Bonked should take following steps to effectively manage their Inventory: They should select proper system for storing inventory because in this case their inventory is placed in various outlets; they should be placed in one outlet so that it is easy to deliver goods with at proper time and with proper goods. The company can also use different system of storing Inventory Like memory system which Is done manually by recalling the data entry and the stock.
The Fixed location system in which specific place is assigned to the goods in the inventory. This system needs large storage facilities and in the case of Bonked Enterprises they should try this system as they have large amount of goods to be stored. This will make their work easily and the customers will receive right goods at the right time. There is also zoning system and random system but they won’t be good for Bonked Company. They can keep a track on goods as well as on the movement of goods; this will help them to check the
Inventory on regular basis and also the movements of goods, Advance technology and IT system now enables companies to monitor their Inventory and this can be done with the help of bar code and RIFF tagging. Barded helps to register the product by just scanning the product and RIFF will help the Bonked Company to track the inventory easily and Inform them the manufacturer and the location of shipment too. These are some ways by which the Bonked can manage their Inventory effectively. Q. What would be the most appropriate strategy for Bonked to adopt in order to maintain optimal inventory levels?
There are several strategies that a company can use to maintain optimal Inventory levels while ensuring that customer’s needs are met. There are many strategies Like determining Inventory levels, Just-in-time inventory processes, improve data collection strategies, reduce lead times, increase production speed and use of partnership course but the most appropriate optimal Inventory levels for Bonked is the Just-in-time inventory process. This process will help Bonked to help them to reduce the cost of Inventory and also the level of Inventory by his they can meet the demand with less inventory.
They can also use make to stock and make to order strategy so that the production is not more and there is no wastage in the production process. This strategy will help them to know proper demand and supply of the consumers and this way they can maintain proper inventory levels. This will reduce the time of delivery and will reach the destination on time with right quality and at right time. Q. Welch supply chain Information system would help Bonked address their Immediate Issues? Apply chain Information system plays an Important role In ability of firms to reduce cost and increase the responsiveness of supply chain. ISIS is used to coordinate between internal and external customers, suppliers, distributors and other partners in supply chain. There are different types of supply chain information system but the appropriate that would help the Bonked to address their Issues Is the customer relationship management (CRM) that supports dealing with the company’s customers in marketing, sales, service, and new product development.
A CRM system elves a Dustless a unlace view AT can customer Ana Its leaning Witt Tanat customer, enabling a consistent and positive customer relationship. This will help Bonked to know their customers demand and there will be no issues regarding the customer preferred design and there would be no stock outs. The customers will get the delivery on time and the production will be according to the demand of the customers only there would be no over excess of goods in the inventory. Q. Would indirect exporting be a strategy that would benefit to Bonked?
Indirect exporting means selling to an intermediary, who in turn sells your products either directly to customers or to importing wholesalers. When selling by this method, you normally are not responsible for collecting payment from the overseas customer, or for coordinating the shipping logistics. Indirect exporting will be a beneficial strategy because as Bonked enterprises are planning to export their product in the UK this would be best for them to increase their sell and also will gain customers in foreign market. The Bonked will hire an export agent to handle with the process of export market.
The Bonked will have many benefits using the indirect exporting strategy like they will meet new foreign market, travel abroad to meet foreign customers, indirect exporting is cheap so they will save money too, increase the profit by exploring in foreign market. This strategy will mainly take Bonked to higher growth not only in foreign countries but also in domestic country too. The entire problem that Bonked enterprises have will be eliminated and they will reach to higher growth as Bonked saw potential when he purchased this company with improving supply chain performance.