Inventory management is a critical aspect of any manufacturing process, and it's crucial to ensure that the company has enough raw materials to meet its production goals. One effective technique for efficient inventory management is through the use of techniques such as justintime (JIT) ordering.

Justintime (JIT) ordering involves purchasing only what is needed when it's required, which reduces waste and saves money. This method ensures that the right amount of raw materials are available at the right time, leading to more efficient production and lower costs overall. By reducing waste and minimizing excess stock, JIT can help companies achieve higher levels of efficiency in their operations.

Another key component of inventory management is the use of barcodes and RFID tags. These technologies allow for better tracking and management of inventory, enabling manufacturers to quickly locate and retrieve the necessary raw materials when they're needed. Additionally, barcodes and RFID tags provide realtime visibility into inventory levels, helping managers make informed decisions about replenishment orders.

In conclusion, implementing these techniques for efficient inventory management can lead to significant improvements in both cost and efficiency. By reducing waste and ensuring that the right raw materials are available at the right time, companies can achieve higher levels of productivity and profitability. As such, investing in inventory management techniques should be a top priority for any manufacturer looking to improve their bottom line.