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To get the greatest value from this benchmarking process it is important to be honest and realistic about the level of Lean performance within your organisation.
Involve OthersBenchmarking provides an opportunity to motivate and engage people at all levels within your organisation. Invite your team to participate, down load the blank Leanbenchmark form for them to complete.
Set time aside to meet as a team. Discuss the results, compare opinions and encourage the team to reach a consensus then resubmit online to reach a team score. This approach is likley to significantly increase the accuracy of your Leanbenchmark results.
Review ProgressRevisit the Leanbenchmark site every 3 to 6 months, track the progress your organisation is making on its Lean journey. This will reinvigorate your improvement activity and provides an opportunity to track progress and where necessary re-focus your improvement programme.
Although, the amount of inventory to be kept at any point in time is ambiguous, the stock turn ratio is a metric for determining inventory usage. Inventory usage is calculated as a ratio of sales turnover to the average inventory.
For the purpose of illustration, let £1,000,000 be the annual sales turnover and £500,000 be the average inventory; obtained from profit and loss statementand balance sheet report.
nventory Turn = Sales turnover (divided by) Average Inventory
If through better inventory management and financial analysis, the inventory turn is increased to 10.
Average Inventory = Sales turnover (divided by) Inventory Turn
Reduction in inventory = £500,000 - £100,000
The implication therefore is that you can generate same sales with only £100,000 of average inventory.
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Mollitia neque assumenda ipsam nihil, molestias magnam, recusandae quos quis inventore quisquam velit asperiores, vitae? Reprehenderit soluta, eos quod consequuntur itaque. Nam.
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Mollitia neque assumenda ipsam nihil, molestias magnam, recusandae quos quis inventore quisquam velit asperiores, vitae? Reprehenderit soluta, eos quod consequuntur itaque. Nam.
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Mollitia neque assumenda ipsam nihil, molestias magnam, recusandae quos quis inventore quisquam velit asperiores, vitae? Reprehenderit soluta, eos quod consequuntur itaque. Nam.
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Mollitia neque assumenda ipsam nihil, molestias magnam, recusandae quos quis inventore quisquam velit asperiores, vitae? Reprehenderit soluta, eos quod consequuntur itaque. Nam.