What is ABC analysis in inventory management?
An example of an AI chatbot conversation about ABC analysis in inventory management.
What is ABC analysis in inventory management?
ABC analysis is a method used to categorize inventory into three classes (A, B, and C) based on importance.
How do I implement ABC analysis in my business?
To implement ABC analysis, first, classify your inventory items based on their value and usage frequency.
What criteria should I use to categorize items?
You can use criteria like annual consumption value, sales frequency, and criticality to categorize items.
Can you give me an example of ABC analysis?
Sure! For instance, if you have 100 items, you might find that 20 items account for 80% of your sales, classifying them as A.
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