New Modess of Trade Finance
1. Which activities should Vonkel undertake to effectively manage their inventory?
Ans: Vonkel should take following steps to effectively manage their inventory:
They should select proper system for storing inventory because in this case their inventory is placed in various outlets; they should be placed in one outlet so that it is easy to deliver goods with at proper time and with proper goods. The company can also use different system of storing inventory like memory system which is done manually by recalling the data entry and the stock. The Fixed location system in which specific place is assigned to the goods in the inventory. This system needs large storage facilities and in the case of Vonkel Enterprises they should try this system as they have large amount of goods to be stored. This will make their work easily and the customers will receive right goods at the right time. There is also zoning system and random system but they won’t be good for Vonkel Company. They can keep a track on goods as well as on the movement of goods; this will help them to check the inventory on regular basis and also the movements of goods. Advance technology and IT system now enables companies to monitor their inventory and this can be done with the help of bar code and RFID tagging. Barcode helps to register the product by just scanning the product and RFID will help the Vonkel Company to track the inventory easily and inform them the manufacturer and the location of shipment too. These are some ways by which the Vonkel can manage their inventory effectively.
Q2. What would be the most appropriate strategy for Vonkel to adopt in order to maintain optimal inventory levels?
There are several strategies that a company can use to maintain optimal inventory levels while ensuring that customer’s needs are met. There are many strategies like determining inventory levels, just-in-time inventory processes, improve data collection strategies, reduce lead times, increase production
Ans: Vonkel should take following steps to effectively manage their inventory:
They should select proper system for storing inventory because in this case their inventory is placed in various outlets; they should be placed in one outlet so that it is easy to deliver goods with at proper time and with proper goods. The company can also use different system of storing inventory like memory system which is done manually by recalling the data entry and the stock. The Fixed location system in which specific place is assigned to the goods in the inventory. This system needs large storage facilities and in the case of Vonkel Enterprises they should try this system as they have large amount of goods to be stored. This will make their work easily and the customers will receive right goods at the right time. There is also zoning system and random system but they won’t be good for Vonkel Company. They can keep a track on goods as well as on the movement of goods; this will help them to check the inventory on regular basis and also the movements of goods. Advance technology and IT system now enables companies to monitor their inventory and this can be done with the help of bar code and RFID tagging. Barcode helps to register the product by just scanning the product and RFID will help the Vonkel Company to track the inventory easily and inform them the manufacturer and the location of shipment too. These are some ways by which the Vonkel can manage their inventory effectively.
Q2. What would be the most appropriate strategy for Vonkel to adopt in order to maintain optimal inventory levels?
There are several strategies that a company can use to maintain optimal inventory levels while ensuring that customer’s needs are met. There are many strategies like determining inventory levels, just-in-time inventory processes, improve data collection strategies, reduce lead times, increase production