What is it?
Network Inventory Advisor for Mac is a admin tool that is ideal to audit all network software and hardware both quickly and efficiently. By running Network Inventory Advisor you can view all of your network assets, scan them and construct ready-to-use reports. We don't support Mac OS versions that are not maintained by Apple. Download OCS MacOSX agent from OCS Inventory NG website download page ( Download page), unzip the file and double click 'OcsinventoryAgentMacOSX.pkg'. Click 'Continue'. Validate license agreement.
ABC analysis helps set inventory management systems and processes based on the consumption value of stocked items. However, it takes no account of consumption volatility. So two items with similarly high consumption values but very different patterns of demand may be subject to the same inventory management policies and process, which may not be appropriate. For example:
- Item 1001 costs $10,000 and demand is reliable at two per month throughout the year.
- Item 1002 costs $1,000 and demand is sporadic but typically 240 are drawn off each year.
Using ABC analysis, their consumption values would be identical ($240,000) and may be classed as A items. It may be that item 1002 is typically drawn off twice per year, but it is impossible to predict when during the year they will be drawn down.
The policies for A items in the company may be as follows:
Policy | Implication item 1001 | Implication item 1002 |
Automatically order annual demand / 12 each month. |
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Perpetual stock count |
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On the other hand, applying XYZ analysis alone ignores consumption value, which in this example is identical. Item 1001 may be classified as an X item and item 1002 may be classified as a Z item. Policy may be that X item replenishment is fully automated and Z items are manually replenished only on customer order.
Policy | Implication item 1001 | Implication item 1002 |
Perpetual stock count |
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Goods receiving |
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Facilities/security |
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By combining ABC with XYZ approaches, stock management policies, systems and procedures can be better tailored by taking into account both demand volatility and consumption value.
A | B | C | |
X | AX Class
| BX Class
| CX Class
|
Y | AY Class
| BY Class
| CY Class
|
Z | AZ Class
| BZ Class
| CZ Class
|
Accurate forecasts are of great potential benefit to a business. At one extreme, a company could 'play it safe' with its forecast demand by maintaining high inventory buffer levels to eliminate stock outs. The costs avoided, or benefits reaped are:
- Eliminating the need for emergency replenishment. Emergency stock replenishment is usually costly due to, for example, not buying the economic order quantity, off-contract buying, rush penalties and additional transportation costs.
- Avoiding production disruption, which leads to lower capacity use, increased standby time and disruption to shifts – driving overtime costs up.
- Avoiding loss of customer loyalty due to missed delivery commitments or longer lead times.
- Avoiding reputation impairment, leading to erosion of market share.
On the other hand, holding costs will go up as:
- More storage space will be needed to carry the higher buffer levels.
- More people will be required to manage the stock.
- More equipment will be needed to maintain, move, count and secure the stock.
- Insurance costs could be higher as the value at risk of loss is higher.
- There is a cost of capital tied up in unproductive working capital.
So, the management accountant needs to balance the costs associated with stock outs with the costs of holding higher levels of stock. The sales manager will push for plentiful stocks to maximise customer satisfaction and loyalty, and to beat competitors on lead times. The production manager will want to minimise production disruption caused by stock outs. The CFO will want to reduce working capital and associated holding costs. There's also the cost of replenishment to consider – the more frequently replenishment occurs, the higher the costs of replenishment. Replenishment costs include:
- The procurement function: the more orders that need to be placed, the more people are needed to do the ordering.
- The goods receiving function: people, facilities and equipment are required to receive deliveries of goods. The higher the number of orders, the more frequent goods deliveries will be – requiring more people, facilities and equipment.
- Transportation: transportation costs for frequent small deliveries usually exceed those for larger, less frequent deliveries.
In having an appreciation of all these factors, the management accountant can then work with key stakeholders (CFO, production management, inventory management, logistics, procurement) to agree inventory management policies and to develop systems and processes to implement them. Policies may include, for example:
Abc Inventory System
- Degree of automation of replenishment processes.
- Buffer stocks.
- Inventory control.
To illustrate by way of example:
A | B | C | |
X | AX Class
| BX Class
| CX Class
|
Y | AY Class
| BY Class
| CY Class
|
Z | AZ Class
| BZ Class
| CZ Class
|
What benefits does the approach provide?
- Provides a scientific and transparent framework for developing and refining stock management policies.
- Optimises tensions between the costs, risks and benefits of stock holding.
- Stakeholder focused – the needs of all key stakeholders can be factored into policy.
Implementing ABC/XYZ inventory management? Questions to consider
- Is there reliable and accessible cost and demand information by item?
- Will your inventory management systems and processes facilitate efficient and effective implementation and operation of the ABC/XYZ approach?
- Have the costs and benefits of implementing and operating ABC/XYZ been quantified and is the business case compelling?
- Has the impact of the change to ABC/XYZ on capability been assessed and planned for?
Actions to take / Dos | Actions to avoid / Don'ts |
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Related and similar practices to consider | |
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Production, which involves making or acquiring goods and services that the business sells, accretes costs of the directly attributable materials and processes needed in the production process. As well as these direct costs, the rest of the business's costs (indirect costs like depreciation and administration) need to be recovered in product and service prices for it to be profitable.
Production is an essential, if not the most essential, part of the value generation processes. The nature of competitive markets is that businesses try to increase prices, but competition compels them to be competitive on prices. This is relevant because a business's suppliers will tend to exert upward pressure on prices but the producer will be under pressure to compete on the prices of its products. However, the producer will strive to charge their customers the highest possible prices to increase profitability, perhaps by generating unique value for their customers. So the management accountant must collaborate across the business's supply chain (from suppliers, through production, to customers) to generate maximum value. Fundamentally, this means driving and holding costs down across the supply chain and selecting initiatives that contribute best to maximising price.
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