Within a Warehouse Management System (WMS) each item of inventory will have a range of information linked to it. This could include:
- Product Code;
- Usage history;
- Specific Handling Requirements;
- Vendor; and/or
- Locations.
Within inventory control a key item of information is a Re-Order Level (ROL).
With today’s uncertain economy, companies are searching for alternative methods to keep ahead of their competitors by effectively driving sales and by cost reduction.
The Economic Order Quantity and Re-Order Point (EOQ/ROP) models have been used for many years.