INVENTORY MANAGEMENT AND WAREHOUSING

WHAT are the strategies that TASCO Berhad may use to manage their inventory and warehousing effectively?

•      ABC Analysis

Tasco Berhad may use ABC analysis to categorize inventory items based on their importance and value. This allows them to prioritize high-value items that contribute significantly to revenue and profitability, ensuring adequate stock levels and efficient handling.

• Just-in-Time (JIT) Inventory

Implementing a Just-in-Time inventory system allows Tasco Berhad to minimize excess inventory, reduce storage costs, and improve inventory turnover. By receiving goods only when needed for production or order fulfillment, they can optimize warehouse space and reduce holding costs.

• Inventory Tracking Technology

Utilizing inventory tracking technology such as barcode scanners, RFID tags, or warehouse management systems (WMS) enables TYGC to monitor inventory levels in real-time, track item movements, and streamline inventory management processes. This technology enhances visibility, accuracy, and efficiency in warehousing operations.

Barcode scanning systems involve the use of barcode labels attached to items, which are scanned using handheld barcode scanners or integrated scanners at various points in the supply chain. This technology enables quick and accurate identification and tracking of inventory items.

RFID (Radio Frequency Identification) technology uses radio waves to identify and track items equipped with RFID tags or labels. RFID tags can be read from a distance without requiring line-of-sight, allowing for efficient and automated inventory tracking.

By implementing these inventory management strategies and leveraging technology solutions, TASCO BHD can optimize their warehousing operations, improve inventory accuracy, and enhance overall supply chain efficiency in their cold storage logistics business.