

Foot/ Leg Protection

Safety boots or shoes, Conductive footwear, and static footwear are to be stored for the purpose of Leg Protection.

PPE inventory management is one of the best things that was ever learned and taken from our elders. They help the workers work in peace. The workers don’t have to be worried about what will happen to them while doing work that might be a bit dangerous. As they will know that nothing can harm them when they are equipped with these goods.

The company’s head is supposed to provide the workers with the necessary goods when it is requested by them. They make sure to provide protection to the one that makes use of it. PPE has proved to be of great use to everyone in the company and it is known to provide the safety one needs.

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