Demand: The goods that have a good demand in the market need to be produced in a good number. Therefore, there should always be a good number of stocks for the products that have more demand. The demand of a product is either predictable or non-predictable. It differs with the season, taste of people, and other conditions. There should be proper analysis of demand of the product to maintain adequate stock during production and avoid inventory shortage.
Cycle of order: The time taken between the production and movement of two orders successively is called cycle of an order. Proper records of cycle of orders should be maintained to avoid shortage of inventory.
Lead time: The time calculated between the placing of an order and the dispatch of the order is called as lead time. The track of lead time should be analyzed to maintain proper records of stock to avoid inventory shortage.
Safety stock: The extra stock of items or the minimum storage of items added to the actual stock is called as safety stock. It is also called the minimum stock. Generally, there will be times of delay of orders or scarcity of inventory due to various issues like demand for the product, seasonal changes, raw material unavailability, etc. Therefore, to overcome any sudden losses or shortage issues, there will be an extra stockage of items called the safety stock. An organization should always maintain adequate amount of safety stock to avoid inventory shortage.
Inventory turnover: The maximum times the firm replaces the inventory is called the inventory turnover. In a year, generally, a company maintains consumption for a period of three months. At the end of these 3 months, the company again replaces its stock. This happens at 4 quarters in a year. Proper analysis of inventory turnover helps the entity to avoid shortage of inventory.
Inventory Carrying Costs
Holding cost â€“ The cost related to various levels of inventory varies with the amount of holding and the duration of holding the stock in the stores. The various types of holding costs are as follows:
Storage costs – The costs involved in storing; for example, heat storage, lighting room, and the rent.
Handling costs – The costs involved in transportation of items, moving, equipment handing, and cost of manpower.
Costs related to taxes and insurance.
Costs involved in record tracking.
Costs involved in product obsolescence.
Costs occurred due to breakage, spillage, and loss due to wear and tear.
Shortage cost: The cost occurs when there is a scarcity of product that has a good demand in market and when the cost is incurred to stock it back during such crisis is called as shortage cost. Some of the problems associated with shortage costs are loss of customerâ€™s goodwill and trust, reputation in the market, loss of future sales in the market, extra costs incurred due to urgency like transportation, etc. The unsatisfied demand is however another big problem since there will not be any profit and the cost incurred for the buying is affected again.
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