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Inventory planning for manufacturing

Recent developments in inventory planning are aimed at solving some of the problems encountered by the use of the more traditional approaches to stock replenishment. They are based on the concept of materials requirements planning MRP which is a computerized system for forecasting materials requirements based on a company’s master production schedule and bill of material for each product. This has subsequently been developed in to manufacturing resource planning MRP|| which is a broader based system used to calculate the time phased requirements for components and materials with respect to production schedules taking in to account replenishment lead times etc. This approach enables inventory levels to be significantly reduced and service levels in terms of shorter production lead times to be improved.

MRP systems are now quite well established as are other related techniques such as just in time JIT or Kanban systems. The obvious advantages of these systems to manufacturing have led to the further development of associated techniques for distribution – distribution requirements planning DRP. DRP systems are designed to take forecast demand and reflect this through the distribution system on a time phased requirements basis. Basis DRP thus acts by pulling the product through the distribution system once demand has been identified. It is particularly useful for multi echelon distribution structures to counter the problems of requirements occurring as large chunks of demand the Forrester effect described in Chapter 12.

The most recent systems adopt an even broader planning approach. These are time phased and enable planning across a whole business and even across complete supply chain. They are known respectively as enterprise resource planning ERP and supply chain planning SCP. These systems are also discussed in Chapters 11 and 31.

The concept of time compression is an important approach in the planning of manufacturing inventory requirements or perhaps it should be termed as the planned reduction in manufacturing and WIP inventory. The opportunities for such reductions have been illustrated in the above discussion on analyzing time and inventory where the use of supply chain mapping enables the identification of feasible time and inventory savings. Time compression techniques provide the means for achieving these improvements A typical approach includes:

·         The need to take a complete supply chain perspective when planning;

·         The need to undertake appropriate analysis;

·         The identification of unnecessary inventory and unnecessary steps in key processes;

·         Working towards customer service requirements as well as cost minimization when planning for production;

·         Designing products to be compatible with supply chain requirements;

·         Designing production processes to be compatible with supply chain requirements.

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