Inventory. Objectives Define inventory Identify the types of inventory Explain why inventory control is needed Identify the various types of computerized.

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Presentation transcript:

Inventory

Objectives Define inventory Identify the types of inventory Explain why inventory control is needed Identify the various types of computerized inventory control Explain why technology is needed in the fashion industry

What is Inventory? Goods held on hand for the production process or for resale

Types of Inventory Manufacturers A. Raw Materials Fabrics Trimmings Notions B. Work-in-Progress (WIP) Partially completed garments Pants legs Jacket lapels Shirt sleeves

Types of Inventory Retailers Finished goods: completed post- production items Other inventories Business support goods Computers Office supplies Display props Cash registers

Inventory Operations Inventory Control Process of maintaining inventories at a level that prevents stock outs and minimizes holding costs Production Purchasing Ordering Materials Handling All activities of goods not involved in the production process: Moving Storage Packing Transporting

Why is Inventory Control Needed? Too little inventoryLost manufacturing and sales because products not available when needed

Why is Inventory Control Needed? Too little inventoryLost manufacturing and sales because products not available when needed Too much inventoryExtra handling, product obsolescence, and excessive carrying costs (storage, space, heat, lights, insurance, interest on money, etc.)

Why is Inventory Control Needed? Too little inventoryLost manufacturing and sales because products not available when needed Too much inventoryExtra handling, product obsolescence, and excessive carrying costs (storage, space, heat, lights, insurance, interest on money, etc.) The wrong inventory Lost sales, high costs due to no demand for products already purchased

Computerized Inventory Control Manufacturing resource planning (MRP II) Determines what resources (people, equipment, materials) and quantities of each should be used to meet inventory levels Plans production materials and inventory levels Coordinates data from all departments Determines when to order and deliver materials based on need

Computerized Inventory Control Just-in-time (JIT) Executes the plan of MRP II Reduces costs Less storage Less accounting Less investment

Computerized Inventory Control Enterprise resource planning (ERP) Coordinates all elements from manufacturing to retailing More profits result for all firms involved Allows “what-if” models

Discussion Questions: What is the advantage of U.S. companies to having efficient inventory control when competing with imports? How does inventory control affect the fashion industry?

Using Technology in the Fashion Industry Purpose: to integrate companies, goods and services into comprehensive systems through: Communication Interaction

What are the advantages to using technology in fashion? Lower production costs Higher quality Quicker turnaround time More flexibility (change software instead of machinery) More accuracy Less financial risk More innovative fashion designs

Computer-Integrated Manufacturing (CIM) Combination of many electronic steps Maximum coordination Centralized control

CAD: computer- aided design CAM: computer- aided manufacturing

Future Technology in Fashion Demand flow manufacturing (DFM) Customization Reduces forecasting risks “Stitchless” sewing Seamless garments Climate-controlled clothing Factory/retail layouts by virtual reality Nanotechnology

Review What is inventory? What are the types of inventory? Why is inventory control needed? What are the various types of computerized inventory control? Why is technology needed in the fashion industry?