Accurate Quarterly Inventory Turn Numbers

R

rguldbrandsen

#1
I am new at this so hope I am doing this correctly. I work for a small medical device company that relies entirely on Doctors, and Universities getting grants to make a sale. I?m not sure if we are calculating to get an accurate quarterly inventory turn number. We have overstock out the ying yang from a previous purchasing agent currently getting it under control. Obviously nonmoving inventory will affect our turns but what about work orders - material that is pulled out of inventory, and just sits in production as not used could be there in some cases over a year. Should we be using a different method in calculating our turns? Currently use purchased, average inventory


Thanks

Rebecca
 
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michellemmm

Quest For Quality
#3
I am new at this so hope I am doing this correctly. I work for a small medical device company that relies entirely on Doctors, and Universities getting grants to make a sale. I?m not sure if we are calculating to get an accurate quarterly inventory turn number. We have overstock out the ying yang from a previous purchasing agent currently getting it under control. Obviously nonmoving inventory will affect our turns but what about work orders - material that is pulled out of inventory, and just sits in production as not used could be there in some cases over a year. Should we be using a different method in calculating our turns? Currently use purchased, average inventory


Thanks

Rebecca
You must have a very creative accounting system! Before the "inventory turn" can be manipulated and then calculated, I would do an ABC analysis and then focus on "A" items. You really want to know what is going on with your high dollar/high quantity items. Inventory turn is a measurement and the purpose of measurement is improvement. A pareto analysis of "A" item issues will lead you to improvement initiatives.


Good Luck!
 
R

rguldbrandsen

#4
I am new to this company and you have no idea just how creative they haver been in the past. We have just started an inventory count process this past year using the abc method. Thanks for the info.
 
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