The best practicesthat are found in the video on the inventory management areliquidating of assets in the company. Liquidating of assets in thecompany helps the company in the payment of short loan terms byliquidating unwanted materials. The next inventory management thathas been outlined in the video is listing of fast and slow movingstocks inventory. The slow moving inventory tends to be stocked inthe ugly inventory since they do not provide a return that isacceptable when the company invest in such a stock. Additionally,they do not contribute to profitable sales (Schreibfeder, 2011). Thefast moving inventory can be grouped in the good stocked inventorysince it is capable to return profit upon investments.
The services thatare used to manage inventory is supplier assistance and monitoring ofinventory levels. For instance, the company advertises the materialthey need to the supplier which they will supply to the company sothat the inventory can be managed. The supplier usually provides theorder depending on the needs of the company on how they are going todistribute to their customers. On the other hand monitoring ofinventory level is needed so that the stock level can be maintained.The monitoring of inventory level helps to forecast the customerdemand accurately. Supplier assistance helps the company to increasethe assets or goods that are offloaded to pay or settle urgent issuesin the company. In comparison to monitoring of inventory levels themanagement maintains the stock and thus they are aware of demand ofthe customers. The similarities between the two are that they play anintegral part in making that the company is in good stocked inventorythat is capable of returns on investments (Schreibfeder, 2011).
An example of good–producing organization is the Coca-Cola Company. The company usesaggregated planning decisions that are concerned with the entireorganization rather than individual segments or departments in theorganization. The aggregated planning uses long-term decisions thattake 10 years when examining the goals of the company. For instance,by providing high quality beverages is not a short term goal but itis a long-term goal so that they can sustain their customers for alonger duration. An example of service-providing organization is WOLAthat is concerned with human rights in America. The organizationhelps the children by protecting them and fostering care for thefamilies that are less privileged in America. WOLA uses bothshort-term and long-term aggregated planning since if the childrenare reunited with their parents they are taken back to the society.If the children do not have someone to cater for their needs WOLAcontinues to give them care. The Coca-Cola Company uses long-termmanagerial impacts so that the customer can be satisfied for a longerperiod. On the other hand WOLA uses both long and short-termaggregated planning based on the fact that the issues can be solvedquickly if need be. Long-term aggregated planning leads to improvedoperations due to consultation and use of different strategies toimprove customer satisfaction.
Production planninghelps an organization to know where it is going, and the time it willtake to attain the goals. Scheduling is what will be done on dailybasis. I once experienced failure of attainment of goals due to poorproduction planning when I was processing milk to be sold in poweredform and I incurred 50 percent loss (Schreibfeder, 2011). I did nothave an idea what I should do every time I was in the companytogether with one employee which I had hired. What should be done inthe production planning is to ensure that one decides what will bedone on future and come up with production routing and objects ofrouting. For scheduling one should come up with master scheduling,operational scheduling and retail operation scheduling.
The short-termrecommendations of six jobs at the company are to come up withproduction planning. The production planning plays a significant rolein ensuring how the goals of the organization are going to beachieved. This is done by coming up with production routing. For thelong term recommendation the company should ensure that scheduling isincorporated with respect to sequencing jobs in the company.
One of the fast foodrestaurants is McDonald and Dunkin Donuts. To improve their qualityservices the companies are supposed to ensure that they have aproduction planning so that they can be aware of the end products andensure that high quality food is produced. The most QC tool thatshould be used by the business owners is check sheet since itprovides a place for question so that quality of the product isattained. The second is the flow chart. Flow chart plays asignificant role in ensuring that light is shed where there areissues. Last QC tool that is valuable to business owners is fishbone. Fish bone plays an integral part in the company since it showsdiverse causes of problems.
The Six Sigma is atool that is used in total quality management and enhances nearperfection (99 percent) in offering of products that are standard. Onthe other hand ISO 900 focuses on organization management on how theycame up with a high quality product in the market. Both Six Sigma andISO 900 are used in quality management so that customers aresatisfied. One of the organizations that have achieved Six Sigma isGeneral Electric. The result that has resulted after followingquality standards is attaining innovative solutions that meet theconsumer needs. The standard helps the organization to be creativeand thus incorporate technology to meet the customer needs.
Schreibfeder, J. (2011). Best Practices For2012. Manhattan Manhattan associates.