Many small to midsized manufacturers (SMMs) struggle to compete with their larger counterparts because they have fewer resources including personnel, technology, budget, and time.
That said, using your production resources as efficiently as possible is extremely important.
Material and inventory management are one of the most vital areas of any manufacturing business yet often needs the greatest improvement. Struggles in this area can lead to a variety of problems including poor customer experience, lack of visibility across departments, low inventory turns, out-of-control labor costs, decreased profitability, and ultimately, business failure.
Here are seven material and inventory management pitfalls that many manufacturers face and how successful businesses can streamline purchasing and inventory processes to drive efficiency, eliminate errors, and reduce costs.
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