5 of the most important lean tools used in industry are Kaizen, Kanban, 5S, Value stream mapping, Foucs PDCA. With COVID-19 affecting most of the industries, it is estimated that certain sectors like pharmaceuticals and semi-conductor sectors will have have an inventory which lasts from 150-300 days .
Utilizing the lean methodology and the concept of lean production has become by far one of the most popular methodologies among production facilities. The idea behind lean manufacturing includes creating what is needed within the moment, determined by current and projected customer demand. Before lean production, manufacturers would create far too many goods and had an overabundance of product. This resulted in a substantial amount of inefficiency, wasted time, and high inventory costs. The overall goal of the practice is to optimize your production planning by cutting down on warehouse space, inventory costs, and the different procedures of storing excess inventory. Utilizing lean inventory tools provide quite a bit of ROI for a business, decreasing the need for warehouse space and streamlining their labor force.
Source: Planettogether
