Precoro

SEPTEMBER 6, 2021

This month, we continue our Procurement Basics series and would like to introduce our readers to yet another set of often misused business terminology. As both sourcing and procurement are related to obtaining supplies for the organization, confusing these two terms is easy. Procurement. What Is Procurement Process?

Optimal Sourcing 97

Optimal Sourcing Manufacturing Procurement Purchasing Skills Procurement Solutions 97

ThroughPut

JANUARY 2, 2024

The Just-In-Time inventory management approach revolutionized manufacturing forever. What is Just-In-Time (JIT) Inventory Management? Its central mission is to curtail inventory expenses and amplify operational efficiency by timing the receipt of goods to coincide with their actual need in the manufacturing cycle.

Inventory Reduction 52

Inventory Reduction Just-in-Time Resource Reduction Expense Reduction 52

Unleashed

JULY 25, 2023

The inventory turnover ratio measures how often stock is sold and replaced over time. It’s a vital inventory accounting metric for monitoring sales and managing perishable goods – without it, your business will struggle to operate efficiently and could start losing money fast. Inventory turnover is expressed as a financial ratio.

Inventory Reduction 52

Inventory Reduction Optimal Sourcing Inventory Price Reduction 52

ToolsGroup

MARCH 17, 2021

Starting from pre-implementation we align on target key performance indicator (KPI) levels and benchmark progress to accelerate time to value. Because our customers around the globe can meet or exceed their service level requirements while minimizing inventory, they’re ready for whatever tomorrow brings.”

Optimal Sourcing 120

Optimal Sourcing Supply Chain Planning Software Demand Planning Software ToolsGroup 120

Silvon Software

JUNE 1, 2023

Stakeholder-Focused KPIs By basing KPIs on stakeholders, you demonstrate a commitment to meeting their needs and expectations, which can lead to stronger relationships, increased trust, and improved overall performance. Transparently communicate the progress and performance of your organization in meeting stakeholder expectations.

S&OP 103

S&OP Supply and Demand Optimal Sourcing Supply Chain Planning Software 103

Precoro

DECEMBER 11, 2023

As part of the larger procurement process, sourcing involves finding and evaluating suppliers for goods or services that need to be purchased. Strategic sourcing involves the meticulous evaluation of suppliers and the overall procurement process to extract maximum value from both. Create a purchasing process.

Negotiating Skills 105

Negotiating Skills Purchasing Skills Optimal Sourcing Sourcing Strategies 105

Supply Chain Shaman

AUGUST 12, 2020

Heavily booked and running from meeting to meeting, I was late. The topic of the meeting was the logistics to launch of the AMR Research Top 25. As a research leader at AMR Research when I voiced the concern for a more rigorous peer group analysis in prior meetings, I hoped for a better outcome. The reason?

Gartner 239

Gartner Supply Chain Software Procurement Analytics Manufacturing Procurement 239

GlobalTranz

JANUARY 10, 2017

From artificial intelligence to refocusing on procurement, the state of supply chain continued to explode throughout 2016, and you need to understand why. Gathering this information via new systems also enables quality benchmarking across the supply chain. Unfortunately, there continue to be major costs associated with procurement.

Agile and Lean Supply Chain 120

Agile and Lean Supply Chain Manufacturing Procurement Optimal Sourcing Procurement Analytics 120

Logility

AUGUST 4, 2023

Getting Started: Make Value Your North Star When it comes to selecting supply chain planning & operations solutions partners, the focus on delivering value should start even before the first vendor meeting. Apart from the supply chain, operations, procurement and IT teams, also consider sales operations, finance and more.

Supply Chain Planning Software 208

Supply Chain Planning Software Supply Chain Design Software Supply Chain Software Vendor Strategies 208

AFFLINK

MAY 11, 2017

In much the same way, any business seeking success in the procurement management environment should address the fundamentals first. Procurement management accountability builds from having processes and quality controls that meet or surpass customer expectations. The late John Wooden focused on fundamentals.

Optimal Sourcing 61

Optimal Sourcing Sourcing Strategies Procurement Cost Reduction Strategies 61

Unleashed

APRIL 18, 2024

Implementing JIT in manufacturing operations can significantly reduce lead times and inventory levels, leading to cost savings and more responsive production cycles. The just-in-time approach contrasts with just-in-case strategies, where producers hold sufficient inventories to absorb maximum market demand.

Just-in-Time 52

Just-in-Time Manufacturing Procurement Waste Reduction Inventory Reduction 52

Supply Chain Game Changer

AUGUST 6, 2019

Hey Procurement! Procurement. And all of this is managed by Procurement personnel. In What Exactly is Procurement? Now also consider that companies can spend as much as 75% or more of their revenue on the Procurement of goods and services. Yet in many organizations Procurement is not considered strategic.

Optimal Sourcing 48

Optimal Sourcing Purchasing Skills Negotiating Skills Pricing Training 48

Supply Chain Shaman

NOVEMBER 9, 2014

Let me give you an example: Last week, I gave a presentation at a global supply chain team meeting of 175 professionals. They had seen my videos on the website and needed a speaker for their global kick-off meeting. When we started benchmarking companies, Deborah and I had a friendly wager. It was a large multinational company.

Manufacturing Procurement 286

Manufacturing Procurement Optimal Sourcing Benchmarking Supply Chain Design Software 286

Precoro

MAY 19, 2023

The right metrics can shed light on how cost-effective a company’s processes are when it comes to the flow of goods, both at the inbound stages of procurement and outbound all the way to the customer. By setting benchmarks for metrics, analysts can recognize unsettling trends and take preventive measures on time.

Procurement Analytics 98

Procurement Analytics Metrics Supply Chain Planning Software Supply Chain Software 98

SCMDOJO

DECEMBER 11, 2023

In the realm of efficient procurement management, understanding the various types of procurement reports becomes paramount. These reports serve as navigational tools, offering insights into different facets of the procurement process.

Procurement Analytics 16

Procurement Analytics Optimal Sourcing Procurement Solutions Material Savings 16

Supply Chain Shaman

JUNE 14, 2018

Today, over 90% of companies have deployed ERP and APS, but as shown in Table 1, inventory levels have grown not decreased in over 80% of industries studied. And, while inventories in automotive have decreased slightly, this progress is primarily due to the shifting of inventory back to suppliers versus overall value chain improvement.

Optimal Sourcing 171

Optimal Sourcing Manufacturing Procurement Supply Chain Planning Software Agile and Lean Supply Chain 171

Logility

APRIL 2, 2020

A good KPI will be measurable against some benchmark or criteria. Building a new supplier scorecard program can have a major impact on the costs and value of your procurement and purchasing functions. But it’s important to carefully craft that scorecard to meet a few critical needs.

Negotiating Skills 157

Negotiating Skills Supply Chain Planning Software Supply Chain Design Software Purchasing Skills 157

Precoro

SEPTEMBER 4, 2023

By learning how to calculate it and change it to their advantage, companies can accelerate cash inflow and free up money that would otherwise be tied up in inventory. The cash conversion cycle is represented as a period of time that indicates how long it takes a business to turn its investments in inventory into money from customers.

Optimal Sourcing 59

Optimal Sourcing Negotiate Pricing Inventory Reduction Material Savings 59

Unleashed

JANUARY 29, 2024

Stock-keeping-unit (SKU) rationalisation is an inventory management method for improving the performance and profitability of your business. As a business strategy, SKU rationalisation helps you to reduce business costs, improve inventory management, increase operational efficiency, and enhance your brand image.

Inventory Reduction 52

Inventory Reduction Cost Reduction Strategies Waste Reduction Resource Reduction 52

GlobalTranz

OCTOBER 21, 2015

Editor's Note: As of late you may have noticed we have written a lot about procurement and the future of procurement. A large part of procurement is finalizing the contract and then the follow through of the determined deliverables in that agreement. All KPIS have a target percentage to meet.

KPI 120

KPI Negotiating Skills 3PL Optimal Sourcing 120

GlobalTranz

APRIL 25, 2016

Inventory measurement is critical and it is money after all in that it took a capital expense to procure. The goal is to keep inventory levels at a minimum to meet customer needs. Review Inventory turns and Return on Assets. It is the main measurement benchmark in measuring supply chain performance, isn’t it?

Procurement Analytics 120

Procurement Analytics Supply Chain Performance Metrics Supply Chain Software 120

Veridian Solutions

JANUARY 29, 2020

This is important for reducing order fulfillment errors, improving your inventory management and remaining competitive. Poor replenishment and reordering of inventory. Limited visibility in procurement. Key indicators that your strategy is working include: Strong, Lean Inventory. Well-Stored and Organized Inventory.

Inventory Reduction 58

Inventory Reduction Expense Reduction Cost Reduction Strategies Material Savings 58

Supply Chain Game Changer

NOVEMBER 19, 2018

From planning to negotiating to buying, from moving goods to processing goods, and from managing data to managing inventory. And competitive pressures and benchmarking results will also add to the need to reduce costs and/or be more productive. The Supply Chain function within your company has many responsibilities.

Negotiating Skills 84

Negotiating Skills Cost Reduction Strategies Purchasing Skills Inventory Reduction 84

The Logistics & Supply Chain Management Society

JULY 14, 2021

We had to break them up into a lot of different modules, such as production management, order management, procurement, MRP, etc. Disconnected algorithms won’t work, because you lose visibility, and then to compensate, you need armies of planners and inventory buffers. extra inventory. And that’s a huge problem.

Optimal Sourcing 130

Optimal Sourcing Supply Chain Network Software Optimization Software Network Optimization 130

Material Handling & Logistics

DECEMBER 3, 2018

According to APQC Open Standards Benchmarking data, organizations that are median, or midpoint, performers on this measure have a perfect order index of 90. In other words, 10% of orders being shipped by companies who are median performers have some form of failure or defect, so 10% of order recipients are disappointed. Ensure reliable data.

Manufacturing Procurement 100

Manufacturing Procurement Supply Chain Software Inventory Reduction Supply Chain Planning Software 100

Silvon Software

APRIL 18, 2023

Consider the example of inventory: The CFO wants to see total inventory as a percentage of revenue. Procurement knows how long it takes to process a purchase order. Take the case of a company that creates a high-quality new product that meets customer needs. Even where the same metrics are used, there are differences.

Inventory Reduction 64

Inventory Reduction Sourcing Strategies Resource Reduction Material Savings 64

Logistics Bureau

NOVEMBER 16, 2020

It touches many departments, from production, procurement, shipping, accounting, and finance to marketing, warehousing, research and development, and sales. Certified in Production and Inventory Management (CPIM) : The course covers ground such as knowledge of production and inventory management, internal operations, and customer relations.

Supply Chain Planning Software 96

Supply Chain Planning Software Supply Chain Design Software Negotiating Skills Buyer Training 96

DynaSys

FEBRUARY 3, 2021

Income and consumer confidence data, unemployment rates by region and by sector, and sales in benchmark industries like hotels and air travel are worth considering. Understand your risk/reward choices and your alternatives, and develop mitigation plans for moving forward as reality meets your forecasts. Network Design.

Modeling 97

Modeling Supply Chain Planning Software Scenario Planning Supply Chain Planning 97

20Cube Logistics

FEBRUARY 3, 2022

Inventory got depleted in warehouses with no shipper coming to take it away. Consequently, people started spending more on the essentials like food and medicines in this battle for making ends meet and splurging on clothes and fashion was sidelined. Delays in transportation led to the supply chain sphere incurring huge amounts of loss.

Supply Chain Design Software 76

Supply Chain Design Software Supply Chain Planning Software Agile and Lean Supply Chain Supply Chain Design 76

Supply Chain Game Changer

NOVEMBER 9, 2018

Most companies have a Procurement function, Distribution, Logistics, Planning, Inventory Management, Product Data Management, and Operations. In the area of Inventory Management they also did a lot of benchmarking and highlighted deficiencies in our processes. We didn’t see the clues. Poor metric performance (eg.

Agile and Lean Supply Chain 43

Agile and Lean Supply Chain Supply Chain Planning Software Supply Chain Strategy Supply Chain Planning 43

EC Sourcing Group

JANUARY 12, 2023

Procurement success is defined by the outcomes. Spend Visibility is the foundation of any mature procurement function because it identifies inefficiencies and areas of opportunity that lead to better decision-making and ultimately, better outcomes. The path to your desired outcomes may seem tricky, but Simfoni can help.

Optimal Sourcing 52

Optimal Sourcing Procurement Analytics Procurement Solutions Procurement 52

Supply Chain Movement

JUNE 29, 2015

The 3PL Summit & Chief Supply Chain Officer Forum is Europe’s largest meeting of 3PL Providers and customers featuring the biggest industry thought leaders and hard-hitting sessions exploring new opportunities, technologies and markets in logistics. Ludovic Menedeme, Working Capital and Inventory Management Lead, Zoetis.

Europe 60

Europe 3PL Modeling Logistics Network Optimization Software 60

Logistics Viewpoints

AUGUST 9, 2022

For months, retailers have been stockpiling massive amounts of goods to meet surging consumer demand, and compensate for ongoing supply and logistics issues. Inventory management is challenging enough in normal times. So, what is it going to take to enable better inventory management? Complete visibility into inventory.

Inventory Management Software 224

Inventory Management Software Inventory Management Inventory Reduction Supply Chain Planning Software 224

NC State SCRC

JANUARY 25, 2018

I had a great opportunity to meet with CEO Pete Suerken from Resin Technologies Inc. (RTi), RTi bring together an analytical network that spans the globe and 20 billion pounds of transactional benchmarks, which gives them the ability to bring knowledge and transparency to clients and a clear vision regarding the resin markets.

Negotiating Skills 40

Negotiating Skills Purchasing Skills Negotiate Pricing Price Reduction 40

Unleashed

AUGUST 17, 2021

These include inventory management, supply chain operations, procurement, project management, financial management, risk management and compliance. It optimises inventory management, and gives real-time visibility and inventory accuracy. Advantages: ERP centralises information and improves overall operational efficiency.

Inventory Management Software 97

Inventory Management Software Manufacturing Procurement Supply Chain Design Software Supply Chain Planning Software 97

NC State SCRC

MARCH 9, 2016

An excerpt from our book “The Procurement Value Proposition” got a nice section of CSCMP’s Supply Chain Quarterly edition this week. As a young assistant professor at Michigan State University, I was part of a group called the Global Procurement Benchmarking Initiative, led by Professor Robert Monczka.

Optimal Sourcing 40

Optimal Sourcing Manufacturing Procurement Supply Chain Planning Software Supply Chain Design Software 40

SCMDOJO

APRIL 26, 2023

Category management is a procurement strategy that involves grouping similar products or services together into categories and managing them as a single unit. This approach can help organizations streamline their procurement processes, negotiate better deals with suppliers, and ultimately save money.

Procurement Solutions 77

Procurement Solutions Manufacturing Procurement Procurement Analytics Optimal Sourcing 77